Loan Assistance for Those Affected by Lockdown
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Are you affected by this MCO 3.0? If so, you are encouraged to apply for a moratorium for 3 months or 6 months.
In a special message announcement on PKP 3.0 Assistance made on Monday night, under the assistance of the Strategic Program for Empowering the People and Additional Economy (Pemerkasa PLUS), the government has agreed to grant a loan repayment assistance to individuals who have lost their jobs, B40 recipients of BSH/BPR, SMEs and Microenterprises that are not allowed to operate during the MCO.
Those affected will be given the option to get the approval of the - moratorium automatically for 3 months or
- get a reduction in repayment in instalments of 50 percent for 6 months.
Although it is announced that the moratorium will be given automatically, borrowers would still need to contact their respective banks to opt-in for this benefit.
M40 and T20 borrowers who have experienced a reduction in income (including salary, allowances, commissions and household income) are also encouraged to apply for the loan repayment assistance. All you need to do is request a reduction in monthly instalments according to the reduced income. Providing relevant documents may further help with obtaining the assistance.
This initiative will be implemented immediately in June and is expected to benefit more than 5 million borrowers. All you need to do is contact your respective bank to apply for this automatic moratorium as each bank has different terms and flexibility. These include moratoriums on home loans and car loans.
Another important note is that borrowers’ CCRIS report will not be affected for selections made in 2021 so choose wisely and make the most out of this loan repayment assistance. Just contact your banks and choose.
For further information, visit bnm.gov.my/RA
Contact Agensi Kaunseling dan Pengurusan Kredit (AKPK) for advice and guidance at https://services.akpk.org.my/