KUALA LUMPUR, April 1 – This is no April Fool’s joke! Makcik Kiah, Muthu, Ah Lian and other Malaysians start to have their loan payment holiday from today.<\/p>\n
While most Malaysians are staying at home under the Movement Control Order enforced by the government to prevent the spread of COVID-19 virus, they will not have to pay their loans with the banks for 6 months from today in accordance to Bank Negara Malaysia’s announcement<\/a> on March 24.<\/p>\n The loan moratoriums will not require borrowers to contact their banks as it will be done automatically, according to an FAQ released by the Central Bank last week.<\/p>\n A moratorium is a temporary deferment or suspension of loan\/financing repayment obligation (principal and interest) for a limited period of time.<\/p>\n During this period, borrowers\/customers with loan\/financing that meet the conditions do not need to make any repayment, and no late payment charges or penalties will be imposed.<\/p>\n Interest\/profit will continue to accrue on loan\/financing repayments that are deferred and borrowers\/customers will need to honour the deferred repayments in the future. Loan\/financing repayment resumes after the deferment period.<\/p>\n Having said that, most major banks have announced that the interest\/profit will not be compounding during the moratorium period.<\/p>\n Among those banks are RHB Banking Group, Public Bank, CIMB Bank, Affin Bank and OCBC.<\/p>\n At the same time more than 14,000 Malaysian cooperatives will also enjoy loan moratoriums for loans taken from Cooperative Development Revolving Fund (TMP-JPK) under the Companies Commission of\u00a0 Malaysia (CCM). Ministry of Entrepreneur Development and Cooperatives\u00a0(MEDAC) announced a six-month moratorium on loan repayments from April to\u00a0September 2020 earlier last week. The\u00a0moratorium is estimated to involve about\u00a0RM99 million.<\/p>\n Minister Datuk Seri Dr.\u00a0Wan Junaidi Tuanku Jaafar said in a statement that the government through\u00a0MEDAC is very concerned about the impact of the spread of Covid-19 on the business activities of the\u00a014,628 cooperatives in Malaysia, which could impact more than 6 million cooperatives members nationwide.<\/p>\n Another no April Fool’s joke today is that 80% Malaysians of regardless of race and religions will start receiving Bantuan PRIHATIN in April and May.<\/p>\n For the B40 or those with household income of RM4000 and below, will receive RM1000 in April and another RM600 in May.<\/p>\n For the M40 or those with household income between RM4001 to RM8000, will receive RM500 in April and RM500 in May.<\/p>\n Bantuan PRIHATIN RAKYAT was announced by the Prime Minister, Tan Sri Muhyddin Yassin on March 27.<\/p>\n As part of Bantuan PRIHATIN, taxi drivers will receive a one time cash incentives for RM600,<\/p>\n At the same time, e-hailing drivers will receive RM500, both can expect the incentives to be given out in April.<\/p>\n Medical frontliners will receiving an additional RM200 to their cash allowances in dealing with the pandemic.<\/p>\n This amount is on top of the earlier announced RM400 making it a total of RM600 for the medical frontliners.<\/p>\n Malaysians will also enjoy between 15-50% discount in electricity bills, depending on their usage (the more usage the less discount).<\/p>\n \u201cThe rebate will be reflected in electricity bills beginning May. Under the tiered rebate, three million domestic consumers (monthly consumption below 200kWh) will receive a 50 per cent rebate; while 1.5 million consumers (monthly consumption between 201kWh and 300kWh) will receive a 25 per cent rebate; and another 2.2 million consumers (monthly consumption between 301kWh and 600kWh) will receive a 15 per cent rebate,\u201d the Prime Minister said.<\/p>\n Other benefits such as moratorium on payments for Rent-To-Own houses, free rentals for Federal public housing will also commence this month.<\/p>\n –NMT<\/em><\/p>\n <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" KUALA LUMPUR, April 1 – This is no April Fool’s joke! Makcik Kiah, Muthu, Ah…<\/p>\n","protected":false},"author":1,"featured_media":3064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[7413,7380,2886,7416,7412,7414,4599,2885,7415],"class_list":["post-3062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-bantuan-prihatin","tag-covid-19","tag-e-hailing","tag-frontliners","tag-loan","tag-makcik-kiah","tag-moratorium","tag-taxi","tag-tnb"],"featured_image_urls":{"full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/03\/kiah.png",1173,712,false],"thumbnail":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/03\/kiah-150x150.png",150,150,true],"medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/03\/kiah-300x182.png",300,182,true],"medium_large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/03\/kiah-768x466.png",640,388,true],"large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/03\/kiah-1024x622.png",640,389,true],"1536x1536":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/03\/kiah.png",1173,712,false],"2048x2048":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/03\/kiah.png",1173,712,false],"newsium-slider-full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/03\/kiah.png",1173,712,false],"newsium-featured":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/03\/kiah.png",1024,622,false],"newsium-medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/03\/kiah.png",720,437,false]},"author_info":{"info":["Editor"]},"category_info":"Economy<\/a>","tag_info":"Economy","comment_count":"0","_links":{"self":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/3062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3062"}],"version-history":[{"count":7,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/3062\/revisions"}],"predecessor-version":[{"id":3070,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/3062\/revisions\/3070"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/media\/3064"}],"wp:attachment":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Loan moratoriums for Malaysian cooperatives<\/strong><\/h5>\n
Bantuan PRIHATIN to reach B40 and M40 Malaysians<\/strong><\/h5>\n
Taxi and e-hailing drivers cash handouts<\/strong><\/h5>\n
Frontliners<\/strong><\/h5>\n
Discounts on Electricity bill\u00a0<\/strong><\/h5>\n