According to Muhyiddin. 15 banks are offering residents in flood-affected countries a moratorium on loan repayment

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KUALA LUMPUR (Bernama): A total of 15 banks are offering residents of the states affected by the flood a moratorium on loan repayment, says Prime Minister Tan Sri Muhyiddin Yassin.

The moratorium facility, including the extension of the moratorium and the restructuring of loan repayment, will continue to be offered by the banks as previously announced, he said.

“To date, over 1.3 million borrowers have applied for and received such assistance, with an approval rate of 95% for individual borrowers and 99% for small and medium-sized business borrowers.

“As such, Malaysians don’t have to worry about contacting their respective banks if they need repayment flexibility,” he said in a special address on the Malaysian Economic and Rakyat Protection Aid (Permai) package, which is broadcast live on television and social media platforms was broadcast Monday (January 18).

As for borrowers struggling with their bank, Muhyiddin said Bank Negara Malaysia and the Credit Counseling and Management Agency (AKPK) are ready to help and provide their advice online or over the phone.

Meanwhile, National Higher Education Fund Corporation (PTPTN) borrowers affected by the Covid-19 outbreak and flood disaster can apply for a three-month moratorium on loan repayment, he said, adding that this moratorium will last until Dec. March 2021 can be requested.

In order to improve the Employees Provident Fund’s (EPF) i-Sinar program, especially for those facing challenges due to the movement control order and flooding, the government has been informed that the EPF will receive an advance payment of up to RM 1,000 from the under the i-Sinar category 2 system.

“The advance withdrawal process for i-Sinar Category 2 has also been simplified, as the members only have to submit a self-declaration that they meet the prescribed criteria and submit the evidence online.

“The government has also asked EPF to facilitate prepayment, which will begin on January 26th. Further details will be announced by EPF in the near future,” he said. – Bernama

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