Under the Permai Assistance Package (Permai), Prime Minister Muhyiddin Yassin has announced that the loan the loan moratorium and reduction of repayment instalments will continue during the implementation of the MCO.
He said that the moratorium facility, including the extension of the moratorium and restructuring of loan repayment, will continue to be offered by banks as announced previously.
Bank Negara Malaysia and the Credit Counselling and AKPK are ready to assist and advise borrowers
“To date, more than 1.3 million borrowers have applied for and received such assistance, with an approval rate of 95 per cent for individual borrowers and 99 per cent for Small Medium Enterprise (SME) borrowers.
He further added that for borrowers facing difficulties in dealing with banks, Bank Negara Malaysia and the Credit Counselling and Debt Management Agency (AKPK) are ready to assist and advise borrowers through the telephone or online.
The moratorium also encompasses the National Higher Education Fund Corporation (PTPTN) loan
Muhyiddin said borrowers affected by the pandemic or floods can apply for a three-month PTPTN loan repayment moratorium. Application for this moratorium can be made until March 31, 2021.
Meanwhile, Majlis Amanah Rakyat (Mara) will also continue its Mara Prihatin Peace of Mind 2.0 programme, where borrowers can apply to reschedule the repayment of Mara education loan facilities, or for business loan moratorium until the end of March this year.
According to Muhyiddin, Mara entrepreneurs affected by Covid-19, MCO and the floods can apply for the Mara business financing rescheduling programme. Mara has agreed to provide a 30% rental discount on business premises for a period of six months from November 2020 to April 2021.
EPF will provide an advance of up to RM1,000 from the amount applied under the i-Sinar Category 2 facility
On a separate note, the Employees Provident Fund’s (EPF) i-Sinar facility advance withdrawal process for Category 2 has been simplified for its members, under Permai. EPF members only need to provide a self-declaration that they meet the prescribed criteria and submit the supporting documents online.
To further enhance the i-Sinar facility, especially for those facing challenges due to the Movement Control Order (MCO) and floods, the government has been informed that EPF will provide an advance of up to RM1,000 from the amount applied under the i-Sinar Category 2 facility.
“The government has asked EPF to facilitate the advance payment, which will commence on Jan 26,” said Muhyiddin.