Six-month loan moratorium for individuals, SMEs

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UPDATED

By Chew Lip Song

BANKS will offer a six-month moratorium on all loans for individuals and small and medium enterprises from Apr 1 to help borrowers cope with the economic fallout due to the Covid-19 outbreak, the Prime Minister announced today.

Tan Sri Muhyiddin Yassin said for credit card facilities, card holders can covert the credit balances into term loans between April 1 to Dec 31 this year.

“Corporations can also negotiate with their respective banks to restructure their loans. This is to ensure that the corporations can retain their workers and continue their businesses,” the Prime Minister said in a statement.

These measure is expected to involve funds of at least RM100 billion.

“People from all levels of society, such as entrepreneurs, farmers, fishermen, daily workers are worried about their economic conditions due to the Covid-19 outbreak. One of their main concerns is their loan repayment, whether it’s personal loan or from the small and medium enterprises,” Muhyiddin added.

He said the government, through the National Economic Action Council will continue to look into ways to alleviate the hardship of the people hit by the Covid-19 pandemic.

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