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MOF: No Compound And Accrued Interest For Hire Purchase Loans

MOF: No Compound And Accrued Interest For Hire Purchase Loans

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Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz today says the Ministry of Finance (MOF) has reached an agreement with the banking industry to not impose compound, and accrue interest for hire purchase loans. This applies to both conventional and Shariah hire purchase loans.

In a press release, he confirmed that the monthly loan instalments will not change for hire purchase loans during their financing period.

This means that no additional charges will be imposed throughout the moratorium period.

Datuk Seri Tengku Zafrul Abdul Aziz

The Finance Minister added that borrowers will need to resume their monthly instalment payments as stated in the loan agreements with their respective banks, which includes the additional six months included in their repayment schedule should they opt to take the moratorium. 

He also urged the public to contact their respective banks should they require more information regarding their loans.

The announcement was also shared on the Ministry of Finance’s official Twitter account:


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