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How can I defer my loan payment due to Covid19 and Movement Control Order (MCO)? - Lim Chambers | 林暐杰律师事务所

How can I defer my loan payment due to Covid19 and Movement Control Order (MCO)?

Borrowers can defer their loan payment [including Housing Loan, Car loan, etc.] starting from 1 April 2020 to 30 September 2020 [six months].

This event is applied to everyone regardless you are individual, small business or even big business.

Which Banks offer this deferment package?

All licensed banks, licensed Islamic banks and prescribed development financial institutions (DFIs) regulated by BNM will offer this deferment flexibility. Borrowers/customers that meet the eligibility criteria can avail themselves to this flexibility automatically.

How to apply?

It is an automatic postponement. All individual and SME / Financing (excluding credit card) will automatically qualify for the deferment for six months to help borrowers who are facing financial difficulties due to Covid19 and Movement Control Order (MCO).

Loan/financing qualifies for the deferment

For individuals and small and medium enterprises (SMEs), the deferment in conventional loans or Islamic financing repayment obligations (except credit cards) are automatically effected by banks and development financial institutions (DFIs) if the loans/financing meet these criteria:

  • not in arrears exceeding 90 days as at 1 April 2020;
  • Denominated in Malaysian Ringgit.

You don’t have to provide proof that you are affected by COVID19. There is no impact on CCRIS records during the deformation period. The loan payment will constitute automatic postponement.

Interest charged?

For the deferment interest, it will depend on your Bank. Some bank will charge ordinary interest on the deferred payments. It means that you need to pay more interest by deferring. However, some bank did not charge compounding interest.

Hence, you need to call your banker for more information regarding the payment deferment.

Values/aims

This package is to provide some relief to individuals and businesses who face temporary financial constraints arising from the COVID-19 pandemic. It will help individuals and businesses facing financial adversities to cope with challenges during this period. Loan/financing repayment resumes after the deferment period.

If you having cash flow issue during the MCO period, you may consider taking advantage of this Moratorium to free up your cash flow.

Please call your Banker as soon as possible since the deferment of loan payment will be starting soon.

If you want to defer your loan payment, you need to settle the loan in default (exceeding 90 days) before 1 April 2020 [if any]

For the person who doesn’t want this offer, you need to inform your banker

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