
You Can Start Applying for PEMULIH's Loan Moratorium Today

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Hire NowAccording to Bank Negara Malaysia (BNM), everyone can start applying for the six-month loan moratorium starting today (July 8). The moratorium is a part of the PEMULIH stimulus package.
Automatic approval for the moratorium
In a statement, BNM said that individuals, micro, small and medium enterprises (MSMEs) affected by the Covid-19 pandemic could apply for the loan moratorium. The opt-in process for the moratorium and other repayment packages is simplified as applicants do not need to submit supporting documentation.
BNM also assured that the banks would approve the applications automatically. The banks will also provide instalment reduction and other assistance, such as rescheduling and restructuring financing to suit the particular financial situations of borrowers.
Borrowers can apply via the banks' websites. The banks will provide a web form or an auto-generated email where borrowers can fill in their personal and financing details.
Borrowers can also call their banks and receive guidance from the customer service officers or visit bank branches to submit their moratorium requests. However, BNM advised borrowers to consult with respective banks on any changes in operating hours or arrangements for over-the-counter services because of the movement control order (MCO).
Moratorium requirements
BNM said the repayment assistance is applicable for financing approved before July 1. Borrowers must not have missed instalments for more than 90 days or be subject to bankruptcy or winding-up proceedings when they make the repayment assistance request.
Borrowers who are already receiving repayment assistance and are servicing their financing according to the programme's terms can sign up for this moratorium.
Individuals and MSMEs can sign up for the moratorium. Source: BNM
Free financial advice for MSMEs and individuals
Individuals and SME borrowers who have financing with over 90 days of missed payments should contact Credit Counselling and Debt Management Agency (AKPK). For more information, visit AKPK's website at services.akpk.org.my.
MSMEs can also request assistance through AKPK's dedicated SME Help Desk at akpk.org.my/smehelpdesk. AKPK provides free financial advice and facilitates repayment assistance applications.
How the moratorium will affect the financing
However, BNM stated that opting for repayment assistance will increase the overall cost of the loan, as interest/profit will continue to accumulate on deferred payments. It also said that banks must provide borrowers with information on how the moratorium will affect instalment amounts and the financing tenure.
If a borrower requests to maintain lower instalments instead of the original instalments after the moratorium, the bank will extend the loan tenure for a longer period. According to BNM, banks will not charge interest on interest (for instance, compounding interest/profit) or any penalty interest/profit during the assistance period.
BNM also said that any form of repayment assistance received in 2021 would not affect the borrower's Central Credit Reference Information System (CCRIS) records.
BNM stated that it would closely monitor the banking industry's repayment assistance programme. Borrowers can contact BNM TELELINK at bnm.my/RAsurvey for complaints if they face problems with their banks or if instalments increase unreasonably.
Borrowers can also get more information on the enhanced repayment assistance programme by browsing bnm.gov.my/RA and BNM's social media platforms.
Source: The Edge Markets
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