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PETALING JAYA (September 30): As Malaysia transitions to targeted payment assistance following the end of the six-month general loan moratorium today, about 500,000 requests for payment assistance have been received, Bank Negara said. Malaysia (BNM).
Of that number, 98% have been approved, the central bank said today in a statement.
The 500,000 applications are just one-sixth of the three million borrowers BNM had anticipated will need help under the specific loan repayment assistance, which begins tomorrow.
The central bank also noted that “there also continues to be a steady increase in borrowers who choose to resume paying their monthly installments.”
“For applications that are still being processed, banks have committed to informing borrowers of the application results as soon as possible. BNM will closely monitor the banks’ practices in this regard. Borrowers facing difficulties with their banks can contact BNMTELELINK at [email protected],” He said.
BNM advised borrowers who can afford to resume monthly payments to do so, as this would reduce their overall debt and borrowing costs.
“Although overall economic conditions are improving, some borrowers may still face repayment challenges if their circumstances change in the coming months. If this happens, borrowers can still involve their banks to discuss alternative payment arrangements. During this period, banks will continue to offer various forms of payment assistance to borrowers, ”he stated.
He gave his assurance that requests for payment assistance made before June 30, 2021 will also not appear in the borrower’s CCRIS records.
“Borrowers can also seek guidance and explore alternative assistance options with AKPK (Agensi Kaunseling & Pengurusan Kredit),” he added.
BNM said the banking sector remains committed to helping households and businesses in need of assistance after the automatic moratorium ends.
“To this end, banks have introduced a series of packages for affected borrowers. These include a specific extension of the moratorium, as well as payment flexibilities to help borrowers based on their specific financial situation, ”she said.
Borrowers who have lost their jobs this year and are still unemployed will be able to freeze loan repayments for another three months, while borrowers whose wages have been cut due to Covid-19 will be offered reduced loan installments in proportion to their salary reduction. depending on the type of financing.
“This specific approach ensures that more resources are available to help those who are vulnerable. It also enables the banking sector to better support the overall economy through ongoing lending, ”the central bank said.
BNM said banks have been actively reaching out to borrowers in various ways and have simplified steps, enabled online applications, and extended branch hours of operation, including during weekends.
So far, individual banks have engaged more than 2 million borrowers through calls, emails and SMS to offer payment assistance, he added.
As of July 24, Malaysia’s blanket moratorium was reported to have benefited 7.7 million people (or 93% of individual borrowers) and 243,000 SME borrowers (or 95% of all SME borrowers).
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More than 380,000 people have confirmed that they need help paying the loan after the moratorium
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