KUALA LUMPUR, Nov 7 — The ongoing targeted repayment assistance for financial institution borrowers has been enhanced and available to the B40 category, whose financial position has been particularly affected by the Covid-19, said the Association of Banks in Malaysia (ABM).
In a statement today, the association said the B40 borrowers comprised of Bantuan Sara Hidup (BSH)/Bantuan Prihatin Rakyat (BPR) recipients and micro-enterprises with loans, where the original facility amount is up to RM150,000.
It said under this enhanced targeted repayment assistance, eligible borrowers will have two options — a three-month deferment of instalment payment or a 50 per cent reduction in instalment payments for six months.
ABM said only loans that are approved before October 1, 2020 and are not in arrears exceeding 90 days as at the date of request by the borrower would be eligible for the enhanced targeted repayment assistance.
As for married couples who are eligible for BSH/BPR based on household income, both husband and wife will be eligible for this package if they have bank loans.
“Those who opted out of the blanket moratorium which was announced in March 2020 are also eligible for the enhanced targeted repayment assistance,” it said.
ABM said the enhancement to the targeted payment assistance would be effective from December 1, 2020 -June 30, 2021, adding that the banking industry would provide further updates on details on the enhancements next week.
“Borrowers may also submit their requests and confirmation of the repayment assistance required to their banks via the channels provided by the banks, from November 23, 2020 – June 30, 2021,” it added.