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Ministry of Finance: Borrowers can still apply for a moratorium on bank loans as part of the relaunch of Pemulih | Malaysia

Deputy Finance Minister I Mohd Shahar Abdullah speaks during the closing session of Malaysia’s 12th Plan in Dewan Rakyat on October 5, 2021. – Bernama pic

KUALA LUMPUR, Oct. 27 – Borrowers in need of financial assistance can still apply for the moratorium under the National People’s Welfare and Economic Recovery Program (Pemulih).

Deputy Finance Minister I Mohd Shahar Abdullah said banks are ready to provide loan repayment assistance to those in need and they just need to contact their respective banks.

“For borrowers who require loan repayment assistance after the Pemulih program ends, banks will continue to provide assistance packages, including reduced monthly installments, based on capacity. of the borrower,” he said today in the Dewan Rakyat.

He said this in response to an oral question from Khalid Abd Samad (PH-Shah Alam) on whether the government was extending the moratorium to individuals and businesses and whether it was going to introduce a moratorium without accrued interest.

Mohd Shahar also said that on October 14, 2021, the banking industry introduced the Financial Management and Resilience Program (URUS) for the bottom 50% (B50) income group i.e. households earning up to 5,880 RM who are still affected by the covid19 pandemic.

According to him, the comprehensive program not only helps borrowers to repay their loans according to their financial capabilities, but also allows them to benefit from financial management advice that can increase their long-term financial resilience.

“Under this program, eligible B50 borrowers will receive a three-month interest waiver and the option to reduce loan payments for up to 24 months,” he explained.

In addition, borrowers can also apply for various programs offered by the Credit Counseling and Management Agency (AKPK), such as Debt Management Program, Small Debt Resolution Program, and Debt Support Program. financial resilience.

These programs are implemented with the cooperation and support of banking institutions, offering reduced monthly payments, extended repayment periods and financial resilience support programs, he added. — Bernama