Ekonomi (PEMULIH), individual borrowers, microentrepreneurs and SME owners that are financially affected by the pandemic are able to apply for a 6-month moratorium starting from the 7th of July 2021.
This moratorium announcement will be given to all individual borrowers of all the B40, M40 and T20 income groups and all micro and SME entrepreneurs.
There will be no more terms and conditions such as loss of income, checks on job loss, nor any documentation that needs to be presented at the time of application; the application will be automatically approved.
A moratorium is a temporary loan repayment deferment for an agreed time period (6 months). For instance, if your loan tenure is 120 months, a 6-month moratorium will lengthen the tenure to 126 months.
Borrowers can apply online by filling up online forms or through email according to the preferred method by respective banks. Some banks might also require borrowers to include their personal details and information on their loans. Alternatively, borrowers can call the customer service hotline of their respective banks.
All individuals of all income groups (B40, M40, T20) All micro entrepreneurs* All SME entrepreneurs* affected by the COVID-19 pandemic
*As classified by SME Corporation Malaysia
For individuals, the deferment is automatic. If you would like to continue making payments as usual, you will need to inform your bank.
No, banks will not charge any compound interest nor any penalty within this assistance period.
No, borrowers’ Central Credit Reference Information System (CCRIS) records will not be affected by any form of repayment assistance over the year 2021.
Individual and SME borrowers with more than 90 days’ outstanding balance can contact Agensi Kaunseling dan Pengurusan Kredit (AKPK) for suitable repayment assistance and free financial advice.
Check your bank’s e-statement, see if your money gets deducted at the end of each month.
So far, this moratorium is only limited to loans from banks and development financial institutions. We will update this article from time to time for more recent information.
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A UiTM graduate, digital marketer and content creator since 2018. Sera writes about anything, from career advice, lifestyles, and finance. A person who cannot live without coffee, and sometimes she spends too much time on Twitter and TikTok.