PETALING JAYA: The Association of Banks in Malaysia (AMB) and its member banks will be notifying their respective hire purchase customers on the procedures for the six-month loan moratorium announced by Bank Negara Malaysia Thursday (April 30).
In a statement released by ABM Thursday, it said hire purchase customers who had already notified their banks about continuing payment since March 25 did need not take any further action.
ABM’s member banks will communicate with impacted customers via email, letters, website information, as well as SMS and push notifications. They will spell out the exact procedures to take up the moratorium, as well as the available options of payments after the six-month moratorium is over.The first option is to “pay the accumulated six months’ deferred instalments together with their October instalment without being charged any additional interest”.
However, the interest is dependent on the contractual rate and will be charged based on the amount of delayed instalments that are outstanding until they are fully repaid by the end of the extended six-month period.
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