Loans/financing to individuals and SMEs

To ease the cash flow of individuals and SMEs that are likely to be the most affected by Covid-19, banking institutions will offer a deferment of all loan/financing repayments for a period of 6 months, with effect from 1 April 2020. This offer is applicable to performing loans, denominated in Malaysian Ringgit, that have not been in arrears for more than 90 days as at 1 April 2020. For credit card facilities, banking institutions will offer to convert the outstanding balances into a 3-year term loan with reduced interest rates to help borrowers better manage their debt.

It is important to note that the interest/profit will continue to accrue on loan/financing repayments that are deferred and borrowers will need to honour the deferred repayments in the future. Borrowers should therefore ensure that they understand and discuss with their banking institutions on the options available to resume their scheduled repayments after the deferment period.

Individuals and SMEs that do not wish or need to avail of these flexibilities can continue with their current repayment structures.

Loans/financing to corporations

Banking institutions will also facilitate requests by corporations to defer or restructure their loans/financing repayments in a way that will enable viable corporations to preserve jobs and swiftly resume economic activities when conditions improve. Corporations should approach their banking institutions to discuss their repayment plans and the restructuring of credit facilities.

The Bank has provided appropriate time-bound flexibilities for banking institutions to report deferred/restructured facilities in the Central Credit Reference Information System (CCRIS), taking into account the temporary nature of disruptions faced by borrowers/customers.

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.

If I opt for the deferment, will my CCRIS records be adversely affected?
-No. However, interest/profit will continue to accrue on loan/financing repayments that are deferredand borrowers/customers will need to honour the deferred repayments in the future. Customers are advised to contact their banking institutions to discuss on the options available to resume repayments after the deferment period.

Will I be charged additional interest on the repayment amount that is deferred by 6 months during the period?
-For conventional loans, interest will continue to be charged on the outstanding balance comprising of both principal and interest portion (i.e. compounded) during the moratorium period.For Islamic financing, profit will continue to accrue on the outstanding principal amount. Such profit however will not be compounded in line with Shariah principles. Banks are however not allowed to impose late penalty charges on the deferred amount.In other words, the loan/financing repayment is just deferred by 6 months.

credit card need pay?

credit card need pay?

Bank Negara announces automatic six-month moratorium on all bank loans — except for credit card balances

What does this mean in layman's term? I can temporarily stop paying my car loan for the next six months then continue after that?

Majide? Hontoni?

Can't find anything in their web

Are you blind?

It's at the first sentence, can you find it?

6 months still charge interest or not?

lol. didnt read the article. im a read the post TITLE kind of guy.

KUALA LUMPUR, March 24 — Bank Negara Malaysia (BNM) tonight has ordered an automatic six-month moratorium on all bank loans — except for credit card balances — for those affected by the Covid-19 outbreak.

only if you are directly affected

1. fired/terminated
2. unable to drive grabcar no income etc
3. etc...

For those yang terkesan with covid only

6 months still charge interest or not?

6 months still charge interest or not?

6 months still charge interest or not?

ini satu lagi buta huruf

Yes still. interest will be accrued from what I was made to understand.

dei... you all tak baca ke...

the bolded part say moratorium on all loan/financing repayments/payments, principal and interest

thats for those infected by COVID-19? how about still healthy one? their business wont survive

Yes still. interest will be accrued from what I was made to understand. While you do not need to pay them in the next 6 months, you will still end up paying them, albeit in the future

This move is made to protect people's cashflow since many are not making much, if any income
As per my explanation above, that was actually a valid question. Just because you do not need to pay the principal and interest, doesn't mean that the bank would eat the loss. The bank would just consider this a deferred revenue for them which they will collect (likely with interest on top of it) in the future (6 months from April)

yes, will be accrued

prior announcement, either you choose from two options

1. defer (accrued)
2. pay only interest

but based on bank respond (3 of them), all of them asked me to provide evidence... like im infected, termination letter etc...

If your income is affected by Covid also can. But I'm curious how they are going to carry out automatically.

lol. didnt read the article. im a read the post TITLE kind of guy.

Moratorium is just a cease of activity which can be resume, interest will be accrued, and you will have to pay them in the future. the banks will not eat this loss. You don't pay, the bank will still repossess your collaterals, or black list you, or sue you to bankruptcy, or ALL OF THE ABOVE

Moratorium is just a cease of activity which can be resume, interest will be accrued, and you will have to pay them in the future. the banks will not eat this loss. You don't pay, the bank will still repossess your collaterals, or black list you, or sue you to bankruptcy, or ALL OF THE ABOVE

interest on top of interest, thanks but no thanks

how bout AH LONG loan.....? 6 month also....?

credit card need pay?

