Moratorium extended to assist targeted loan borrowers

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KUALA LUMPUR JUlY 29: The Perikatan Nasional government has decided to implement the Moratorium Extension and Targeted Bank Assistance for those who need help after the moratorium benefits end on September 2020.

Prime Minister, Tan Sri Muhyiddin Yassin said, the assistance will be for individuals who have lost their jobs in 2020 but recently employed, the benefits will be extended to three months.

 He said, after three months, the moratorium could be extended by the bank depending on the individual’s situation.

Secondly, individuals who are still working but their salaries are affected or reduced as a result of COVID-19; the instalment payments will be compatible to the rate of salary reduction and depending on the type of loan.

Muhyiddin added, the banks are also committed to help all individual borrowers, SMEs, entrepreneurs, traders, or self employed that have been affected by the COVID-19 pandemic.

 Depending on the situation of the borrower the assistance offered includes: 1.Payment made in a fixed period. 2. Extension of payments for the whole loan to reduce the monthly instalments. 3.Offer other exemption until the borrower reaches a more stable financial situation.

The Prime Minister announced the new moratorium extension scheme in a special deliberation on TV1 live telecast here today.

For the Hire and Purchase, the banks offer a suitable rescheduling of instalments based on the Hire and Purchase Act, example by extending the period of payments with lower monthly instalments.

“The new initiative is estimated to benefit three million individuals and SMEs.

“If more people need assistance, the bank institutions have given their commitments to provide assistance.

 “Qualified borrowers could contact the bank and make application starting August 7, 2020,” Muhyiddin reiterated. -Malaysia World News


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