Breaking news! Finance minister Tengku Datuk Seri Zafrul Abdul Aziz has just issued a statement, announcing that no additional charges will be applied during the entire six-month moratorium period. So those with hire purchase car loans or fixed-rate Islamic financing will not see any changes to their instalment payments after the moratorium period ends.
In short, it’s back to a clear-cut six-month relief as most of us understood it before. For an example, if you’re paying RM1,000 per month for your existing car loan, which is due to end by say, June 2021, you will continue to pay the same amount – RM1,000 per month – from October 2020 onwards until the end of your tenure, which is now December 2021 (extended by six months to match the moratorium period). As simple as that – no extra charges, no additional interest.
This is a reversal (or a re-reversal) of an earlier announcement made by Bank Negara Malaysia (BNM) on April 30, which mentioned that additional interest would be charged on the deferred instalment payments during the entire six-month moratorium period. An example was also given, indicating a 2% increase in monthly instalment from October 2020 onwards. Thankfully, this will not take place now.
Last week, Tengku Zafrul had urged the banks to consider abolishing the accrued interest (or profit for Islamic financing) for hire purchase loans and fixed-rate Islamic financing for the six months.
“Taking into account that there’s a possibility for it to be implemented, and after considering the rakyat’s request, I would like to suggest that all financial institutions, especially those involved in the moratorium, consider abolishing the accrued interest (for HP loans) or profit (for fixed-rate Islamic financing) for the six-month moratorium period,” he said on May 2.
The former banker turned finance minister said then that MoF was taking proactive steps to find a solution for the issue via discussions with BNM and the banks, to find the best solution for the people.
This development comes after the ministry reached an agreement with the banking industry on the matter. The government says it hopes the decision will help alleviate the burden of the rakyat during these trying times.
So everyone, after the uncomfortable roller-coaster ride on this interest on moratorium period issue, what do you think of this latest (and hopefully final) update? Discuss in the comments section below.
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Syukur x 1000000000000! Abang abang now can rileks a bit financially. This is especially helpful when Raya is less than 1 month away. Lots of barang barang raya need to buy.
This is power back to Rakyat … this gomen failed.
Well done to our Finance Minister! At last we have a gomen that listens to the rakyat! Hooray for PN!
If we still had LGE, betcha he continue not caring about all of us.
Hidup PN! Hidup PN! Hidup PN! Hidup PN!
Hoi! what so hidup, we now so suffer to mati
You talk like a banker. GTH!
Tell me again why should we care about crony bankers “suffering”?
PN time is up.They must go before too late.
Copy paste: “The bourgeois bankers, financiers, & PH politicians in cahoots should be sent to the guillotine!
Viva le Malaisie! Viva le rakyat!”
And viva le Perikatan Nasional!
PN ministers doing such a good job that PH politikus now so suffer to mati? yuk yuk yuk
I feel sorry for the suffering of rich bankers…. haha, NOT!
Sokong la abam Air suam & kak Doraemon,
Hip hip hooray! Hip hip hooray for PN!
Rakyat gembira, kerajaan sejahtera
Now that Hidup PN almost driven rakyat and Malaysia to death. Enuff is enuff !!
Yes bro. Enuff is enuff. Now we have a pipel caring govt, all those PH pipel pls stop yr slanderings
Enough is enough! Yes!!! Petrol prices at historic lows, interest free loan moratorium, freeze on car price increase, free money to everyone. What more proof do we need that PN is taking good care of our wellbeing right here right now?
Only in PN does the rakyat have power now. Well done Prihatin Nation. You showed that you really cared!
Only in PN, only VVIP cared! pity the ppl…
Interest free loan moratorium is for all rakyat sis. Only in PN. Yahoo!
Only in PN, got 30million rakyat as VVIP.
Only in PH, 30 ministers as VVIP.
Pity the people not rakyat Malaysia.
PN did good job! Thumbs up! Double thumbs up!
Copy paste: “shame on you. Act like pandai pandai. Now power to the people.”
