This is new announcement, normally auto debit accounts will suspend deduction as well unless you opt to continue payment.

Further SOP, need to confirm with your own Bankers,

How if during these 6 months, you just service the principle and not the installment? Doable?

Moratorium is a payment holiday up to 6 months, hence interest on the loan still charged. It is not like zero interest period for 6 months.

So it is either you continue payment or just enjoy 6 months payment holiday and let your loan balance increase for the next 6 months.

Very confusing so need to apply or auto???

So if I don't want this scheme, I can continue paying as BAU?

Better to pay promptly if you are able too. Otherwise you will need to pay extra interest. Not interest free. If interest free bank will go burst

This post has been edited by netcrawler: Mar 25 2020, 10:26 AM

i think the best arrangement could be bank continue to charge interest on a monthly basis but these interest charges should be interest free and will be repaid after the moratorium period..

Is interesr still rolled on principles in this 6 months?

Yes.

https://www.theedgemarkets.com/article/sixm...iduals-and-smes

"However, loan and interest repayments accrued during the six months will not be waived."

For car loan, it is straight forward right? Nothing about accrued interest?

so if load then that's 6 months extra interest need to pay the bank?

as i understand it's case by case basis where you need to furnish proof of inability to pay

So far, most news has clearly stated interest is accrued, not waived.

BNM wrote to every banks to tell banks to adopt automatic moratorium (AM).
Individual bank will inform how they carry out the measure.
So, I believed customer will be informed by banks about the details about that AM later on.

So, how existing SI or auto-debit payment will be affected, wait until individual banks information then, which I believed will come out soon.

I see many conflicting news regarding whether the interest will be waived or not. Anyone here have an official statement from bank or official announcement from individual bank? I have not seen any announcement from any bank yet regarding this item.

Calling their hotline is near impossible now as its always busy. Seems like we just have to be patient.

if anyone have any official information on the interest, please do share it! thanks

Thanks for enlightening. However, my question still remains. Assuming I have a loan of 1000 a month where 500 goes to interest and another 500 goes to principle.

With this moratorium, we don’t need to pay installment for 6 months. Therefore, instead of not paying and let interest accrue, I use the full installment amount of 1K to pay the principle instead.

Mathematically, if there’s installment, I’d have paid only 3000 for principle and the rest is interest. Now without, I’ve paid 6000 fully to principle. Wouldn’t that reduce the interest charged at the end of the day?

BNM FAQ: No need to apply, interest will be accrued

more....
https://www.malaysiakini.com/news/516688

HP loan or car loan not stated clearly enough. HP loan interest is calculated upfront, dont if delay for 6 months how they accrue the interest

hopefully the bank send the notification soon since april 1 is approaching

Malaysian Banks And Local Institutions Offer Financial Assistance For Customers Affected By Covid-19...
inside has a list of contact of respective banks....
contact them to find out more about your loan..
https://ringgitplus.com/en/blog/bank-news/m...oronavirus.html

this morning I read this then I thought case by case basis.. now at 12pm a lot sharing ringgitplus and star FAQ.. it's showing as if all will be automatically enrolled. Now I'm even more list..

this is the news I read this morning.

https://www.bnm.gov.my/index.php?ch=en_pres...ac=5018&lang=en

vs

https://ringgitplus.com/en/blog/personal-fi...f-6-months.html

6 months defer. hohoho good good more cash flow.