KUALA LUMPUR, May 1 – From day one, Bank Negara Malaysia (BNM) has clarified that interest\/profit will accrue on all products during the loan repayment\u00a0moratorium period; hence\u00a0there is no such thing as making a U-turn or revocation on the earlier decision, its officials said today.<\/p>\n
In a media briefing on moratorium issue here, the officials said they\u00a0regretted the confusion\u00a0on procedures for the six-month loan moratorium and were\u00a0trying their best to clear it\u00a0up.<\/p>\n
“We sincerely regret the confusion. We try to explain;\u00a0there is no inconsistency on the explanation to public. There was great excitement when the moratorium was first announced. We took the pains even then\u00a0to point out to borrowers that they need\u00a0to be aware that interest will accrue on this deferred payment.<\/p>\n
“When things get back to normal, the bank\u00a0needs\u00a0to advise borrowers on how the deferred payment will be treated. Make sure they (the borrowers) pay attention before taking the moratorium as there is a cost (to it),” said BNM deputy governor Jessica Chew Cheng Lian.<\/p>\n<\/div>\n
In its announcement on March 25, BNM had already advised borrowers that interest\/profit would\u00a0continue to accrue on deferred payments and they should consider this in deciding whether they wished to take up the moratorium.<\/p>\n
Chew said customers could\u00a0contact their banks directly regarding matters relating to the moratorium and for any financing applications under the stimulus package or Special Relief Facility as announced by BNM.<\/p>\n<\/div>\n
She added that the central bank would\u00a0come up with several initiatives, including infographics, to help simplify the explanation.<\/p>\n<\/div>\n
Bank Negara, in a statement yesterday, stated that hire-purchase\u00a0and fixed rate financing\u00a0borrowers could\u00a0expect to be notified via SMS, email or registered mail by their respective banking institutions.<\/p>\n
It said those who wished to take up the moratorium under these financing products were now required to formally confirm this with their respective banks on receipt of communication from their banks for the moratorium from April 1 to Sept 30 this year.<\/p>\n<\/div>\n
Confusion that arose was due to\u00a0misperception, which was\u00a0to some extent caused by an illustration provided in its earlier version of frequently asked questions (FAQs)\u00a0where certain assumptions and caveats were made.<\/p>\n
– BERNAMA<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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