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KUALA LUMPUR: Bank Negara Malaysia (BNM) has assured borrowers that payment assistance will continue to be available to borrowers whose income has been affected by the pandemic.
The central bank said that depending on their circumstances, borrowers facing challenges have generally requested reductions in monthly payment installments or an extension of the moratorium.
“Borrowers who declined payment assistance for now could still apply for specific assistance during 2020 and through 2021 if their financial circumstances change in the future,” it said today in a statement.
He added that the scale of directed payment assistance is unprecedented in Malaysian banking history, as assistance continues to be provided to borrowers from a variety of income groups, with particular regard to B40 households, microenterprises and borrowers affected by the movement. restrictions.
“An aid-for-payment approach extends aid measures in a more sustainable way, while also bolstering economic recovery,” he said.
BNM said that many borrowers can now and have started to resume payments. For this group, resuming repayments would be in their interest as this would lower the total cost of borrowing.
“Borrowers who need assistance right now have the opportunity to customize their repayment plans based on what they can afford.
“If their circumstances are further questioned in the future, they would have more recent payment records to facilitate further assistance from the banks,” he said.
The central bank also said that the financial resources of the banking system can be prioritized to help those most affected by Covid-19. As more borrowers pay, who can afford it, more help can be offered to other borrowers in need.
BNM has also urged affected borrowers to come forward to request payment assistance from their banks through the various channels available.
“Banks are required to respond to requests for specific payment assistance within five days for individual borrowers and within 14 days for small and medium-sized business (SME) borrowers.
“Borrowers who do not receive a response from their banks within these time frames should contact BNMTELELINK (bnm.my/RAsurvey),” he said.
The central bank said borrowers affected by any conditional motion control order or an enhanced motion control order can expect a quick and smooth process, even as banks in affected areas continue to operate under SOPs.
“Those who are unable to have face-to-face commitments or provide documents due to movement restrictions can contact their banks via website, phone or email,” he said, adding that the Credit Counseling and Debt Management Agency ( AKPK) was also ready to provide the necessary advice and assistance to both individual borrowers and SMEs, including options for debt restructuring.
The central bank also said that more than 640,000 requests for payment assistance had been received, with an approval rate of around 98%. Approximately 40% received an extension of the moratorium and 60% had received a reduction in quotas.
Among people who have applied for reimbursement assistance to date, approximately 50% have a monthly income of RM5,000 or less, while 28% are those with a monthly income of between RM5,000 and RM10,000.
“Borrowers from other segments who need assistance are also being supported, including those with variable incomes and those employed in the sectors that have been hit the hardest, such as the tourism sector,” he said.
BNM also said that requests for payment assistance any time before June 30, 2021 will also not appear in the Central Credit Reference Information System (CCRIS) records of the borrower.
“There are no processing fees / charges associated with requests for payment assistance for individual borrowers and SMEs. To obtain specific assistance, borrowers must apply directly to their respective banks, ”he said.
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