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PETALING JAYA: Ongoing directed payment assistance for those who have borrowed from financial institutions has been enhanced and made available to the B40 category, whose financial position has been particularly affected by the Covid-19 pandemic, said the Banking Association of Malaysia (ABM).
In a statement today, the association said that B40 borrowers included recipients from Bantuan Sara Hidup (BSH) / Bantuan Prihatin Rakyat (BPR) and micro-enterprises with loans, where the original amount of the facility was up to RM150,000.
He said that under this enhanced specific payment assistance, starting in December, eligible borrowers will have two options: a three-month deferral of installment payments or a 50% reduction in installment payments for six months.
ABM said that only loans that were approved before October 1 of this year and that are not in arrears for more than 90 days from the borrower’s application date would be eligible for this new facility.
As for married couples who are eligible for BSH / BPR, based on household income, both husband and wife will be eligible for this package if they have bank loans.
“Those who opted out of the general moratorium, which was announced in March 2020, are also eligible for this enhanced pay-specific assistance,” he said.
ABM said the targeted payment assistance enhancement would be effective from December 1 to June 30, 2021, adding that the banking industry will provide further updates on its details next week.
“Borrowers can also submit their requests and confirmation of required payment assistance to their banks through channels provided by banks, from November 23 to June 30, 2021,” he added.
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