ALTHOUGH the Government has announced a targetted loan moratorium for the latest nationwide lockdown, it was not easy for the suffering masses to receive the aid, claimed Umno.
“Applying for the moratorium is like applying to become a director for a company. It’s not as easy as what many have claimed.
“You get questioned on your salary and monthly expenses, with the bank rejecting your application saying the applicant has enough funds to continue servicing the loan.
“I agree if you look at the salary, the applicant does have enough to pay his installments but how is the person to support his family when his income is affected?” asked its president Datuk Seri Ahmad Zahid Hamid, in a Facebook post.
For the latest total lockdown, the Government decided not to allow anymore withdrawals from the Employees Provident Fund (EPF), saying they needed to protect old-age savings for contributors.
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz also only allowed targetted loan moratorium instead of a blanket approval, claiming the Government may have compensate the banks if such a decision was made again.
Don’t be calculative
However, many have shot back saying the moratorium was not about forgiving debts but merely postponing payment period to the future.
On that note, Zahid claimed that many from the M40 community got their applications rejected due to the bureaucracy attached to the targetted moratorium assistance.
“The banks want proof of loss of income but if you look at small traders, they lack documents to substantiate their claims, apart from having bank and business transaction statements.
“Many of them don’t issue payslips, statements on EPF contribution or even retrenchment letters,” he said.
The Bagan Datuk MP added that some who do get their loan moratorium application approved still had to pay interest on a monthly basis.
“So, it’s not all what they say it is. My appeal to the Government is if you want to help our people, help them sincerely. Don’t be calculative during these trying times,” the former deputy prime minister remarked. – June 22, 2021.
