Finance Ministry: 2 Million Borrowers Contacted By Banks For Loan Extension

(Image: Bernama)
(Image: Bernama)

As of 28 August 2020, two million borrowers who could need help servicing their loans post-moratorium have been contacted by their banks, the Finance Ministry has revealed.

Out of the contacted borrowers, 1.1 million have given their feedback, with 300,000 confirming that they do require assistance their loan repayments. According to Deputy Finance Minister II Mohd Shahar Abdullah, the remainder are still weighing their available options.

maybank bank counters
(Image: The Star)

“These figures will continue to rise substantially with borrowers enjoying the ease of application through the various channels provided,” said Shahar in reply to a question at the Dewan Negara. “Of the total number of completed applications for assistance with loan repayments received and processed, 97% have been approved.”

The deputy minister further revealed that the application process for individual customers is expected to take between 1-5 days. For small and medium-sized enterprises (SMEs), it is expected to take between three days to two weeks. Finally, he added that the public need not worry as their application for post-moratorium loan assistance will not appear in their Central Credit Reference Information System (CCRIS) report.

(Source: Malay Mail)

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