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
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
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
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!
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