WITH the extended movement control order, Bank Negara’s announcement of the moratorium on repayment of loans is certainly a much welcomed move to alleviate the financial burden of the rakyat, small and medium-sized enterprises (SMEs) and corporates affected by the Covid-19 outbreak.
For individuals and SMEs, the deferment in repayment obligations (except credit cards) are automatically applied by banks. Meanwhile, corporate borrowers may request for a moratorium on loan repayment from their respective banks.
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