IT is imperative for the country to move out of the moratorium period in order for the economy to begin recovery, CIMB Group Holdings Bhd CEO Abdul Rahman Ahmad said during a media roundtable session yesterday with selected bank CEOs and Credit Counselling and Debt Management Agency (AKPK).
Following that statement, the banks CEOs in attendance during the media roundtable urged those who are unable to manage their loan repayments after the moratorium period ends on Sept 30 to come forward and seek help from their respective lenders.
“For those who cannot pay, we will help. But it is important for banks to transit out of the auto-moratorium period and get back to lending to make sure the economy recovers from the pandemic,” Abdul Rahman said.
Meanwhile, Bank Islam CEO Mohd Muazzam Mohamed advised borrowers to be prepared to review their spending levels from the next month onwards, since their disposable income will be reduced as they resume repaying their loan installments.
“We understand that in the last six months, spending and expenditure patterns may have changed for some people. But now is the time for them to revisit their financial planning so that they can continue repaying debts from October onward,” he said.
According to Bank Rakyat CEO Datuk Rosman Mohamed, civil servant borrowers will begin to see their salaries automatically deducted from Oct 1, 2020 to pay for loan installment and that their disposable income will return to pre-moratorium levels. – Sept 25, 2020
