Banks Will Extend Existing Moratorium & Reduce Loan Installments

In his special aid package (PERMAI) announcement today (18 January), Prime Minister, Tan Sri Muhyiddin Yassin announced regarding the moratorium assistance that most Malaysians have been waiting for.

Throughout the Movement Control Order (MCO) period, moratorium assistance and loan repayment reduction will continue to be provided.  Moratoriums, including extended moratoriums, and the reduction of loan installments will be offered by the banks, as previously announced.

For those states hit by floods, 15 banks have already offered a moratorium loan repayment. To date, over 1.3 million loan applicants have applied and received payment assistance, with an approval rate of 95 per cent for individual borrowers and 99 per cent for SME borrowers. Tan Sri Muhyiddin clarified that citizens do not have to worry about contacting the bank if they require payment flexibility.

For loan applicants who have difficulty dealing with their banks, Bank Negara Malaysia as well as Counseling Agencies and Credit Management (AKPK), is ready to help and give advisory services for Malaysians by telephone or online.

On the other hand, PTPTN loan applicants affected by Covid-19 and recent flood disasters can apply for a refund moratorium for their PTPTN loan for three months. This application can be made for three months until 31 March 2021.

Stay tuned for more updates!

 

Also read: Bank Islam Is Offering 6 Months Moratorium For Flood Victims