Bank Negara clears air over HP loans

“There will be a need to indicate acceptance, ” says Bank Negara deputy governor Jessica Chew (pic) during a virtual media conference clarifying the issue and addressing the public’s annoyance to the terms of extending hire purchase loans under the government’s debt moratorium plan.

IT was a public relations crisis that flooded social media that resulted in Bank Negara making a rare apology over the confusion caused.

But the essence remains unchanged amidst the uproar and that is borrowers of hire purchase loans, predominantly used for the purchase of vehicles, are given the option of paying their dues after a six-month moratorium ends or extending their loan period for an additional six months on top of the original length of their loan.