Yahoo! Thank you so much to Prihatin Nation! Only in PN Malaysia you can get free lunches for real!
Thank you!
Thank you!
Thank you!
Thank you!
Thank you!
Thank you!
THANK YOU SOOOO MUCH!
Lol! PN doing such a good job, I don’t see a chance in h3ll PH will ever come back from h3ll.
good job tengky zafrul.. walk your talk..
tengkiu zafrul
No tengkiu.. for the double standards & u-turn, minister kelam kabut.. negara akan hancur
ya bankers like you dont like this news but it is good news to us rakyat. Now we have a gomen that listen to rakyat, you greedy bankers affiliated to PH can go fly kites
The bourgeois bankers,financiers, & PH politicians in cahoots should be sent to the guillotine!
Viva le Malaisie! Viva le rakyat!
Double standards for VVIP & us marhaen…
Yup.
VVIP rakyat gets good news.
Marhaen bankers gets bad news.
Too bad.
Only thing hancur is Pakatan hopes to see Perikatan fail, but instead they did such an outstanding job for such a young govt.
Bankers don’t like it so they say bad news lah. Too bad for you.
Greedy bankers plis go dai!
Tengkiu PN!
PH gov = talk the walk
PN gov = walk the talk
Thank you PN!
Manifesto ditepati by Prihatin Nation. Kudos to PN.
Good job? more like get scolded for no reason, then back to original moratorium. Pandan muka, hahaha
Well they managed to scold BNM and get back to the original moratorium. So it’s a good work from Fin Minister no? At the end of the day, the rakyat benefits thanks to his hard work.
Do we still need to apply with bank for the deferment or automatic
This is automatic if you haven’t opt out of the program. Take it, this is a one time unbelievable offering of goodness from this magnanimous government. Not like PH, they don’t talk big but they walk big strides.
Those who’s affordable please continue paying your installment.
Those affected and needed cash flow, don’t worry to defer the bank loan.
Money is yours. Do what you think is right for you.
Each of us got their problem and difficulty.
Always remember, we are Malaysian.
Kitajagakita
Like banyak2
Motion of confidence in Dr M banyak2. Hidup!
That’s right…those who are not effected much pls continue paying as usual..
Like banyak2
Too me the issue is still the absence to CHOOSE whether the loan can be fixed or not, anyway BNM, from yesterday, have reduced the interest by 50 basis points to 2% from 2.5%.
Double u turn. Like a champion.
Hahahaha…
Syukur this gomen knows how to patah balik ke pangkal jalan yang betul. Unlike the previous U-Turn gomen pusing-pusing to confuse people while filing their pockets.
If PH is U-Turn gov, PN is roundabout gov
PH gov is U Turns into longkang gov. Roundabout gov still goes back to the right road. PN have done the right thing.
Well its natural really. PN have been taking the right turn one after another. Meanwhile PH done too many wrong turns and got themselves into trouble but blamed it on others.
Correct… sy perlu pusing-pusing sebab. Duit dalam akaun peribadi sy , memang bukan untuk kepentingan diri. Bukan birkin la weii…
Haha. Birkin is old news. Now is PTMP crony mega project big news happening.
Congratulations to all rakyat Malaysia .
Special thanks to Tengku for voicing out so professionally on behave of all.
Wish we could join together and initiate a new group.
Congrats to all rakyat Malaysia. This time you made the right choice.
I just continue paying my installments just to be sure I won’t get caught with my pants down later. In Malaysia anything and everything can happen.
It’s called Roundabout… Syukur…
Cukur still turn to the right direction in the end. If under PH, will sure go into longkang.
Well its natural really. PN have been taking the right turn one after another. Meanwhile PH done too many wrong turns and got themselves into trouble but blamed it on others.
Hi Gerard,
I want to bring your attention to the below section of your article:
QUOTE
“In short, it’s back to a clear-cut six-month relief as most of us understood it before. For an example, if you’re paying RM1,000 per month for your existing car loan, which is due to end by say, June 2021, you will continue to pay the same amount – RM1,000 per month – from October 2020 onwards until the end of your tenure, which is now December 2021 (extended by six months to match the moratorium period). As simple as that – no extra charges, no additional interest.”
