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Pemulih: How will it help Malaysians personally? A quick look at cash aid, help with food and living costs and more | Malaysia
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Wednesday, 14 Jul 2021 04:59 AM MYT
BY IDA LIM
Maybank advised customers to continue with their current repayments if they can afford to do so instead of opting-in at this point in time as the six-month plan would increase overall borrowing costs. Picture by Firdaus Latif
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KUALA LUMPUR, July 14 Malaysians can finally start applying for the six-month loan relief programme from banks which allows them to start making full payments again only in 2022.
But what do you need to know before deciding whether to take up the option?
Here s What The New 6-Month Moratorium Means
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Beginning yesterday, 7 July, individual and enterprise borrowers (including small and medium businesses) who have been affected by the pandemic may start applying for a six-month bank loan moratorium, announced Bank Negara Malaysia (BNM).
A moratorium, which means a legal authorisation to debtors to postpone payment, was announced earlier by the government as part of Pemulih, a sweeping economic recovery package in response to the ongoing COVID-19 pandemic.
This moratorium, however, is different from the previous one announced last year, which had only been reserved for the B40 community.
Public Bank customers can opt in for moratorium
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