6-Month Automatic Moratorium: How Can You Apply?
Malaysia Prime Minister Tan Sri Muhyiddin Yassin announced a six-month moratorium on all bank loan repayments for all individual borrowers during the presentation of the PEMULIH package yesterday.
This Automatic Moratorium is offered to all groups regardless of whether it is B40, M40 or T20. In this moratorium, no conditions are placed, including income reduction. In addition, the application process is also quite simple and easy without having to submit any documentation.
In the 6-month Automatic Moratorium that was offered last year from April to September 2020, the assistance involves all types of bank loans such as home, personal and car loans except credit card balances. After this period expires, those affected will have to contact the bank to seek a more targeted financial assistance: either a moratorium for three months or a reduction in monthly instalments.
Based on the PEMULIH package this time, the bank is expected to make the latest announcement in the near future.
Why is the moratorium offered to all?
The Prime Minister said the 6-month moratorium was given to help people who were experiencing financial difficulties due to Covid-19.
“I have heard and read a lot of the same grievances from the M40 and T20 groups who are also experiencing increased dependents as they are also helping family members or relatives affected by COVID-19. I hope this moratorium initiative can, to some extent, assist individual borrowers and SMEs in managing their cash flow during this challenging period.
“However, I would also like to advise you to make the best use of this offer, and if you are not urgent, do not make additional financial commitments,” he said.
Summary of moratoriums offered
A 6-month moratorium for all groups (B40, M40 and T20), micro-companies, and small and medium enterprises (SMEs) affected.
During the previous moratorium, the 6-month assistant was given for Home loans, education loans, hire purchase loans, personal loans, credit card loans etc.
However, for the latest PEMULIH package, the bank hasn’t finalised the details on the 6-month moratorium. More updates from the bank are expected by next week.
Specific assistance (e.g., reduced instalments) to meet individuals’ needs and financial circumstances are also offered.
How to get a 6-month moratorium?
Date of application for moratorium can be made: July 7, 2021, through the applicant’s bank.
- Visit the bank’s website to find out how to make an application offered by the used bank (either via form, email or phone call).
- Provide personal and loan information, and select the repayment assistance offered.
- Read and accept the terms and conditions.
- Wait for confirmation.
- Your bank will process the application within 5 days (individuals) or 14 days (micro-companies and SMEs).
- If you encounter difficulties with the bank or do not receive any feedback from the bank within that time, you can contact BNMTELELINK or enter bnm.my/RAsurvey to make a complaint.
Will a 6-month moratorium affect CCRIS?
Refund assistance will not affect the applicant’s CCRIS record.
Source: Bank Negara Malaysia
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