13 Aug - 2 min read
Bank Negara Malaysia (BNM) governor Datuk Nor Shamsiah Mohd Yunus said that banks in Malaysia will continue to offer targeted loan repayment assistance to borrowers affected by the pandemic once the current loan moratorium expires at the end of 2021.
Datuk Nor Shamsiah acknowledged the fact that there will be borrowers who may continue to face challenges in repaying their loans when the moratorium ends. “For such borrowers, there are avenues available to help them manage their debt obligations,” she said. With the reopening of the economy, BNM expects loan repayment assistance to be more targeted as the financial needs and circumstances of each borrower will differ.
According to Datuk Nor Shamsiah, borrowers can discuss with their banks to see what alternative loan repayment plans are available. These alternative loan repayment plans may include further extending the moratorium for specific borrowers at the respective banks’ discretion.
Borrowers can also approach the Credit Counselling and Debt Management Agency (AKPK) to seek advice on managing their debt. Meanwhile, small and medium enterprises (SMEs) can obtain loans from various government funds.
“These avenues will have borrowers achieving more enduring solutions beyond the pandemic by also focusing on support needed for borrowers to get back on a firmer financial footing over the longer term,” the governor concluded.
(Source: The Edge Markets)
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