CORONAVIRUS | This, following Bank Negara’s instruction to banks to grant an automatic six-month moratorium on all loan and financing payments.
| On Tuesday, Bank Negara instructed banks to grant an automatic six-month moratorium on all loan and financing payments, except for credit card balances.is to begin on April 1 and is aimed at easing the cash flow of small-medium enterprises and individuals as the nation grapples with the health and economic ramifications of the global Covid-19 outbreak.
Customers who wish to opt-out may just continue their regular monthly installment payments. There will be no compounding the interest or profit on loans and financing during this six-month period. The eligible products under the automatic deferment scheme for retail and SMEs include personal, mortgage, Amanah Saham Bumiputera , education and SME loans.
For SME customers, it said the moratorium applies to all existing term loans and financings and industrial hire purchase.
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