source BNM : https://t.co/m57LsxkYMq?amp=1

It is a temporary deferment or suspension of loan/financing
repayment obligation (principal and interest) for a limited period
of time. During this period, borrowers/customers with
loan/financing that meet the conditions do not need to make any
repayment, and no late payment charges or penalties will be
imposed.

Interest/profit will continue to accrue on loan/financing
repayments that are deferred and borrowers/customers will need
to honour the deferred repayments in the future. Loan/financing
repayment resumes after the deferment period.

Which loan/financing qualifies
for the deferment?
For individuals and small and medium enterprises (SMEs), the
deferment in conventional loans or Islamic financing repayment
obligations (except credit cards) are automatically effected by
banks and development financial institutions (DFIs) if the
loans/financing meet these criteria:
• not in arrears exceeding 90 days as at 1 April 2020; and
• denominated in Malaysian Ringgit.

Do I need to apply?
No. All individual and SME loans/financing (excluding credit
cards) that meet the criteria will automatically qualify for the
deferment.



This post has been edited by JimbeamofNRT: Mar 25 2020, 10:58 AM

updated with link to faq. I think most of the answers are in there.

6 mths moratorium is just a pause in installment payments. The interest daily rest calcs still jalan as is.

For car loans, the end date just shifts back 6 mths

How if I want to cont pay?

Oh See Beh See

Later update here

NO FREE LUNCH??????????

Seems to me car loan is better? Since car loan no accrued interest.

yep, this is what I believe most people are thinking.

they should've come up with scenarios to explain the calculations. makes life so much easier

now they're being swarmed with questions

Yeah, this is what I want to know. For layman people, what is the effect to the car loan.

BNM only come out with instruction and guideline..

How it will work will come from the individual bank. Just chill first still have 7 more days til 1st April (but bank will definitely fine tune it in 1-2) days

Different bank will package it differently.

This post has been edited by akutaksempurna: Mar 25 2020, 11:28 AM

Car loan means your loan just extended 6 more months..

No ccris impact

my loan payment is scheduled/auto deduct from my saving account every month. how to opt out of this deferment? is there a specific contact email address or website from banks for this? do i have to personally go to bank to opt out? with the roadblock, i can't even reach the bank.

This post has been edited by Skylinestar: Mar 25 2020, 11:31 AM

Transfer the money to another account that is not used for auto debit

Can we still pay car loan? If we pay, is it counted? My car due to finish pay in October

Just call the normal customer service hotline.. But wait for at least 1 more day as like i said instruction just came out last night..

The individual bank will need to come out with their own SOP...

Do I need to apply?
No. All individual and SME loans/financing (excluding credit
cards) that meet the criteria will automatically qualify for the
deferment



still got criteria checking. so not everyone gets it “automatically”

Yeah i think the criteria is that you have no outstanding more than 3 month..


Aiya just wait for more news to come from your individual bank.

BNM only set the instruction.. There are many banks in Malaysia.. All cannot be using 1 same fine print or t&c

This post has been edited by akutaksempurna: Mar 25 2020, 11:42 AM

my friends on RHB said there are several ways that people service thier loans.

1. Manual payment
2. Salary deduction thru employer
3. Standing Instruction (SI)
4. Auto deduct Savinf Account

The banks must cater this on first if want to whollly implement 6monts grace period..

what if i choose to continue pay? can?

Where got free lunch?

I am more interested to know if I can continue to service my loans.