Prime Minister Tan Sri Muhyiddin Yassin has announced that they will be extending the existing moratorium to 30 June 2021. This means that borrowers or customers who lost their jobs/ businesses in 2020 or 2021 have another 6 months to approach banks for an extension of their repayment assistance.
According to a joint statement by the Association of Banks in Malaysia (ABM) and Association of Islamic Banking and Financial Institutions Malaysia (ABM), the banking industry is ready to assist because of the current reinstated MCO and floods in several states.
"As at 31 December 2020, over 1.3 million applications for repayment assistance have been received, with an approval rate of 95 percent.
"In this regard, given this challenging period, the banking industry would like to encourage borrowers/customers with existing repayment assistance arrangements who have difficulties resuming their regular instalment schedules to approach the banks for further repayment assistance," said the associations.
If you are facing an issue to apply for assistance, Muhyiddin encourages you to refer to Bank Negara Malaysia or the Counselling and Credit Management Agency (AKPK) for help.