Bank Negara grants six-month grace period for loans of individuals and small businesses
KUALA LUMPUR: Banking customers, including individuals and small and medium sized enterprises will be allowed to delay the repayment of their existing loans, including mortgages and hire-purchases, for a period of six months.
In a letter to the heads of financial institutions today, Bank Negara said the automatic moratorium will be effective from April 1. "Banking institutions should provide individuals and SME borrowers with adequate information on how the suspended loan/financing repayments/payments will be treated during the moratorium period," the central bank said.
For outstanding credit card balances, Bank Negara said customers should be offered the option to convert the outstanding balances into term-loan of not more than three years. "For corporate borrowers, banking institutions are strongly encouraged to facilitate requests for a moratorium," the letter stated.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank Negara offers financing lifeline | The Malaysian InsightIt encourages banking institutions to defer what it can to help individuals, businesses get through rough time.
Read more »
Lencongan dan penutupan beberapa plaza tol dan lebuh raya seluruh negaraPolis mengarahkan lencongan di beberapa tol plaza antara negeri yang utama. FMTNews LebuhRaya PlazaTol
Read more »
Institut Jantung Negara to provide medicine home-delivery services for patients during MCO | Malay MailKUALA LUMPUR, March 24 ― Institut Jantung Negara (IJN) will be providing home-delivery services for medications to its patients during the current movement control order (MCO). The hospital said in a media release issue that the move was undertaken in view of reduction of outpatient hospital...
Read more »
Bekalan makanan di ibu negara tidak akan terganggu, kata Annuar | The Malaysian InsightKenderaan berkenaan boleh menghantar makanan selagi ia di bawah kategori perkhidmatan penting.
Read more »
Polis, askar berjaga di bank pastikan orang ramai patuhi jarak sosialMenteri Ismail Sabri minta orang ramai jangan berpusu-pusu ke bank dan mesin pengeluaran wang apabila gaji masuk nanti. FMTNews Polis Askar Bank
Read more »
Philippine central bank throws US$6 bil lifeline to governmentMove is viewed as allowed in this 'once-in-a-lifetime crisis', says analyst. FMTNews
Read more »