Loan Repayment Assistance Under PEMERKASA+ Is Available For Everyone
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The latest spike in Covid-19 cases has led to the declaration of a third movement control order and subsequently a full lockdown across the country at the beginning of this month. Fortunately, the government has announced another round of repayment assistance to ensure that those in need are given the necessary financial support during this economically trying time.

While the B40 group are among those who are eligible for this assistance, they are not the only ones who can request for loan repayment aid. Here’s a clearer picture of this latest round of loan repayment assistance and who is eligible to receive it.

What is the latest loan repayment assistance available?

During the PEMERKASA+ announcement, Prime Minister Tan Sri Muhyiddin Yassin announced the following loan repayment aid:

Eligible categoriesAvailable aid
– B40 individuals who are recipients of BSH/BPR
– Any individuals (B40, M40 and T20) who have lost their jobs
– Microenterprises (for facilities with approved amounts up to RM150,000)
– SMEs (including microenterprises) which are not allowed to operate during lockdown
– Three-month moratorium;
– Reduction of monthly instalment by 50% for 6 months
Any individuals facing salary cuts or partial loss of income (including salary, allowances, commissions, and household incomes)Reduction of monthly instalments proportionate to reduced income

Appropriate financial aid for all Malaysians including businesses

(Image: Bernama)

As you can see, the financial aid provided is available for all who are in need, regardless of their income category. If you have lost your job or you are on an unpaid leave, it doesn’t matter whether you are B40, M40, or T20 – you will be able to opt for a three-month moratorium or a reduction of monthly instalments by half.

Similarly, if you are facing reduction of income which include a salary cut or partial loss of income as a result of reduction of allowances, commissions and household income, you are also entitled to a proportionate reduction of monthly instalments regardless of your income category. This includes those who have been directed to go on no pay or partial pay leave.

Businesses are not left out, either. SMEs (including microenterprises) which have not been allowed to operate during the lockdown period will be entitled to the three-month moratorium or 50% reduction of monthly instalments. For microenterprise facilities with approved amounts up to RM150,000, this help is available even if they are allowed to operate during the lockdown.

(Image: Hari Anggara)

For borrowers who do not fit in any of the above categories, but find it difficult to service their loan repayment obligations, they can also reach out to their respective banks to discuss financing solutions to help reduce their financial burden.

This targeted approach is more effective than a blanket automatic moratorium for all Malaysians. Moratoriums given to borrowers who are not in need, such as the wealthy, will only force the banks to use up its resources ineffectively. Targeting financial assistance to those in need ensures that the banks will have sufficient resources in the long-term to assist borrowers who are in financial difficulty and help the economy to recover faster.

If your income is not at all affected, you should continue paying your monthly loan repayments. The sooner you settle your loan obligations, the sooner you will enjoy financial freedom. It is also a healthy financial management practice.

After all, moratoriums come at a cost; borrowers accrue additional interest, the nation’s banking system will be affected in terms of liquidity, and the commercial function of banks will be impacted. Therefore, it is a better approach for the banks to extend help only to those with affected income – and as you will see below, they are doing it in a very simple and straightforward manner.

How to request repayment assistance if you’re affected

All you need to do is contact or email your bank, inform them of your situation and let the bank know which loan repayment assistance option you will be selecting. Alternatively, you can also select your option through your bank’s website. The banks have made the selection process easy with the availability of web forms. The web form is made simple where borrowers only need to tick the relevant boxes and fill up their banking and personal or company information. Minimal documentation is required and can be submitted via the web form or email.

If your financial condition improves and you no longer find yourself in need of assistance from your bank, you can also easily get back in touch with your bank to readjust your instalments.

Moreover, borrowers do not need to worry that their credit score will be affected for selecting this targeted financial assistance. Just like in the repayment assistance schemes that have been provided before, the flexibilities provided will not appear in the borrower’s Central Credit Reference Information System (CCRIS) report. Bank Negara Malaysia has also assured that pertinent financial assistance will continue to remain available to those who need it during this difficult period. 

Overall, getting the appropriate repayment assistance is an uncomplicated process between you and your bank. If you happen to face any difficulties contacting your respective bank, you can reach out to BNMTELELINK via the or get help from the Counselling and Debt Management Agency (AKPK).

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1 year ago

If a M40 or T20 lost their job to qualify for this scheme, they are no longer M40 or T20 LAR….they will become B40 liao.

1 year ago

2020 through February 2021 I’ve got my BPR, but I was kicked out for May 2021 payment when I went to BSN. to collect my entitlement. That’s bad as I am now 74 and without job. Why they do that with this flip flop, I really don’t understand this.

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