PM Muhyiddin: Targeted Moratorium Extension For Another 3 Months
The government has announced another targeted extension for the moratorium on bank loans for those who either lost their jobs or had pay cuts this year as results of the Covid-19 Pandemic.
Prime Minister Tan Sri Muhyiddin Yassin said that for those who lost their jobs in 2020 and still haven’t got a new job can enjoy the moratorium for another three months (up to Dec 31st). After three months, the moratorium period can be extended by the banks depending on the individual’s situation.
For individuals who are employed but have their wages cut, their monthly installment will be decreased in tandem with their pay cuts and for housing and personal loan, the monthly installment will be lower in tandem with the salary decrease also.
According to Muhyiddin, the banks had given their commitment in the form of several measures to assist borrowers regarding they are individuals or small or medium enterprises (SME). This loan moratorium was a feature from the first relief package during the movement control order by the government that saw business and consumer active basically grind to a half therefore it is a crucial step to ensure that Malaysian are together in facing this challenge and uncertain period.
