Finance Minister Tengku Zafrul Aziz has confirmed that there will be no additional interest charged by banks for the 6 months hire purchase moratorium.
The finance ministry has come to a mutual agreement with banks to ensure customers will only need to pay the originally agreed amount for hire-purchase payments after the 6-month break. All hire-purchase loans, whether conventional or shariah loans will benefit from the no-interest clause.
While you might still need to wait for confirmation from your respective banks, we would advise you to accept the 6-month moratorium for your hire-purchase agreements. It is essentially a no downside, 6-month break from payments, that will free up some liquid cash for the uncertain months ahead.
