Malaysia just announced a targeted extension of the loan moratorium, as well as additional bank assistance, to help address the economic effects of the COVID-19 pandemic.
Here is a summary of what was announced earlier today…
COVID-19 Moratorium Extension + Bank Assistance : Rationale
At 3 PM today, the Malaysian Prime Minister Tan Sri Dato’ Haji Muhiyddin Yassin announced a targeted extension of the loan moratorium, as well as additional bank assistance.
According to him, the initial loan moratorium was adopted by 7.7 million borrowers – 93% of all borrowers – with a total value of RM 38.3 billion.
Despite an increase in the number of borrowers opting out of the moratorium (from 331,000 in April to 601,000 in July), the government needed to address calls for the moratorium to be extended beyond September 2020.
A further loan moratorium would be extremely costly, so the government decided on a targeted extension. Sadly, there will NOT be a blanket loan moratorium.
COVID-19 Moratorium Extension + Bank Assistance Summary
Here is a summary of the moratorium extension and bank assistance that the Malaysian government announced today :
3-Month Extension For The Unemployed
Individuals who lost their jobs in 2020 and remain unemployed, will be given a 3-month extension of the loan moratorium.
Beyond the 3 months extension, banks may offer further extensions based on individual circumstances.
Reduced Instalments For At Least 6 Months
Individuals who are employed, but experienced pay cuts or reduced wages, will be offered reduced instalments based on their income reduction.
The reduced instalments will last for at least 6 months, and an extension may be offered, depending on the individual’s income at that point in time.
Bank Loan Assistance
The banks in Malaysia have committed to help individuals and companies restructure their loans :
- payment of interest only for a fixed period, or
- extending the loan tenure to reduce the monthly instalments, or
- giving other forms of waiver or leniency until the borrower is financially more stable
Hire Purchase Loan Restructuring
Banks will also offer the option to restructure hire purchase loans. For example, extending the tenure to reduce the monthly instalments.
Registration Of Qualified Applicants
Those who qualify for the targeted moratorium extension and bank assistance offers, can start applying with their respective banks starting 7 August 2020.
COVID-19 : How To Keep Safe!
Here are a few simple steps to stay safe from COVID-19 :
- Avoid suspected cases or disease hotpots, like hospitals, if possible!
- Avoid public events and crowds
- Keep our hands clean with soap or hand sanitiser
- Keep our home, office, vehicles, etc. clean
- If you need to wear a surgical mask, make sure you put it on and remove it properly!
- Wash your food with water (and soap) after purchase and before preparation
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