Moratorium is automatic, says Bank Negara

BANK Negara has issued a FAQ on the six-month loan repayment moratorium

BANK Negara has issued a FAQ on the six-month loan repayment moratorium, which clarified that borrowers need not apply as the process is automatic.

The central bank also clarified that the interest will continue to accrue during the deferment period. This could result in higher subsequent installment amount or an extension of the loan tenure. Below is the FAQ in full.