Loan Repayments and Moratoriums

Bank Negara Malaysia (BNM) and the banking industry have given full assurances and commitments to continue to provide loan repayment assistance and moratoriums

Prime Minister Tan Sri Muhyiddin Yassin during the announcement of PEMERKASA Plus - Screenshot from RTM Facebook broadcast

B40 groups and people affected by job loss as well as micro-enterprises and SMEs that are not allowed to operate during the MCO period are given the option to obtain a moratorium approval automatically for 3 months or to get a reduction in repayment in instalments of 50% for a period of 6 months.

The initiative will be implemented immediately in June which is expected to benefit more than 5 million borrowers with a value of up to RM30 billion. Borrowers only need to contact their respective banks to benefit from this assistance.

The government will also launch the Bus and Taxi Hire Purchase Rehabilitation Scheme this week with an allocation of RM1 billion. Through this scheme, eligible bus and taxi operators can get a loan moratorium of up to 12 months and extend the loan period of up to 36 months.

Government agencies and companies offer deferred loan repayments as well as rental discounts for business premises.

MARA will continue the MARA PRIHATIN Peace of Mind programme which is open until 31st July 2021. Borrowers can apply online to reschedule student loan repayments or moratoriums.

For MARA entrepreneurs affected by the economic downturn, a 30% discount on the rental of business premises will be given for the month of May to July 2021.