Zafrul: No other moratorium as comprehensive


In fact, most countries only provide targeted or limited loan assistance, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz (file pic) in the 59th Implementation and Coordination Unit Between National Agencies (Laksana) report yesterday.

PETALING JAYA: No other country in the world has granted such a comprehensive loan moratorium like Malaysia.

In fact, most countries only provide targeted or limited loan assistance, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz in the 59th Implementation and Coordination Unit Between National Agencies (Laksana) report yesterday.

The latest loan moratorium under the RM150bil National People’s Well-Being and Economic Recovery Package (Pemulih) is the second all-inclusive moratorium that has been rolled out by the government after it was first introduced in March last year.

Tengku Zafrul stressed that the moratorium facility did not mean loans were forgiven but that there would be no compounded interest or no interest charged on interest.

“Only accrued interest will be charged as usual when we start to make payments after six months.

“For those who opt for the moratorium facility, there are no penalties and their transactions are not recorded in CCRIS, ” he said.

Tengku Zafrul added that for those who choose to extend the loan repayment period longer than the original period, the interest to be paid will definitely be higher but the matter has to be negotiated with the respective banks.

Any borrower who is still facing difficulties after consulting with their bank can contact BNMTELELINK at bnm.my/RAsurvey.

“Credit card debts still need to be paid but if needed, it can be converted to a loan with a lower interest rate.

“That means that the credit card owner is still in debt but the cost is lower and the time to pay is also longer.

“The granting of this moratorium is only a temporary measure, which is part of the National Recovery Plan initiative, ” Tengku Zafrul said.

He added that it needs to be seen along with the government’s efforts to accelerate the transition to the next phase of the movement control order (MCO).

The six-month moratorium is offered to all individual borrowers and microentrepreneurs, without imposing conditions such as income reduction or job loss.

No further documentation needs to be submitted and the borrower only needs to sign an agreement to amend the relevant loan terms.

The moratorium package is estimated to provide a relief of up to RM80bil to individual and business borrowers.

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