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Home Banking

No additional charges for Hire Purchase Moratorium – Finance Minister

by Newsdesk
May 6, 2020
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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.

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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.

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