BORROWERS whose incomes have been affected by the pandemic can expect the repayment assistance to remain available, says Bank Negara Malaysia (BNM) through a statement released earlier today.
Depending on the circumstances, borrowers who were previously declined repayment assistance may start applying for the targeted assistance throughout 2020 and even until 2021, if their financial circumstances change in the future.
Thus far, the repayment assistance was offered to borrowers across a range of income groups, with special consideration given to households from the B40 category, micro businesses as well as borrowers affected by the movement restrictions.
The targeted approach to repayment assistance aims to extend relief measures more sustainably while lending strength to the economic recovery of the country.
“Many borrowers are now able to start resume repayments, which would be in their best interests as this would reduce the overall cost of borrowings,” BNM said in the statement.
“If their financial circumstances change down the road, targeted repayment assistance would still be available,” it added.
BNM also stated that borrowers will even have the opportunity to customise their repayment plans based on what they can afford.
In the meantime, the financial resources of the banking system can also be prioritised to help those that are most affected by COVID-19.
“As more borrowers who can afford to repay, do so. (That way,) more assistance can be given to borrowers that need it,” BNM said. – Oct 20, 2020