Bank Negara: Loan borrowers who’ve seen income drop eligible for lower monthly installments

(Bernama) – Bank Negara Malaysia (BNM) today reiterated that all loan borrowers who have suffered a drop in income, including salary, allowances, commissions and household incomes, are eligible for a reduction of monthly installments according to the reduced income.

In a series of tweets detailing the eligibility for reduction of monthly installments, the central bank clarified that under the latest loan repayment assistance, the B40 recipients of Bantuan Sara Hidup/Bantuan Prihatin Rakyat can choose either a three-month moratorium or reduction of monthly installments by 50 per cent for six months.

“Individual borrowers who have lost their jobs can also choose either a three-month moratorium or reduction of monthly installments by 50 per cent for six months,” added BNM.

The central bank also pointed out that for facilities with approved amounts up to RM150,000, microenterprises as well as small and medium enterprises which were not allowed to operate during the lockdown can also choose either a three-month moratorium or reduction of monthly installments by 50 per cent for six months.

For further information on the loan repayment assistance, visit: http://bnm.gov.my/RA