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PETALING JAYA: B40 borrowers who received loans from Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR) will receive assistance with their repayments according to the 2021 Budget.
They will be given two options: a moratorium on their installments for three months, or a reduction of their monthly refund by 50% for six months, said Tengku Datuk Seri Zafrul Abdul Aziz (Photo).
The finance minister said that this will also be extended to micro-enterprises that have loans of up to RM150,000.
“Eligible borrowers will only need to contact their banks to choose the options and complete the documentation,” Zafrul said during the presentation of the Budget 2021 in Parliament on Friday (November 6).
For M40 borrowers, he said the payment assistance application process will be simplified, and borrowers will only need to make a self-declaration of the reduction in their income to guarantee payment assistance.
“Installation of the B40 and M40 models will begin in December 2020,” he said.
The government had approved blanket loan repayment moratoriums from April to September, and Zafrul said Malaysia was the first country in the world to do something like this.
In October, this was changed to Targeted Loan Repayment Assistance (TRA), where banks continued to offer extended moratoriums and other forms of repayment assistance.
Zafrul said more than 650,000 requests for payment assistance have been received to date, with a high approval rate of 98%.
He added that banks have reported that 85% of borrowers have resumed loan repayments without seeking help since the end of the automatic moratorium period.
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