Prime Minister, Ismail Sabri Yaakob has recently announced the Financial Management and Resilience Program (URUS) to help the B50 group who are heavily impacted by the Covid-19 pandemic.
So, what is this programme about and how does this programme help the people?
The URUS programme is an assistance package that offers the B50 group a repayment assistance and development support such as personalised financial plans and financial education programmes.
The main objective of the programme is to assist the vulnerable borrowers who are experiencing cash flow difficulties. With that being said, the programme offers a three-month interest exemption for loan repayments.
Who is eligible for the programme?
To be eligible for the programme, you’ll need to have a household income of not more than RM5,880 a month and you must be already under an existing repayment assistance programme under one of the government’s aid packages such Pemerkasa Plus, Pemulih, or others, as of 30 September.
In addition, the applicant need to experience a loss of employment or at least a 50% reduction in their income too.
Meanwhile, those who had loans or financing still performing (not in arrears for more than 90 days) as of 30 September will be considered too.
According to AKPK, all of the criteria listed above must be met in order for an applicant to qualify for the URUS programme.
What does URUS offers?
If you are eligible to receive the financial assistance from the URUS programme, you will receive a personalised financial plan that sets out a monthly debt repayment amount and schedule for a period of up to 24 months.
The plan includes an interest waiver of up to 3 months, deferred payments and other options including reduced instalments to help manage the overall debt burden according to one’s affordability.
In addition, it comes with development, education and advisory support to help manage an individual’s finance.
Meanwhile, AKPK said that customers with borrowings from multiple banks will only need to apply the programme through one bank, and AKPK will help to consolidate all details to develop a viable repayment assistance plan for the borrower.
When and how do you apply for URUS?
The application is said to open from 14 November 2021 to 31 January 2022. It can be applied directly though any bank.
Nonetheless, basic documentation is required to verify your current income or employment status.
The banks will then assess your eligibility and submit the application to AKPK to proceed with the further steps.
Will the programme affect your credit report?
Those who have applied for the URUS programme will be identified in an individual’s Central Credit Reference Information System (CCRIS) credit report.
Nonetheless, the identification will be removed once you exit the programme, which can last for between 6 months to 24 months depending on your scheme.
The minimum of 6 months is the period which is required to complete the financial education programmes under AKPK that are aimed to improve the financial resilience of borrowers.
For more information, you can contact any one of your banks or read the details stated in this link here.