So far BSN have not mentioned on whether the interest will be compounded or not, but since the interest is not really big difference, might as well follow the suit.

Just in case since cash flow very important during the next 6 months.

Credit card balance will auto covert to term loan?

I wonder whether credit card personal loan is covered for the deferment.

I have a small loan from HSBC Credit Card spread over 24 months at a fixed interest rate of 2.88% per annum. I took it and reinvested into FD (at that time it was around 4+%) and made the difference in spread.

I don't spend anything on this card at all. So there is no outstanding monthly balance at all except for the fixed amount to be paid every month.

If my mthly loan is 1800, with interest 1400 + principal 400

If deffer 6 mths, mean i need pay extra interest of  1400 * 6?

Thanks for your offer but let me illustrate further.

Assume, you take RM 100k at 2.88% per year interest.

The interest for one year is RM 2,880. Add it to the principal of RM 100k and the total payable is RM 102,880. Monthly installment will be RM 8573.33 (Total payable divided by 12).

Take the RM 100k and invest in a FD at 4.3% and at the end of one year, you will get RM 4,300 (assume bullet payment at the end of the tenure - if monthly interest payment, the amount will be higher if you reinvest the interest into FD). The amount will add up to RM 104,300.

It does not matter what the effective interest rate is. The most important is - do you make more money or not from the investment amount compared to the payable amount?

In this case, the delta is RM 1,420 or 1.42%. (RM 104,300-RM 102,880) Precisely why I took up this offer.

Just to update anyone who may have also taken this type of loans, I called HSBC and they confirmed that:-

1. There is no moratorium
2. There is no advantage in early settlement as it is fixed interest for the tenure

But...HSBC asked to check back on Apr 1 - perhaps there will some relief? If yes, it's a bonus, the repayment amount take to reinvest into another FD (virtually risk free) for 6 months (tenure of moratorium) and make more money.

Nope. The best rates are in the FD thread (you can refer there for the current rates).

1 year ago, the best I managed was 4.38% from HLB Bank and then 4.3% from UOB. That is discounting the Banks which are not banks such as Bank Rakyat at 5% or more.

Just received an offer from UOB for 0% for 12 months for x amount. That was one of the reasons why I wanted to settle the HSBC outstanding earlier to maximize gains in the safest way possible.

Just look out for offers from banks - I think they will do their part to stimulate the economy by providing cheap money.

Just checked maybank website - fill up online form if you want to opt out (takes 3 working days)

Public bank - need to fill up a form and email them if you want to opt in

Don’t know

My colleague receive it also but seems its a scam? Cuz it will ask you to fill in your detail if you opt. out?

Ya this one.. call MBB check better. Saw in FB ppl say is scam.

If I opted out now, then if I lost my job next month, can I opt in again?

Bank nowadays still got open mah? can i go there open like a bank account?

limited services means can open an account, like usd overseas account?

from the PB website sounds like you have to apply for both opt in or out

Maybank updated the system. Good job.
Majority other banks still remain the same. Payment due date still stated in Apr 2020.

yes, that is generally true for some queries,
but I think for some queries,
that is a very good excuse for those
who does not know the answers
who do not know how to help
who does not want to help
who know that their replies may not be helpful,
etc,

reading the whole thread may not provide answers to EACH and every queries that may surface, for some of the queries are so possibly unique or could happens to a particular person's scenario.

and those that posted the answers may also could have been replying based on his experience from a particular bank and that may not apply to others
this is more compilated by the possibility of different loan types so are differences between shariah and non shariah type too.

Just to confirm, for Hire Purchases the loan is pushed back by 6 months with no additional interest charges whatsoever. But after the moratorium ends at month 6, does it mean I pay 6 months worth of HP payment at month 7 OR the loan tenure is pushed back by 6 months and on month 7 I pay the regular monthly payment until the end of the extended loan tenure?