![Bank: 90 percent of borrowers took up 6-month moratorium offer for car loans 01]()
Only 10 percent of hire purchase borrowers of have opted out of the 6-month moratorium given by Bank Negara, according to data by RHB Investment Bank.
In its latest bi-weekly newsletter dated 29-April, the investment bank downgraded its buy/sell call for CIMB, from Neutral to Sell.
Part of the reason, according to the investment bank’s analysts is “…possibility of provisions for a macro overlay on expected credit loss and modification losses on the present value of deferred cash flows due to the repayment moratorium.”
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It noted that only about 10 percent of borrowers have opted out of the 6-month moratorium. The figure is for consumer loans is 6-7 percent, and 10 percent of SME loans. The bank has also received applications for a repayment moratorium for 20 percent of its corporate loans.
In a related news, banks are expected to communicate to their customers on the specifics of the 6-month moratorium starting today. It is widely expected to include interest charges on the total amount of deferred payment. More here.
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Over 15 years of experience in automotive, from product planning, to market research, to print and digital media. Garages a 6-cylinder manual RWD but buses to work.
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