As part of the Malaysian government’s efforts to help the people to sustain their livelihood, a six-month moratorium would be extended for individual and microenterprise borrowers. This was parked under the recently launched PEMULIH or Pakej Perlindungan Rakyat dan Pemulihan Ekonomi.
The second round of moratorium
This would be the second time such aid has been provided following the first moratorium given out during the first MCO to Malaysians back in April 2020. The moratorium will be extended to SMEs that have been affected by the COVID-19 pandemic as well.
How to apply for the moratorium
The application is very straightforward and it can start from 7 July 2021. Borrowers only need to opt-in and send in their applications to the respective banks which will then be given automatic approval.
- Applications can be made on each bank’s respective website
- There will be NO need for any supporting documents of any kind
- Borrowers who opt-in can choose between a 6-month moratorium or a reduction in installments.
- Applications can be done via the web form, auto-generated email or by calling in.
- For those with no access to digital platforms, they can visit the banks to convey their requests.
- The moratorium is applicable for loans that have been approved before 1 July 2021
- Applicants must not have any missed installments which are over 90 days or in the process of a bankruptcy filing.
- Interest will be accrued during this period
- The CCRIS (Central Credit Reference Information System) of the respective borrower will not be affected
What about interests? Will it be calculated and imposed?
It must be noted that opting in for the moratorium would mean that the overall cost of borrowing will be increased. This is because of the accrued interest/profit will be applied on the amount owed. In other words, while borrowers are not required to make instalment payments during the 6-months period, the interest imposed on the loan continues to be active. The moratorium covers a period of assistance in delaying the payments and not on delaying the interests imposed. The loan repayment term will be stretched and will mean a higher amount paid back in the end.
List of sites for respective banks
Below is the list of websites for the respective banks
- Moratorium Maybank
- Moratorium Bank Rakyat – https://cv19-support.bankrakyat.com.my/
- Moratorium Bank Islam – https://vao.bankislam.com.my/ppb/
- Moratorium CIMB – https://www.cimb.com.my/covid19support
- Moratorium BSN – https://www.bsn.com.my/page/TRA
- Moratorium Public Bank – https://www.pbebank.com/Others/COVID-19.aspx
- Moratorium Ambank – https://www.ambank.com.my/eng/targeted-repayment-assistance
- Moratorium RHB – https://www.rhbgroup.com/malaysia/campaigns/PostMoratoriumEForm?_ga=2.202856849.1410897864.1622574747-1382388922.1622574747
- Moratorium Affin Bank – https://www.affinbank.com.my/Others/Financial-Assistance-Instalment-Relief-(FAIR)-Prog.aspx?lang=ms-MY
- Moratorium MBSB – https://www.mbsbbank.com/bm/notices/moratorium
- Moratorium Bank Muamalat – https://map.muamalat.com.my/
- Moratorium Kuwait Bank – https://www.kfh.com.my/malaysia/personal/announcements/KFH-RAP.html
- Moratorium CitiBank – https://www.citibank.com.my/english/forms/moratorium-restructure-V2/index.html
- Moratorium Alliance Bank – https://www.allianceonline.com.my/personal/loan_moratorium/loan_moratorium.do
- Moratorium AgroBank – https://www.agrobank.com.my/my/bbb/
- Moratorium Hong Leong Bank – https://www.hlb.com.my/en/personal-banking/news-updates/hlb-payment-relief-assistance-plan.html
- Moratorium SME Bank – https://smebank.com.my/en/financing-payment-assistance
- Moratorium Standard Chartered Bank – https://www.sc.com/my/important-information/covid-19/
- Moratorium Al Rajhi Bank – https://www.alrajhibank.com.my/page/financial-relief/financial-assistance
- Moratorium UOB Bank – https://www.uob.com.my/default/covid-updates/covid-relief-assistance.page
- Moratorium OCBC Bank – https://www.ocbc.com.my/personal-banking/Loans/moratorium/index.html
- Moratorium PTPTN – https://www.ptptn.gov.my/penangguhanpkp3.0/