The Finance Minister of Malaysia just announced another U-turn (sorry, clarification) of the hire-purchase loan moratorium – no additional charges will be levied!
Here are the details of what we hope will be the final word on the hire purchase loan moratorium!
Hire Purchase Loan Moratorium : A Quick Summary
When Bank Negara first announced the hire purchase loan moratorium, it seemed clear that NO ADDITIONAL interest would be incurred during the 6 months moratorium.
After all, hire purchase loans are fixed rate – the interest is calculated at the beginning, and added to the loan, before the full sum is divided to arrive at your monthly instalment.
Because the interest is already fixed and not dependent on the outstanding principal, the interest will not accrue during the hire purchase loan deferment.
- Banks will be allowed to charge interest on hire purchase loans during the loan moratorium
- Banks will offer you the option to pay all 6-months deferred instalments PLUS interest at the end of the loan moratorium.
- Alternatively, you can stagger the repayment of the total deferred instalments PLUS interest over the extended loan tenure.
- Finally, you can opt-out of the hire purchase loan deferment now to avoid paying additional interest.
Hire Purchase Loan Moratorium : No Additional Charges!
Needless to say, there was an uproar. After all, their own FAQs and those of many banks specifically stated that the hire purchase loan moratorium would not incur additional interest.
Today, the Finance Minister of Malaysia Tengku Dato’ Sri Zafrul Tengku Abdul Aziz announced that no additional charges will be levied on hire purchase loans (both conventional and Shariah-compliant).
Here is the English translation of the official press release in Bahasa Malaysia (below) :
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