Deputy Finance Minister I, Mohd Shahar Abdullah, announced borrowers in need of financial assistance can still submit applications for the moratorium under the National People’s Well-Being and Economic Recovery Package (PEMULIH).
According Mohd Shahar, banks are now ready to provide loan repayment assistance to those in need. Applicants only need to reach out to their respective banks.
He explained in the Dewan Rakyat today, the loan assistance will continue on with its provisions to those in need even after the PEMULIH package ends. This includes a reduction in monthly instalment payments in accordance with the borrower’s financial capability.
Mohd Shahar also mentioned the banking industry introduced the Financial Management and Resilience Programme (URUS) early this month on October 14th, 2021. This was a programme especially catered to the bottom 50% income group (B50), which constitutes households earning up to RM 5,880.
“Under this programme, eligible B50 borrowers will get a three-month exemption from interest payments and the option to reduce loan instalments for up to 24 months.”
Deputy Finance Minister I, Mohd Shahar Abdullah.
Mohd Shahar then described this programme as not just a comprehensive initiative helping borrowers to repay their loans, but it also enables them to benefit from financial management advice. He says this may solidify their financial resilience in the long run.
Moreover, the Credit Counseling and Management Agency (AKPK) also provides various programmes that may come to aid borrowers. These include programmes such as the Debt Management Programme, Small Debt Resolution Scheme and the Financial Resilience Support Scheme.
The implementation of these programs are in the cooperation and support of the banking institutions offering reduced monthly installments, extended repayment periods and financial resilience support programmes.
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