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Breaking* BNM say no need to pay loans, for 6 months
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Human Nature
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Mar 24 2020, 11:09 PM
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QUOTE(Momo33 @ Mar 24 2020, 11:08 PM) from the MM link BNM have tasked the banks to provide its customers with information on how the suspended loan/financing payments/repayments will be treated during the six months’ period and the options available for them to resume payment once the period is over. However, a footnote at the letter pointed out that there will still be an accrual of interest. so where got free lunch cos you still need pay the accrual Interest ya . What is the meaning of accrual interest?
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Human Nature
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Mar 24 2020, 11:12 PM
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QUOTE(tikaram @ Mar 24 2020, 10:04 PM) I want continue paying loan instalment how? I dont want to stop since bank still charge interest on my loan This is for housing loan? No such interest for car loan right? Thanks
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Human Nature
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Mar 24 2020, 11:14 PM
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QUOTE(ComingBackSoon @ Mar 24 2020, 11:12 PM) Accrual of interest simply mean the charging of interest. Basically if you take advantage of the moratorium, it means you don't have to pay the bank for 6 months. But interest will still continue to be charged, and you will end up paying slightly more to the bank. Thank you. Is this applicable to car loan?
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Human Nature
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Mar 25 2020, 11:20 AM
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QUOTE(romuluz777 @ Mar 25 2020, 11:00 AM) 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 QUOTE(victorian @ Mar 25 2020, 11:11 AM) Seems to me car loan is better? Since car loan no accrued interest. QUOTE(Death Wings @ Mar 25 2020, 11:14 AM) 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.
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