{"id":44938,"date":"2021-07-19T00:10:53","date_gmt":"2021-07-18T16:10:53","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=44938"},"modified":"2021-07-22T16:43:25","modified_gmt":"2021-07-22T08:43:25","slug":"loan-moratorium-repayment-option","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/loan-moratorium-repayment-option","title":{"rendered":"Do You Still Need To Apply For The Loan Moratorium? Here’s What You Should Know [2021 Update]"},"content":{"rendered":"

From PRIHATIN<\/a>, PERMAI, PENJANA to PEMERKASA<\/a> and now PEMULIH<\/a>, a series of financial assistance programmes have been rolled out to help the different industries and businesses affected by the ongoing pandemic restrictions, not forgetting all the individuals who have lost jobs and incomes.<\/p>\n

The first six-month moratorium ended on September 30, 2020.\u00a0 After September 30, 2020, you were expected to resume repayment of your loans. For borrowers who were not ready to start repaying your loans, loan repayment assistance had been offered by banks since then.<\/p>\n

Now we have the second loan moratorium which started on July 7, 2021.\u00a0 As part of the PEMULIH package provided by the government to help Malaysian cope with the lockdown extension, this new six-month loan moratorium is available to all individuals, microenterprises, and affected SMEs.<\/p>\n

<\/span>Who can apply<\/strong><\/span><\/h2>\n

Individual borrowers only need to apply and sign to agree to the changes in the terms of their loan. Micro entrepreneurs are also eligible subject to the individual banks approval<\/p>\n\n\n\n\n\t\n\t\n\t\n\t
Category<\/strong><\/td>Repayment Assistance<\/td>\n<\/tr>\n
All individuals (B40, M40 and T20)<\/strong><\/td>Moratorium for 6 months.
\nNo supporting documentation needed.<\/td>\n<\/tr>\n
All microenterprises*<\/strong><\/td>Moratorium for 6 months.
\nNo supporting documentation needed.<\/td>\n<\/tr>\n
All SMEs* adversely affected by the pandemic<\/strong><\/td>Moratorium for 6 months.
\nNo supporting documentation needed.
\nOnly self-declaration needed.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n
Source: Bank Negara Malaysia (BNM)\u00a0<\/a> \u00a0 *As defined by SME Corporation Malaysia. Other customised payment assistance such as reduced instalments are also available under the individual banks.<\/em><\/h6>\n

Even if you qualify to apply, first ask yourself why<\/em> you should apply:<\/p>\n

\"should<\/a><\/p>\n

Source: BNM<\/a><\/em><\/h6>\n

<\/span>What should you ask you bank<\/span><\/h2>\n

According to the Association of Banks in Malaysia (ABM), its member banks in Malaysia have started offering repayment assistance, including loan moratorium to affected borrowers.<\/p>\n

“Under the scheme, borrowers\/customers are only required to contact their banks to opt in to benefit from the moratorium and approval will be given automatically,” ABM<\/a> said in a statement.<\/p>\n

Ask the following questions and make sure you understand the impact of taking the loan moratorium or payment assistance.<\/p>\n

\"loan<\/a><\/p>\n

Source: BNM<\/a><\/em><\/h6>\n

Similar to the last moratorium, this latest round of moratorium is applicable for loans\/financing approved before 1 July 2021 and are not in arrears for more than 90 days on the date the request for moratorium is submitted to the bank.<\/p>\n

<\/span>What are the options offered by banks in Malaysia?<\/span><\/h2>\n

Banks may structure their payment assistance options in different ways. It is best to check with your bank on the options available to you for the loan moratorium in 2021.<\/p>\n

Here’s what the main banks in Malaysia are offering in payment assistance.\u00a0 Follow the links below to the banks FAQs on payment assistance available for individuals and businesses.<\/p>\n