Zafrul: Loan moratorium for those who lost their jobs

PETALING JAYA: Those in the M40 and T20 group can apply for the loan moratorium if they lost their jobs during the two-week lockdown starting from June 1, says Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

The Finance Minister clarified that individuals who experienced a reduction or loss of income are eligible for assistance.

“Borrowers such as those who lost their jobs (B40, M40 and T20), or the B40 group (Bantuan Sara Hidup or Bantuan Prihatin Rakyat recipients) or microenterprise and SMEs in sectors that are not allowed to operate during the MCO can choose to either get an automatic moratorium for three months, or an automatic 50% reduction in monthly instalment payments for six months.

“For borrowers who have experienced a reduction in income (B40, M40 and T20), they can get a commensurate reduction in monthly instalments, ” Tengku Zafrul said in a Facebook post on Thursday.

He said bank assistance was guaranteed for borrowers facing financial difficulties as a result of the pandemic.

“If you have lost your job, whether you are M40 or T20, you are eligible to apply for the moratorium and approval will be automatic.

“If you have experienced a reduction in income, whether you are M40 or T20, you are also eligible to receive a reduction in monthly instalment payments, ” he added.

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