Bank Negara Malaysia (BNM) has released a statement today, allowing Malaysians to apply for a six-month loan moratorium as stated in the National's Recovery Plan or PEMULIH, starting tomorrow (7th Jul 2021).
The application is eligible for any loan borrowers as well as micro, small, and medium business owners who are deeply affected by the Covid-19 pandemic this year. Bank Negara also stated that applicants would not be required to submit any supporting documentation as the approval will be automatically granted.
"Banks will also offer a reduction in instalment and other packages, including to reschedule and restructure financing to suit the specific financial circumstances of borrowers," the statement says.
Bank Negara also mentioned that opting for repayment assistance will increase the overall cost of the loan, as interest or profit will continue to arise on postponed payments, therefore borrowers are advised.
What else you need to know:
• Three ways borrowers can apply: opt-in online through a web form or an auto-generated email available on banks' websites, phone their banks or visit their nearest branches.
• The repayment assistance is applicable for financing approved before July 1, 2021.
• Borrowers who have missed more than 90 days of payments or who are subject to bankruptcy or winding-up proceedings at the time the request for repayment assistance is submitted will not be eligible for assistance.
• Borrowers who are already enrolled in a repayment assistance programme and repaying their debts in accordance with the program's terms will be able to participate in this moratorium.
• Individual and SME borrowers who have financing with more than 90 days of missed payments are advised to contact Agensi Kaunseling dan Pengurusan Kredit (AKPK) to obtain suitable repayment assistance and free financial advice
• Where a borrower requests to maintain lower instalments (instead of original instalments) after the moratorium, this would result in the loan tenure being extended for a longer period.
• Bank Negara said borrowers' Central Credit Reference Information System (CCRIS) records will not be affected by any form of repayment assistance received in 2021.
(Credit: NST)
For more info regarding loan repayment assistance, click here.
