Finance Minister Asks Banks To Consider Waiving Accrued Interest On Deferred Instalments Under Moratorium
Author Avatar

tengku dato sri zafrul aziz

Finance Minister, Tengku Dato’ Sri Zafrul Aziz, has proposed that Malaysian banks consider waiving the accrued interest on deferred instalments during the 6-month moratorium.

Stating on his Facebook page, Tengku Dato’ Sri Zafrul mentioned that there “is a possibility that it can be done”, and especially so after taking the public’s view into account. According to Tengku Dato’ Sri Zafrul, the issue of interest accrual during the moratorium lies under Bank Negara Malaysia’s purview via the Bank Negara Act 2009. However, he stated that the Ministry of Finance has approached both BNM as well as the local banks to facilitate discussions and “make the right decision” that meets the needs of the rakyat.

After reports from RinggitPlus and several dailies about the possibility of interest accrual on hire purchase loans and fixed-rate Islamic financing, there was a major outcry from Malaysians who were previously led to believe that both these instruments would not accrue interest during the moratorium.

In a previous comment, Tengku Dato’ Sri Zafrul suggested that the confusion arose from a “misunderstanding in the FAQ posed by BNM”, and encouraged both BNM and banks to improve communications to their customers.

(Source: Tengku Zafrul (Facebook))

0 0 votes
Article Rating


Comments (0)

Notify of
Inline Feedbacks
View all comments
Top Car Loans Articles
Post Image
Malaysia Loan Moratorium 2021 Guide: Should You Take The 6-Month Deferment For Your Loans?
Pang Tun Yau
- 9th July 2021
Under the PEMULIH stimulus package, Malaysia will once again see a 6-month moratorium for all loans, applicable to […]
Post Image
Malaysia Bank Moratorium: Why You Should Opt For The 6-Month Deferment For ALL Loans (Updated)
Pang Tun Yau
- 6th May 2020
EDITOR’S NOTE: This article refers to the 2020 loan moratorium, and the information here may be outdated. Please […]
Post Image
Public Bank Extended Moratorium: Flexible Arrangements To Reduce Loan Instalments Until End-2021
Jacie Tan
- 7th August 2020
Public Bank has released the details of its Covid-19 assistance for those who will still be in financial […]
Post Image
5 Things to Know About Car Loans
Desiree Nair
- 23rd January 2019
If you're planning to buy a car; you're going to need a car loan (unless you've got a lot of money in the bank)! We give you a nutshell guide on the 5 things you need to know!

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image