Prime Minister Tan Sri Muhiyiddin Yassin has announced that Malaysians can now apply for loan moratorium extensions starting Aug 7.
The extension only applies to those who had lost their jobs and employees who had to take pay cuts. The moratorium will be extended by 3 months however, banks can extend it further, on a case-to-case basis.
For Malaysians who had to take pay cuts, monthly repayments will be reduced according to percentage of loss for an additional six months.
As for hire purchase agreements, alternative installment plans will be offered instead.
In a live televised address, the Prime Minister has also stated that the moratorium period announced since April 1 has proved to be useful for Malaysians during the Covid-19 outbreak.
According to Bank Negara, until July 20, over 7.7 million individual borrowers have benefitted from RM38.3 billion worth loan moratorium.