BNM: 98% Of 500,000 Applications For Post-Moratorium Assistance Approved

(Image: The Sun Daily)
(Image: The Sun Daily)

Bank Negara Malaysia (BNM) revealed that as many as 500,000 applications for post-moratorium repayment assistance have been received by Malaysian banks, with an approval rate of 98%.

In its statement on the matter, BNM said that the banking industry has been actively reaching out to borrowers affected by the end of the moratorium in various ways. These include engagement sessions, repayment assistance campaigns, direct engagements with various stakeholder groups, simplified application processes, and extended branch operating hours to the weekend too. Furthermore, individual banks have directly engaged over 2 million borrowers via calls, emails, and SMS to offer targeted repayment assistance.

“For applications that are still being processed, banks have provided their commitment to inform borrowers of the application results as soon as possible,” the central bank said in a statement. “BNM will closely monitor banks’ practices in this regard. Borrowers facing difficulties with their banks can contact BNMTELELINK at [email protected].”

As for borrowers who can afford to resume monthly repayments, BNM encouraged them to do so as it would reduce their overall debt and borrowing costs. Should borrowers face a change of circumstances in the coming months, they can still engage with their banks to discuss alternative methods. “Applications for repayment assistance at any time before 30 June 2021 will also not appear on a borrower’s CCRIS records,” BNM declared.

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