{"id":10134,"date":"2021-06-29T17:12:34","date_gmt":"2021-06-29T09:12:34","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=10134"},"modified":"2021-06-29T17:12:35","modified_gmt":"2021-06-29T09:12:35","slug":"banks-to-waive-compounded-interest-penalty-charges-over-moratorium","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=10134","title":{"rendered":"Banks to waive compounded interest, penalty charges over moratorium"},"content":{"rendered":"\n

PUTRAJAYA, June 29  — Banks will waive the compounded interest and penalty charges incurred during the six-month loan moratorium under the National People\u2019s Well-Being and Economic Recovery Package (PEMULIH), said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.<\/p>\n\n\n\n

 He said the government had raised the matter with the banks during their meeting recently and they had agreed to it.<\/p>\n\n\n\n

\u201cReport and complain if the banks raise a compound (interest) and charge a penalty (on the moratorium),\u201d he said told a press conference here today.<\/p>\n\n\n\n

Yesterday, Prime Minister Tan Sri Muhyiddin Yassin announced\u00a0a six-month moratorium on loan repayments for individual borrowers across all income brackets.<\/p>\n\n\n\n

\"interest\"<\/figure><\/div>\n\n\n\n

Tengku Zafrul advised borrowers to approach their banks regarding the method of repayment if they wished to apply for the moratorium. <\/p>\n\n\n\n

\u201cEvery bank has a different scheme and you (borrowers) need to discuss this with the respective banks,\u201d he said.<\/p>\n\n\n\n

The minister said the moratorium under PEMULIH could help individual borrowers s well as small and medium enterprises in managing their cash flow during this challenging period.<\/p>\n\n\n\n

\u201cWe have advised banks to continue granting automatic approval to affected borrowers, including those in the B40, M40 and T20 categories,\u201d he said.<\/p>\n\n\n\n

Meanwhile, Tengku Zafrul expressed belief that the domestic financial system would be able to weather the impact of the loan repayment deferment.<\/p>\n\n\n\n

\u201cFrom my discussions with the banks, they are also affected, but I think this (moratorium) is something that needs to be done to support the people in need, \u201d he said.<\/p>\n\n\n\n

—\u00a0BERNAMA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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