The COVID-19 pandemic has caused far reaching effects on multiple sectors of the global economy. For many, navigating these uncertain times has been a challenge as the health crisis has wreaked havoc on both the financial system and broader economy, thus affecting our lifestyles and livelihoods.

In order to help people cope with this new challenging financial environment, numerous financial relief programs have been rolled out by the government and Bank Negara Malaysia since April 2020.

Although the threat of COVID-19 still looms, the vaccination roll-out has helped alleviate the impact of the health crisis. Now with various sectors of the economy stirring back to life and borders across the world opening up, the wheels of the global economy are slowly turning once again. However, like the threat of the pandemic, many are not out of the woods just yet, especially when it comes to financial assistance. This is why continued assistance and support are being offered to affected parties.

The Financial Management and Resilience Programme (URUS), which was announced in mid-October by Prime Minister Dato’ Sri Ismail Sabri bin Yaakob is one such program. It was specifically designed to help eligible B50 borrowers/customers alleviate financial difficulties caused by the COVID-19 pandemic by providing comprehensive support for long-term financial resilience. 

What is URUS and What Does it Do?

URUS is a targeted assistance program specifically for the most vulnerable borrowers in the B50 segment who continue to face cash flow difficulties due to the health crisis. It is specifically targeted towards those who are either unemployed or have suffered more than 50% loss in their income.

This holistic assistance package is designed to offer repayment assistance and development support for those affected. This includes receiving personalised financial plans, financial education programmes, and avenues for income supplementation and other support via referrals to the Social Synergy Network.

For many, the introduction of URUS is not just timely, but also beneficial.

The uniqueness of URUS is that it holistically considers each individual’s financial circumstances and their affordability in fulfilling their financial obligations. Those that qualify will not just benefit from a three-month interest waiver period but may also choose to opt for reduced instalments. Each curated financial plan is centred towards offering you cash flow support for whilst giving you important breathing space in order for you to regain their financial footing. This, complemented with financial advisory and financial education programs, is designed to improve your long-term financial resilience.

Financial Help in Times of Need

A collaborative effort between the banks and Agensi Kaunseling dan Pengurusan Kredit (AKPK), URUS is here to help those who have been adversely affected by the pandemic.

Application for URUS is free of charge. Those who fit the criteria can apply for the program through their respective banks. All you need to do is reach out to your bank via website, phone call or branches. If you have more than one loan, you only need to go to any one of your banks with which you have performing facilities that are under existing repayment assistance programmes. AKPK will help  consolidate your loans and repayments.

Loans and financing facilities covered under URUS include housing, personal, vehicle and hire purchase facilities. URUS also covers credit card balances and other revolving credit lines such as overdraft facilities which have been converted into term loans/financing.

URUS is currently available for applications, starting from 15 November until 31 January 2022. To find out more about URUS, visit your bank’s websites, AKPK, Association of Banks in Malaysia (ABM) or Association of Islamic Banking and Financial Institution Malaysia (AIBIM)

Although URUS is predominantly focused towards the B50 group, those who are not eligible for the program can also contact their respective banks for other forms of repayment assistance. The key takeaway for those still affected by the pandemic is that banks are ready to assist, all you need to do is to reach out and help will be on the way.

If you have problems accessing your banks, you can contact Bank Negara Malaysia by filling up this form.