In his PEMULIH announcement, Prime Minister, Tan Sri Muhyiddin Yassin said that the government is pleased to announce that after discussion with banking institutions, a six-month moratorium will be given to ALL individual loans equally, no matter if they’re from the B40, M40, T20 community, including micro-entrepreneurs.
“There will be no more conditions such as income reduction, no review of whether individuals have lost employment and no further documentation needs to be submitted for application. All individuals need to do is apply and approval will be given to them automatically.”
This facility is also offered to the affected small-medium enterprise (SME) entrepreneurs but it will be subjected to the bank’s review and approval. The application will open on 7 July 2021. Those with bank loans only need to apply and sign the agreement to amend the relevant loan terms.
Let us know what you think of this moratorium!
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