Moratorium is just a cease of activity which can be resume, interest will be accrued, and you will have to pay them in the future. the banks will not eat this loss. You don't pay, the bank will still repossess your collaterals, or black list you, or sue you to bankruptcy, or ALL OF THE ABOVE

I want continue paying loan instalment how?

I dont want to stop since bank still charge interest on my loan

I thought moratorium is a pause. Meaning as if this 6 months doesn't exist and continue paying after the 6 months the same amount. The interest shouldn't accrue in this 6 months.

if you are infected automatically registered to kkm

how hard to find the rest so long they have your IC?

I thought moratorium is a pause. Meaning as if this 6 months doesn't exist and continue paying after the 6 months the same amount. The interest shouldn't accrue in this 6 months.

pay macam biasa je la. not affected. not like the system kolok

Affected and infected different meanings. Perhaps the BNM has more detailed terms. Or else you can just register SSM and claim your online business is affected.
Yea, dont think it will be accrued.

Loyar buruk... that's wrong info.
Cannot trust your financial advise anymore...

this is confusing.

I just want to know will the interest will be accrued if apply moratorium ?

Now Direct debit from saving account

So now need go to bank tell them pls continue deduct dont stop?

Yea, dont think it will be accrued.

https://www.malaymail.com/news/malaysia/202...ns-exce/1849820

Bank Negara announces automatic six-month moratorium on all bank loans — except for credit card balances

KUALA LUMPUR, March 24 — Bank Negara Malaysia (BNM) tonight has ordered an automatic six-month moratorium on all bank loans — except for credit card balances — for those affected by the Covid-19 outbreak.

In a statement, BNM said the measure was designed to ease the cash flow of small and medium-sized enterprises and individuals that are likely to be most affected by Covid-19.

“Banking institutions will grant an automatic moratorium on all loan/financing repayments/payments, principal and interest (except for credit card balances) by individuals and SME borrowers/customers for a period of six months from April 1, 2020,” the statement read.

The moratorium was among the additional measures announced by BNM, which it said are designed to ensure that “the financial intermediation function of the financial sector remains intact, access to financing continues to be available and banking institutions remain focused on supporting the economy during the exceptional circumstances”.

I think it will. Banks will not eat up the losses as they still need to lay their depositors (fd) and other borrowers

Yes still. interest will be accrued from what I was made to understand. While you do not need to pay them in the next 6 months, you will still end up paying them, albeit in the future

This move is made to protect people's cashflow since many are not making much, if any income
As per my explanation above, that was actually a valid question. Just because you do not need to pay the principal and interest, doesn't mean that the bank would eat the loss. The bank would just consider this a deferred revenue for them which they will collect (likely with interest on top of it) in the future (6 months from April)

For outstanding credit card balances, Bank Negara said customers should be offered the option to convert the outstanding balances into term-loan of not more than three years.

"For corporate borrowers, banking institutions are strongly encouraged to facilitate requests for a moratorium," the letter stated.

inb4 after 6 months all duit habis dijoli

I think it will. Banks will not eat up the losses as they still need to lay their depositors (fd) and other borrowers

Seriously many msian are dumbfuks, never read whole article and ask stupid questions, spam share, etc...

Hello -  grant an automatic moratorium on all loan/financing repayments/payments, principal and interest
It says principal and interest

Moratorium on the repayment (of principal and interest). No mention on the moratorium on the accrual (of interest)

Hello. You guys need to get your accounting and financing vocabs up to pace. I don't mean to say "i do this for a living so I must be right" but you need to equip yourself with the right knowledge before engaging in a discussion. Otherwise the discussion will end up being nothing more than a screaming match (to see who can write more)

And if you don't have the capacity to understand the subject matter, it is not wrong to just ask or simply listen/read, instead of replying for the sake of it. Please jangan jadi bodoh sombong. Be humble a bit la.

No need to pay ur loans for 6 months and no accrued interest whatsoever

Means u pay 3k for ur car now. U can stop paying for 6 months and 6 months later continue paying again

Same goes for housing loan and personal loan

Its automatic blanket moratorium

No u dont have to prove u were affected, because covid affected everybody as there was a 2 week lockdown which affect everyone regardless u are infected or not

And this lockdown might be even extended

So its as simple as that.

Oh credit card not included ya

No need to pay ur loans for 6 months and no accrued interest whatsoever

Means u pay 3k for ur car now. U can stop paying for 6 months and 6 months later continue paying again

Same goes for housing loan and personal loan

Its automatic blanket moratorium

No u dont have to prove u were affected, because covid affected everybody as there was a 2 week lockdown which affect everyone regardless u are infected or not

And this lockdown might be even extended

So its as simple as that.

Oh credit card not included ya

both of u fight