Prime Minister Muhyiddin Yassin together with Bank Negara Malaysia today has officially announced that banking institutions in Malaysia will be offering deferment for loans and financial repayments to individuals and small medium enterprises.
This move is taken in response to the COVID-19 outbreak which not only have impact on the nation’s economy but also the livelihood of the Rakyat. According to the announcement, the deferment will be offered by banking institutions starting from 1 April 2020 and will last for six months.
BNM further stated that the deferment offer is valid for performing loans in Ringgit Malaysia that are not in arrears for more than 90 days as of 1 April 2020. For credit card, customers can convert their balance into 3-year term loan with lower interest rates.
However, BNM has pointed out that the loan or repayment interest will continue to take place despite the deferment offer. So, it is wise to discuss with your banks first before taking up the offer and of course, we would like to remind you to also keep on exercising good hygiene as well as staying safe and healthy throughout the on-going COVID-19 pandemic.