KUALA LUMPUR, April 30 — Hire purchase customers who choose to take up the six-month moratorium from April 1 to September 30, 2020 will have an option in terms of repayment, says the Association of Banks in Malaysia (ABM). In a statement today, ABM said relevant customers could choose to pay the...
Thursday, 30 Apr 2020 08:08 PM MYT
In a statement today, ABM said relevant customers could choose to pay the accumulated six months’ deferred instalments together with their October 2020 instalment without being charged any additional interest. ABM said banks will also communicate the relevant deadlines, as well as the method they will adopt to ensure minimal inconvenience to customers on the acceptance process.
However, ABM said its member banks will not impose any additional interest charges nor late payment fees for instalments that remain outstanding for April and May 2020 by hire purchase customers who had deferred their monthly instalment payment, provided that payments for April, May and June 2020 are made no later than June 30, 2020.
It said its member banks will communicate with their impacted customers on the exact procedures they will need to follow to take up the moratorium, as well as the instalment payment options available to them once the six-month moratorium is over.
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