THE Federation of Malaysian Consumers Associations (Fomca) has urged Bank Negara Malaysia (BNM) to clear the air on the loan moratorium and compel all banks to follow the same guideline.
“The loan moratorium under People’s Protection and Economic Recovery Package (Pemulih) is good but there is too much confusion over it.
“The message is still not out there yet, particularly to financial institutions. Therefore, I urge BNM to provide details on it as soon as possible,” its CEO T Saravanan told FocusM.
Prime Minister Tan Sri Mahiaddin Yassin announced a variety of much needed goodies under the RM150 bil Pemulih stimulus package on June 28, which was long overdue as the multiple lockdowns has affected lives and livelihoods of many.
Under the package, the Pagoh MP said that individual borrowers can opt-in for a loan moratorium, with no conditions attached.
The offer is also extended to small and medium enterprises (SME) but subject to the financial institutions’ approval.
Four days ago, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz shocked many quarters when he said the loan moratorium would not be interest free.
“But banks will waive compounded interest and penalty charges for borrowers who take up the loan moratorium scheme.
“Let’s focus on what is important. The important thing is we have managed to get the banks to give the moratorium to everyone, regardless whether they are affected or not,” New Straits Times reported him as saying.
Help all, locals and foreigners alike
Touching on the matter, Saravanan said many customers were receiving scam calls in regards to the matters now due to lack of detail.
He added that BNM should take charge of the matter and issue clear guidelines to the banks and their customers on the dos and don’ts for the loan moratorium applications without delay.
“As the regulator, BNM should also get the banks to cut red tapes on the applications, especially for those serving in the informal sector.
“Financial institutions should cease asking them for documentations to support their applications and offer the loan moratorium with less hassle.
“Fomca knows this well as we received numerous complaints in the past. If they knock on their doors, the banks should help them, citizens and non-citizens alike,” Subramaniam remarked. – July 3, 2021.
