2021 Affin Bank Pemulih car loan moratorium – full or 50% loan deferment for 6 months, with added charges

2021 Affin Bank Pemulih car loan moratorium – full or 50% loan deferment for 6 months, with added charges

Under the Pemulih package announced by prime minister Tan Sri Muhyiddin Yassin on June 28, banks are now offering a six-month loan payment moratorium to all Malaysians. This is similar to what was offered during the first movement control order (MCO) last year.

Like other banks, Affin Bank has announced its Covid-19 relief measures, and its New Repayment Assistance (NRA) Program 2.0 programme is offering a six-month deferment of instalments or a 50% reduction of instalments for a period of six months. The moratorium is available to everyone, from individuals in the B40 and M40 segments and the top 20% earners (T20) to small and medium enterprises (SMEs) and micro enterprises.

Affin Bank did not provide an example of the payment deferment in numbers, but it should be similar to CIMB and Maybank’s examples. Naturally, the interest will vary according to your loan amount, remaining tenure and the agreed interest rate, so you should check with the bank for details before deciding whether or not to delay your instalments.

The important thing to note is that opting for the moratorium will still incur additional interest charges. The moratorium is not a loan waiver, so you’re not getting six months of “free instalments.” Instead, your payment is simply being deferred, with the loan tenure extended by six months as a result. As such, the total interest paid is higher simply as a result of the tenure extension.

2021 Affin Bank Pemulih car loan moratorium – full or 50% loan deferment for 6 months, with added charges

Unlike the previous targeted assistance, there is no need for proof of a pay cut or job loss, and no documents are required. Borrowers will however still need to apply with the bank for the moratorium, and sign an amended loan agreement.

Approval is automatic for individual borrowers, while for companies it is first subject to review by the bank and not automatic. Approvals for individuals who qualify should take around five days, while for SMEs the period is two weeks. Also, accepting the loan pause will not affect an individual’s CCRIS status and rating, so there’s no need to worry about the moratorium impacting your credit rating.

Affin Bank president and group CEO Datuk Wan Razly Abdullah Wan Ali said customers can expect a speedy and easy application process. “The bank understands the importance of this moratorium on customers impacted by Covid-19, and we are expediting the processing of applications and will keep customers informed within a short turnaround time of five days for individuals and 14 days for SME customers,” he said in a statement.

Individuals interested in taking the moratorium from Affin Bank can contact the bank at 03-82302222 or via e-mail at [email protected] (community banking). Applications can also be made via this e-Form.

Aside from Affin Bank, banks that have announced their Pemulih moratorium options include:

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Anthony Lim

Anthony Lim believes that nothing is better than a good smoke and a car with character, with good handling aspects being top of the prize heap. Having spent more than a decade and a half with an English tabloid daily never being able to grasp the meaning of brevity or being succinct, he wags his tail furiously at the idea of waffling - in greater detail - about cars and all their intrinsic peculiarities here.

 

Comments

  • shahree on Jul 09, 2021 at 12:50 pm

    Confirmed with officer from Affin, no additional charges for the 1st 6 mths moratorium…. unless the said officer is wrong, please correct me.

    Like or Dislike: Thumb up 1 Thumb down 0
    • s.Ibrahim on Jul 09, 2021 at 7:20 pm

      Read; [The important thing to note is that opting for the moratorium will still incur additional interest charges. The moratorium is not a loan waiver, so you’re not getting six months of “free instalments.” Instead, your payment is simply being deferred, with the loan tenure extended by six months as a result. As such, the total interest paid is higher simply as a result of the tenure extension.]
      Unless you can get that officer to confirm in written black n white.

      Like or Dislike: Thumb up 2 Thumb down 1
  • Albee on Jul 09, 2021 at 11:42 pm

    How to apply Deferred loan?

    Like or Dislike: Thumb up 0 Thumb down 0
    • Copy Paste on Jul 12, 2021 at 1:27 am

      Copy paste: “Individuals interested in taking the moratorium from Affin Bank can contact the bank at 03-82302222 or via e-mail at [email protected] (community banking). Applications can also be made via this e-Form.”

      Like or Dislike: Thumb up 0 Thumb down 0
  • Mohd.idzuan.sukri.bin.zamhari on Jul 10, 2021 at 7:39 am

    Morning

    Like or Dislike: Thumb up 0 Thumb down 0
  • Banks are blood suckers. Make billions, its only a deferment, not a waiver.
    People are going under the MCO, sinking. Vampires

    Like or Dislike: Thumb up 0 Thumb down 0
  • YUWARAJAN A/L KARIANA on Jul 12, 2021 at 10:57 am

    YUWARAJAN A/L KARIANA

    Like or Dislike: Thumb up 0 Thumb down 0
  • LIM SIEW SENG on Jul 21, 2021 at 1:48 pm

    1st 6 mths moratorium July to Jan 2022

    Like or Dislike: Thumb up 0 Thumb down 0
  • MOHAMAD AKHIR BIN OTHAMAN on Jul 27, 2021 at 1:31 pm

    1st 6 months morarioum july to january 2022…plate number VDA 6039

    Like or Dislike: Thumb up 0 Thumb down 0
  • MS YEO on Aug 16, 2021 at 12:35 pm

    how to apply monotorium vehicle for affin bank

    Like or Dislike: Thumb up 0 Thumb down 0
 

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