The government says that while it cannot force banks to provide an extension to the six-month moratorium on loans and financing repayments, it will hold talks with banks on the matter, as The Star and Bernama both report. This comes following numerous requests by the public to extend the deferment period, which began on April 1 and ends on September 30.
Finance minister Tengku Datuk Seri Zafrul Abdul Aziz said it is up to the banks if they wish or were able to extend the loan moratorium. “There have been requests from those who need more time for the moratorium. On the government’s part, we are still engaging with the banks and it is really up to them whether they can or cannot,” he said.
However, he expressed a personal view that an extension of the moratorium could be done in a targeted manner, where an extension could be looked at by banks on a case-to-case basis. “As a personal view, we need to help those who are in need of help. Going forward, I think the best (way) is we focus on the targeted groups who need help,” he said.
He advised those who needed to reschedule their loan repayments, especially those who have lost their jobs and had their pay reduced, to start discussing with their banks and not wait until the moratorium expires. “Please go see your bank and discuss restructuring,” he said.
Under the Prihatin Rakyat Economic Stimulus Package (Prihatin, Bank Negara Malaysia (BNM) had on March 25 proposed measures to assist individuals, small and medium enterprises (SME) and corporates affected by Covid-19, in which an automatic moratorium on all loan repayments for six months was announced.
Those with hire purchase car loans or fixed-rate Islamic financing will enjoy a six-month relief, with only the duration of the tenure shifted by an additional six months. There is no change to instalment payments after the moratorium period ends, nor will there be any additional interest charged during the period.
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Just give and feed all money. No need to work one. Apa mau, apa dapat. Malaysia no 1
pray for those lose their job..many more incoming
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Good that at least we have 6months breathing space, I think asking for more is just being selfish. We should try stick to our commitments now that things are going back to normalish.
You squeezed their balls once by asking them not to charge accrued interest. Think you can squeeze for the second time?
you’re right. the first squeeze has really broken/flatten the balls. so there’s no more balls left to squeeze maaaa
as a minister, he should make a directive if he is sincere in helping. zafrul is known for being on the bankers’ side as he used to be a banker.
yes Zafrul have the power to help the lanjutan moratorium.pls help us..zafrul..
Just because he has the power dun mean he got the right to abuse it like LGE did. He has to consider both sides and make the right judgement call, not just side with anyone.
This is the problem with majority of malaysian people.. U give them betis they want more peha. At the first place, no need to have this moratorium. Or at the first place moratorium should be till end of year. 2020 basically gone.
If he weren’t sincere, you wouldn’t have gotten the initial 6 months moratorium interest-free. Be realistic, companies need to run & anything longer is unfair to both the lending banks and customers. The 6 months given is rather fair to both parties unless you’re incompetent at managing your finances and constantly asking for bantuan.
For those who have a job, paying shouldn’t be an issue. We still need to think of those who have lost their jobs due to company closure and are unable to secure a new job yet. Banks should come up with a special agreement with this group of unfortunate people.
The main winner of moratorium is:
Rich people with high monthly installment, with high return investment portfolio.
B40 and M40?
A sigh of relief a.k.a. Panadol.
Those who lost jobs (Media prima/TV3, Air Asia, etc)?
Wait for the imminent Oct 2020.
Basically every rakyat wins except for greedy bankers. I don’t see a problem with that.
Got 2 greedy bankers downvoted you. Sad for them.
Fat hopes. Banks are here to make maximum profit, come hell or high water. You seriously think they will allow another round of loss?????