Loan Assistance for Those Affected by Lockdown. Govt to announce assistance, including moratorium and i-Sinar soon

The government is expected to announce appropriate assistance, including on moratorium and the i-Sinar facility to alleviate the burden of the people affected by Covid-19 soon.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the matter was discussed with Prime Minister Tan Sri Muhyiddin Yassin and the relevant agencies.

"The government is listening to its people, as such appropriate assistance will be announced soon," he said in a Facebook post today.

Yesterday, Tengku Zafrul in a Facebook post said the government will consider all proposals and solutions submitted by all parties to ease the burden of the people.

"This is for Phase 1 and the next phases under the National Recovery Plan."

Tengku Zafrul said among the requests often received by the ministry was on the extension of the i-Sinar and i-Lestari facilities.

​Previously, various parties had asked the government to implement an unconditional moratorium, as well as to extend the i-Sinar facility to help those affected by the implementation of the Movement Control Order to curb the spread of Covid-19.

In earlier of the month, in a special message announcement on PKP 3.0 Assistance, under the assistance of the Strategic Program for Empowering the People and Additional Economy (Pemerkasa PLUS), the government has agreed to grant a loan repayment assistance to individuals who have lost their jobs, B40 recipients of BSH/BPR, SMEs and Microenterprises that are not allowed to operate during the MCO.

Those affected will be given the option to get the approval of the - moratorium automatically for 3 months or- get a reduction in repayment in instalments of 50 percent for 6 months.

Although it is announced that the moratorium will be given automatically, borrowers would still need to contact their respective banks to opt-in for this benefit.

M40 and T20 borrowers who have experienced a reduction in income (including salary, allowances, commissions and household income) are also encouraged to apply for the loan repayment assistance. All you need to do is request a reduction in monthly instalments according to the reduced income. Providing relevant documents may further help with obtaining the assistance.

This initiative will be implemented immediately in June and is expected to benefit more than 5 million borrowers. All you need to do is contact your respective bank to apply for this automatic moratorium as each bank has different terms and flexibility. These include moratoriums on home loans and car loans.

Another important note is that borrowers’ CCRIS report will not be affected for selections made in 2021 so choose wisely and make the most out of this loan repayment assistance. Just contact your banks and choose.

For further information, visit bnm.gov.my/RA
Contact Agensi Kaunseling dan Pengurusan Kredit (AKPK) for advice and guidance at https://services.akpk.org.my/