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KUALA LUMPUR: Borrowers / clients with fixed-term purchase loans and fixed-rate Islamic financing will receive notification starting on Friday of the steps necessary to complete the process of deferring their loan / financing payments under the moratorium.
Bank Negara Malaysia said Thursday that borrowers / clients would be notified by SMS, email or certified mail from their banking institutions.
Banking institutions will also provide each borrower / customer with specific details of changes to the terms of their HP loan or Islamic fixed rate financing agreement.
“This should contain information on the revised payment schedule and any changes in payment amounts, including those arising from the normal interest / benefit rate accrued during the moratorium,” he said.
Bank Negara said that borrowers / clients who do not wish to accept the moratorium can still choose to do so at this time by informing their banking institutions and resuming their scheduled payments based on the terms of their existing agreements.
In such a case, banking institutions will grant borrowers / clients a reasonable time to regularize outstanding scheduled payments that were previously deferred under the moratorium.
He emphasized that banking institutions will not impose late or late fees on these payments until they are due according to the revised payment schedule agreed with borrowers / clients.
He urged borrowers / clients to check their banking institutions’ websites, internet banking portals or call centers for more information.
On March 25, Bank Negara said that banking institutions were entering into agreements reflecting revised payment terms with borrowers / customers with HP loans and Islamic fixed-rate financing to give effect to the 6-month moratorium on loan payments. / financing.
This is to comply with the procedural requirements under the Procurement and Purchase Act of 1967 and the Shariah requirements that are applicable to any changes made to the terms of these agreements, including changes to payment schedules and / or or amounts as a result of the moratorium.
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