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Targeted Repayment Assistance by Bank Negara Malaysia

 

The banking industry has agreed to provide additional targeted repayment assistance for individuals and SME borrowers. These enhancements are an addition to those previously announced for those who have lost their jobs, and for individuals and SMEs whose incomes have been affected by the pandemic. Borrowers can also continue to approach their banks for tailored repayment assistance based on their specific financial circumstances as all banks continue to stand ready to provide support to borrowers that need assistance.

Additional repayment assistance will be rolled out to borrowers in the following categories:

  • B40 individuals who are recipients of the Bantuan Sara Hidup (BSH)/Bantuan Prihatin Rakyat (BPR); and

  • Microenterprises, as defined by SME Corp, for facilities with approved amounts of up to RM150,000.

Borrowers in these categories can request to either:

  • Defer monthly instalments for 3 months; or

  • Reduce monthly instalments by 50% for 6 months.

The assistance will be extended for facilities approved before 1 October 2020 which are not in arrears for more than 90 days at the time a borrower requests for repayment assistance. B40 and microenterprise borrowers who had previously received other forms of targeted repayment assistance, and who wish to request for further assistance under the additional measures announced today can still do so by contacting their banks.

To request for this assistance, eligible borrowers will only need to confirm their repayment option with their bank. Additional documentation from borrowers is not required by banks to obtain repayment assistance. However, for hire purchase loans and fixed-rate Islamic financing, borrowers would need to sign new agreements in accordance with the Hire Purchase Act 1967 and Shariah requirements.

These additional repayment assistance will be available to eligible borrowers between 23 November 2020 and 30 June 2021. Borrowers may indicate the repayment assistance from 23 November 2020 through banks’ customer service hotlines, online banking, or by visiting bank branches. The banking industry will provide further details on these enhancements next week.

The repayment enhancement will be available for instalments due in December 2020 onwards and will take effect at the next instalment following a borrower’s request and confirmation.
 

For sharing: Summary infographics
Source: Bank Negara Malaysia

 

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