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KUALA LUMPUR: The government agreed to implement an automatic moratorium on loan repayments for those in the B40 group, as well as for micro, small and medium-sized enterprises (SMEs).
This means that those in income group B40 and micro and SMEs do not need to present any documents to qualify for the three-month moratorium that will be implemented until December this year.
“Those in the B40 income group and micro SMEs will also have their respective applications approved by the banks within 24 hours. No documents,” said Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz.
Tengku Zafrul spoke during his final speech on the 2021 budget in Parliament on Thursday (November 26).
He also said that those in the M40 income group only need to file a document-free declaration at their respective banks and it will be approved within one to five days.
Tengku Zafrul said that more than 700,000 Malaysians have requested the second moratorium phase, which is now included in the 2021 budget.
He said the government would continue to involve the banks on the moratorium, although 85% of those who benefited in the first phase of the moratorium had started to repay their loans.
The first phase of the moratorium was for a period of six months from March to October of this year.
Under the 2021 Budget, Tengku Zafrul announced that B40 and small and medium-sized enterprises (SMEs) could opt for a three-month moratorium or a 50% reduction in their monthly installments for six months.
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