KUALA LUMPUR, July 19 — Bank Negara Malaysia (BNM) 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 instalments increased unreasonably, they may contact BNMTelelink at bnm.my/RAsurvey to put in their complaints.
At the same time, BNM, 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 BNM 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, BNM 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 instalment payments, continue to service their loans, or contact the Credit Counseling and Management Agency (AKPK) through services.akpk.org.my,” it said.
BNM advises the public to find out from the bank about the total monthly instalment payment after the moratorium assistance ends; how much interest/profit will be charged on the deferred monthly instalment 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 BNM.
It added that banks are required to provide borrowers with information on how the instalment amount and the financing tenure will be impacted.
Where a borrower requests to maintain lower instalments (instead of original instalments) after the moratorium, this would result in the loan tenure being extended for a longer period, said BNM.
The central bank also said interest would continue to be charged by the bank on the deferred instalment amount and no “interest on interest” or late payment penalty charges would be levied during the moratorium period.
In addition, BNM 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.
On June 28, 2021, Prime Minister Tan Sri Muhyiddin Yassin announced that a six-month moratorium would be granted to all individual borrowers from the B40, M40 or T20 groups, as well as micro-entrepreneurs.
He said there were no more conditions such as income reduction, review of whether the applicant had lost his job and documentation that needed to be submitted for the application.