Malaysians bracing MCO 2.0 & floods have extended loan reliefs
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Prime Minister Tan Sri Muhyiddin Yassin has announced a RM15 billion special aid package called PERMAI – Pakej Bantuan Perlindungan Ekonomi dan Rakyat Malaysia (The Malaysian Economic and Rakyat Protection Assistance Package).
Here are the initiatives he announced regarding loans, the Employees Provident Fund’s (EPF) i-Sinar programme and National Higher Education Fund Corporation (PTPTN).
Moratorium and loan restructuring period extended
Moratoriums and loan restructuring is extended and will be offered by banks. For states hit by floods, 15 banks have already offered to extend as such.
To date, Muhyiddin stated that over 1.3 million borrowers have applied and received the loan restructuring assistance, with an approval rate of 95% for individual borrowers and 99% for small and medium enterprise (SME) borrowers.
Borrowers who have trouble dealing with their banks can contact Bank Negara Malaysia (BNM) and Agensi Kaunseling dan Pengurusan Kredit (AKPK) via telephone or online.
EPF i-Sinar programme streamlined
Category 2 applicants of the i-Sinar programme opened to all EPF members who are facing additional challenges due to MCO 2.0 and flood disasters will receive an advance payment of up to RM1,000 beginning 26 January.
The advance payment process for Category 2 i-Sinar applicants will be simplified and members only need to self-declare that they meet the set criteria and submit the supporting documents online.
Further information will be provided by EPF soon (HERE).
3 month moratorium extension for PTPTN borrowers
National Higher Education Fund Corporation (PTPTN) borrowers affected by the Covid-19 pandemic and recent floods can apply for a 3-month loan repayment moratorium.
Applications for this moratorium can be made until 31st March 2021 at the PTPTN website (HERE).
Microcredit scheme accelerated
To aid with the cash flow of micro-enterprises and SMEs, the government will expedite the implementation of previously announced microcredit schemes.
A total of RM1 billion of microcredit facilities are provided – which includes soft loans amounting to RM390 million by Bank Simpanan Nasional, RM350 million by Agrobank and RM295 million by TEKUN.
Hire purchase Bus & taxi rehabilitation scheme introduced
Syarikat Jaminan Pembiayaan Perniagaan (SJPP) will introduce a Hire Purchase Bus & Taxi Rehabilitation Scheme.
Under this scheme, a 50% guarantee on loans will be provided for selected buses such as sightseeing buses and taxis from hire purchase and leasing companies.
With a guarantee of RM1 billion provided by the government, bus and taxi operators can restructure their loans as well as enjoy a 12-month moratorium and lower monthly repayments.
Effective period of inability to perform contractual obligations extended
The government will extend the effective period of inability to perform contractual obligations under the Temporary Measures for Reducing the Impact of Covid-19 Act 2020 to 31 March 2021.
This includes hire purchase agreements or lease contracts and credit sales contracts to aid affected groups such as B40, M40 and micro enterprises who fail to meet their contractual obligations.
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