Loan moratorium and repayment of loan facility extended

Muhyiddin announcing that the loan moratorium and loan repayment will be continued during a special address today (Jan 18, 2021). Screenshot taken from Radio Television Malaysia (RTM) live broadcast.

By Adrian Lim

PUTRAJAYA, Jan 18: The federal government has extended the loan moratorium facility for those facing financial difficulties in repayment their loans.

Prime Minister Tan Sri Muhyiddin Yassin said financial institutions in particular banks will offer moratorium and reduction of loan repayment installment in view of the Movement Control Order (MCO) 2.0 which was announced by the federal government recently.

“The moratorium facility, including extension of the moratorium and restructuring of loan repayment will continue to be offered by banks.

“To date, more than 1.3 millions borrowers have applied for and received such assistance, with an approval rate of 95 per cent for individual borrowers and 99 per cent for small and medium enterprises (SME) borrowers.

“Malaysians need not worry about contacting their respective banks should they require repayment facility,” he said during a special address on the Perlindungan Ekonomi dan Rakyat Malaysia (Permai) Assistance Package here today.

He added Bank Negara Malaysia (BNM) and the Credit Counselling and Debt Management Agency (AKPK) are ready to assist borrowers through telephone or online for those facing difficulties in dealing with banks.

Earlier, Muhyiddin announced the Permai Assistance Package valued at RM15 billion.

He said the new assistance package will be implemented based on three main objectives namely combating the Covid-19 outbreak, safeguarding the welfare of the people and supporting the business continuity.

On January 11, Muhyiddin announced that six states namely the Federal Territories, Penang, Johor, Melaka, Selangor and Sabah will be under MCO for a two-week period from January 13.

He added six other states will be under the Conditional Movement Control Order (CMCO) while Perlis and Sarawak were placed under Recovery Movement Control Order (RMCO). — DayakDaily