KUALA LUMPUR, March 24 –\u00a0Malaysian individuals as well as small and medium sized enterprises (SMEs) will be allowed to delay the repayment of their existing loans, including mortgages and hire-purchases, for a period of six months with banks in the country.<\/p>\n
In a letter to the heads of financial institutions today, Bank Negara said the automatic moratorium will be effective from April 1.<\/p>\n
Bank Negara is implementing these additional measures to assist borrowers experiencing temporary financial difficulty due to the COVID19 pandemic.<\/p>\n
“These measures aim to ensure that the financial inter-mediation function of the financial sector remains intact, access to financing continues to be available, and banking institutions remain focused on supporting the economy during these exceptional circumstances,<\/p>\n
“Banking institutions should provide individuals and SME borrowers with adequate information on how the suspended loan\/financing repayments\/payments will be treated during the moratorium period,” the central bank said.<\/p>\n
As for outstanding credit card balances, Bank Negara said customers should be offered the option to convert the outstanding balances into term-loan of not more than three years with interest\/profit rate of not more than 13% per annum.<\/p>\n
“For individuals who have already demonstrated signs of repayment difficulty, (i.e. not able to make minimum payment in the last 3 consecutive months) banks shall automatically convert their credit card balances into term loans.” Bank Negara said further.<\/p>\n
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