ENTERING RECOVERY PHASE
Three-month extension to the loan repayment moratorium.
- On 29 July, the Malaysian government announced extension to the loan repayment moratorium and targeted bank assistance to the nations. Individuals who have lost their jobs due to COVID-19 will enjoy a targeted extension to the loan repayment moratorium for another three months and grace period could be extended by banks based on individual’s situation.
- In addition, for those who are still employed but undergo pay cuts would enjoy reduction in their monthly instalments too. The terms and conditions will subject to the type of loan involved. The assistance will be granted for six months and extension might be considered depends on individual’s situation.
- Moreover, targeted assistance will be provided to the individuals/SMEs, including but not limited only paying interest; or extending loan term. Again, the assistance will be decided based on individuals/SMEs’ situation.
- The six-month loan moratorium was first announced in March 2020 to assist business and individuals during the pandemic.