98% of 650,000 borrowers’ moratorium request approved, Dewan told

KUALA LUMPUR – Banks have approved about 98% of 650,000 borrowers’ request for a moratorium extension.

Deputy Finance Minister Datuk Abdul Rahim Bakri told the Dewan Rakyat today that these individuals comprise those who have lost their jobs or seen their income greatly reduced.

“For the targeted moratorium, around 650,000 borrowers applied, and around 98% have been approved. Of this, 40% requested a three-month extension. These are individuals who have lost their jobs or had their businesses shut down.

“They mainly work in sectors that have been curtailed because of the pandemic. The other 60% chose the six-month 50% payment reduction. These are people who suffered salary cuts.”

Datuk Mohamad Fasiah Mohd Fakeh (Bersatu-Sabak Bernam) then asked if the government will request that banks extend the moratorium period further.

He also wanted to know whether Putrajaya will ask borrowers to only pay monthly interests on their loans.

Rahim, in response, said any new proposals will be addressed by Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz when he wraps up Budget 2021. – The Vibes, November 19, 2020