MoF: No more interest on 6-month moratorium for hire purchase loans

Adrian Chia · May 6, 2020 06:26 PM

MoF: No more interest on 6-month moratorium for hire purchase loans 01

In another act of U-turn, the Ministry of Finance has just announced that there will be no additional interest on hire-purchase (HP) loans for those who took up the 6-month moratorium.

This overrules the earlier statement by Bank Negara Malaysia (BNM) that the 6-month moratorium will incur interest charges.

Borrowers who took up the 6-month moratorium will continue to pay the same monthly installment as before as stated in their HP agreement with their respective banks.

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The 6-month moratorium is offered to all HP loans that defer the repayments from 1 April to 30 September 2020 to help reduce the people’s burden during the Movement Control Order period.

 

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Adrian Chia

Editor

Psychology graduate with over 4 years in the automotive industry, 3 in front of the camera. Occasionally seen at his family owned tyre shop. Will only buy cars that passes the big bottle test.

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