Connect with us

News

Here’s What You Missed From The PM’s Latest Moratorium & Targeted Bank Assistance Announcement Today

Published

page 63
Source: The Star & The Malaysian Reserve

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

In case you forgot, our Prime Minister, Tan Sri Muhiyiddin Yassin had a special announcement today. No, it wasn’t about the Recovery Movement Control Order but instead it was about the moratorium and targeted bank assistance.

Even though, it wasn’t what you expected, bear in mind the PM’s points are still important and should be noted. Here’s a summary of what he said:

 

1. Perikatan Nasional government decided to implement Moratorium Extension and Targeted Bank Assistance for those who need it

620115

For those who lost their jobs in 2020 and still haven’t gotten a new job, you can have a temporary relief with an extended moratorium period of 3 months. After 3 months, the moratorium may be extended by banks according to individual circumstances.

The PM also added that individuals who suffered salary cuts due to the pandemic will have their monthly instalment payments reduced according to the rate in which their salaries were deducted. This will also depend on the type of loan that these individuals applied for. “This assistance is valid for a period of at least six months but additional extensions are subject to the current salary of the individual.” 

 

2. Banks will be helping all individual borrowers, SMEs, traders, hawkers  and even working individuals affected during Covid-19

06TR014A1 2 BANKS

CIMB and Maybank at KL Sentral Kuala Lumpur

Some of the help offered to them include:

  • Paying interest only for a set period of time
  • Extending the entire loan period to reduce the monthly repayment
  • Providing other relief until the borrower reaches a position more stable financially

 

3. Banks will be offering instalment scheduling for hire purchase loans 

ST 20161125 XMAYBANK3CUV 2766231

This will be decided according to the Hire Purchase Act, for example, extending the repayment period for a lower monthly instalment rate.

What do you think about the steps suggested by the PM? Let us know in the comments section!

 

Also read: M’sians Left Unemployed & Suffered Pay Cuts Due To Covid-19 To Get Longer Moratorium Period

000 1PQ1JP e1596008923809

Source: The Star

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Dd FT 9 Dd FT 9
News24 minutes ago

MPAJ is Offering Cash Rewards for Every Rat Caught at Ampang Market & Surrounding Areas This Month

The Ampang Jaya Municipal Council (MPAJ) has recently announced a cash reward for every rat successfully caught at the Pekan...

collage 40 collage 40
News2 hours ago

Dr Akmal Saleh’s Father Passes Away This Morning, Surrounded by Family Members

Akmal Saleh’s father had passed away this morning due to old age (July 11). The death was confirmed by the...

Dd FT 8 Dd FT 8
News2 hours ago

“We’re thankful” – UMNO Urges King to Enforce Najib’s House Arrest After Titah Adendum Confirmed Valid

UMNO urges the King to allow Najib to serve his sentence under house arrest after the addendum decree was confirmed...

collage 39 collage 39
News2 hours ago

Donald Trump Allegedly Threatened to ‘Bomb the Sh*t Out of Moscow’ & Beijing in Leaked Audio

An audio provided to CNN hears US President, Donald J Trump allegedly threatening to “bomb the sh*t” out of Russia...

Dd FT 7 1 Dd FT 7 1
News2 hours ago

14yo M’sian Sends Nudes to Ah Long for Loan to Pay for “Job Offer”, Ends Up Getting Scammed & Blackmailed

A teenage girl was forced to borrow money from loan sharks (Ah Long) after getting tricked by an online job...

collage 5 1 collage 5 1
News3 hours ago

PDRM: Cycling on Highways is Prohibited, Violators Can Be Fined or Imprisoned

Cycling on Malaysian highways is prohibited, and the roads are reserved for cars, motorcycles, buses, and lorries. Bukit Aman Traffic...

Dd FT 6 Dd FT 6
News22 hours ago

“They’re still bound by traffic laws” – MTPN Vice President Urges Cyclists Not to Treat Public Roads Like a Racetrack

Earlier, WORLD OF BUZZ reported on a group of cyclists who claimed a bus driver tried to run them off...

Dd FT 4 Dd FT 4
News24 hours ago

PDRM Helicopter with 5 People On Board Crash Lands Near Sungai Pulai in Johor 

A Royal Malaysia Police (PDRM) helicopter was forced to make an emergency landing in Johor earlier today (July 10). The...

Announcement

Latest Videos



TRENDING TODAY