KUALA LUMPUR: Bank Negara has urged the public to contact BNMTelelink if they were to encounter any problems with loan repayment assistance applications or difficulties in contacting their respective banks.
The central bank said if borrowers faced any difficulties with their banks, or if their installments increased unreasonably, they may contact BNMTelelink at bnm.my/RAsurvey to put in their complaints.
At the same time, Bank Negara, through a post on its official Instagram page, advised all parties to follow the existing guidelines to help make wise and appropriate decisions in relation to the six-month moratorium assistance provided.
The Bank Negara guide states that the public needs to look at five stages – understand, consider, ask, assess, and act – in deciding whether to choose the moratorium aid.
Earlier, Bank Negara issued a statement that individual borrowers and micro, small and medium enterprises (MSMEs) affected by the Covid-19 pandemic could apply for a six-month moratorium from July 7, 2021.
“Consider your current situation and make a wise choice whether to choose a moratorium for six months.
“Borrowers could contact their banks to reduce installment payments, continue to service their loans, or contact the Credit Counseling and Management Agency (AKPK) through services.akpk.org.my,” it said.
Bank Negara advises the public to find out from the bank about the total monthly installment payment after the moratorium assistance ends, how much interest/profit will be charged on the deferred monthly installment payment, whether the loan/financing period will be extended and for how long, as well as whether it is necessary to make an additional payment at once after the assistance ends.
“You also need to ask the bank what will happen to the assistance that is being received if you are the recipient of an existing repayment assistance,” said Bank Negara.
It added that banks are required to provide borrowers with information on how the installment amount and the financing tenure will be impacted.
Where a borrower requests to maintain lower installments (instead of original installments) after the moratorium, this would result in the loan tenure being extended for a longer period, it said.
The central bank also said interest would continue to be charged by the bank on the deferred installment amount and no “interest on interest” or late payment penalty charges would be levied during the moratorium period.
Bank Negara also urged the public to contact AKPK through services.akpk.org.my for advice or alternative repayment assistance options, as well as free advice from the Financial Planning Association of Malaysia’s SmartFinance Licensed Financial Planner via bit.ly/3js5zrm. — Bernama