UNQUOTE
I believe that no additional interest applies ONLY DURING the 6 months moratorium. After 6 months, your outstanding instalment RM 6000 shall be payable lump sum (if possible). Suppose lump sum payment not possible, the tenure will be extended by 6 months. So from 1 Oct 2020 to December 2021, the RM 6000 will be subject to interest, and such interest payable on the last instalment of the extended tenure as:
RM 1000 + Total Interest accrued for RM 6000 from 1st Oct 2020 till December 2021.
Bank’s IT programmer team: WTF!!!!
So the nose are getting shorter? This statement came from MOF. Last 35 days also said it the same way. We should wait to hear form the banks’ own mouth.
Yay! To all those who commented before that we all need to pay shame on you. Act like pandai pandai. Now power to the people.
This is correct move by BNM. Our Car loan already charged interest upfront, not fair to charge further interest like along. Luckily the voice of Rakyat is heard and help ppl to get through this difficult period.
Well done Tg Zafrul…..Thank you
6 months is a long way, ya ya, as long as they don’t u-turn which there’s always a possibility
This is actually very bad news for car dealers, as now no will want to sell their cars and no one will one to buy new cars as well.
when this PN gov messed up the whole situation. PN fanboys senyap aje, when the PN gov fixed their mess, syukur gamen PN
meh. long live BN.
when previous PH gov messed up the whole situation. PH fanboys came to plotek, when the PH gov fixed their mess, bukan main2 mau syukur gamen PH
meh. Good riddance PH.
Lol! PN doing such a good job, I don’t see a chance in h3ll PH will ever come back from h3ll.
Cheap petrol
BSN & BPN cash
Interest free moratorium
Only left is to fix PH NAP that made car prices crazy high.
#apalagisemimau
Go no go go no go.. Before that automatically everyone gets it.. After reversal banks sat need to fill form to opt in for memorandum..at least public bank that I use. Now u turn again.. So what? We need to fill additional form to opt in or what. Simple thing like this no need to be so confusing and causing so much effort pls. Simple thing like this cannot be clear cut how are u going to resolve the economy crisis Malaysia is gonna face!
Throne at stake. God knows what kind of threat the bankers got.
Do you have fianicing in the US. California Which Company?
With 6 months moratorium, i forsee the most group overjoyed is Poodua owners so that then can splurge more on their stupid crap GearUptoHeaven bodykit and rims, ampai pakaian spoiler, giant raksasa exhaust pipe etc. to look like kapal angkasa in order to terrorize other road users.
Though I agree that something must be done, I also see that the “problem” will not go away And might resurface in October 2020″, like the proverbial “kicking the can”
All banks need to get their licence renewed annually by Bank Negara….
Bank Negara reports directly to the Finance Minister…
What the Finance Minister say, Bank Negara will follow….
So, what’s all the fuss unless you caused it… Unless, you wanna act like a hero/fools of yourself!
Cheers!
I notice any forum, FB post related to this issue have a lot of cybertrooper in action, commenting and praising the MOF.
I also notice in any forum, FB, twitter post related to this issue have a lot of cybertrooper in action slamming the MOF & Government despite the error was done by BNM.
Haha you must be new here. Go see the past 23-24 months of comments praising Pakatan for every little thing even though it wasn’t from their efforts. Go ahead, take a look and you will vomit.
Search “Kunta” here and you will be surprised which side was doing the cybertrooping in PT.
So many still payment car loan? very pity.Not because of rakyat making noise, you think Pengkianat will revert back to no insterest and additional chargers? think about it.
At least they listen and they act accordingly, isn’t this what we want from our representatives? At least better than previous crop that said they are listening but still acted otherwise as if they became deaf upon becoming ministers. Those recently ex-ministers are the stinkiest of scums.
double u turn dh jadi roundabout