KUALA LUMPUR – The banking industry has received about 500,000 applications for repayment assistance and approved 98% of them, Bank Negara Malaysia (BNM) said.
Individual banks, it said, have directly engaged more than two million borrowers through calls, emails and SMS to offer repayment assistance in view of the end of the automatic moratorium today.
“For applications that are still being processed, banks have provided their commitment to inform borrowers of the application results as soon as possible,” the central bank said in a statement today.
BNM said it will closely monitor banks’ practices in this regard and borrowers who face difficulties with their banks can raise their concerns at [email protected].
There continues to be a steady increase in borrowers choosing to resume payment of their monthly instalments, it added.
It advised borrowers who can afford to resume monthly repayments to do so, as this will reduce their overall debt and borrowing costs.
“Although broader economic conditions are improving, some borrowers may still face repayment challenges if their circumstances change in the coming months.
“If this happens, borrowers can still engage their banks to discuss alternative repayment arrangements.”
During this period, banks will continue to offer forms of repayment assistance to borrowers.
BNM added that applications for repayment assistance at any time before June 30, 2021, will not appear on a borrower’s Central Credit Reference Information System records.
It said borrowers may also seek guidance and explore alternative options for assistance with the Credit Counselling and Debt Management Agency. – Bernama, September 30, 2020
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