KUALA LUMPUR – Datuk Seri Tengku Zafrul Tengku Abdul Aziz has clarified that those in the M40 group are eligible for a loan moratorium during the Covid-19 lockdown.
The finance minister said this after receiving many queries from the public on whether those in the middle-income bracket qualify for a three-month moratorium or 50% payment reduction over six months.
"The short answer (is), yes. If you have lost your job, regardless of whether you are M40 or T20, you are eligible to apply for a moratorium, whereby it would be approved automatically,” he said in a Facebook post.
“If you are facing a reduced income, regardless of whether you are M40 or T20, you are also eligible to receive a reduction in monthly instalments.”
He said assistance from banks is guaranteed for borrowers facing financial constraints due to the pandemic.
Unemployed borrowers from the B40, M40 and T20 groups, as well as recipients of the government’s Bantuan Prihatin Rakyat and Bantuan Sara Hidup aid, are also eligible for the moratorium or reduced instalments, he said.
Aside from these groups, others eligible for the moratorium are micro businesses, and small and medium enterprises in sectors not permitted to operate during the lockdown.
“For borrowers who experienced a reduction in income (whether B40, M40 or T20), they can obtain a reduction in repayment that is appropriate, in line with their reduced income,” said Tengku Zafrul.
“This approach will allow borrowers to make a choice based on their individual financial situation and needs.”
He added that borrowers are only required to select from the options available and obtain the suitable repayment assistance from banks, with approval to be done automatically. – The Vibes, June 3, 2021
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