Banks Agree To Exempt Interest On Moratorium For B50 Group

The resounding silent cheer could be heard throughout the land, in a significant event Prime Minister, Dato 'Seri Ismail Sabri Yaakob announced the formation of Financial Management and Resilience Program (URUS)" by the banking sector which is a comprehensive loan repayment assistance program designed by the banking sector together with the Credit Counseling and Management Agency (AKPK).

Under this programme borrowers with a household income of less than RM5,880 or lower will receive benefits which include  interest waiver for three months, reduction in installment payments for a period of up to 24 months and reduction in interest rates. During this period, customers with unsecured personal financing and credit cards can also benefit from reduced interest rates to help ease their financial burden.

In total, banks are estimated to have allocated RM1 billion to finance the cost of this program, accordingly URUS will be managed by AKPK and will offer its extended service like personal financial plan assistance as well as access to financial management education packages to borrowers. 

This comes on the back of parties calling for the government to assist the lower income group who have been laden with debts due to lack of income during the lockdowns. With loan moratorium many who took the offer we then left on the worry of compounding interests in later years.

However, with constant pleas from the B50 group and pushed by Opposition parties, the PN government has finally agreed to initiative the waiver on loan interest. 



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