KUALA LUMPUR: Banks have been requested to continue helping borrowers facing financial difficulties in repaying their loans and to postpone authorized motion in opposition to defaulting borrowers, says Datuk Seri Ismail Sabri Yaakob.
Borrowers who nonetheless want help are suggested to instantly contact their respective banks to focus on acceptable restructuring and rescheduling choices.
“The authorities takes word of the efforts of the banking sector which doesn’t take the simple approach out by placing those that are actually facing difficulties on the black checklist of borrowers or chapter checklist,” stated the Prime Minister in an announcement right here.
Although the chapter fee has dropped by 50% after the financial sector started to open up regularly since final October, the Malaysian economic system will take time to absolutely get well.
In this regard, borrowers who’re new or nonetheless discover issue in getting employment, particularly the B50 group, must be supported as a lot as attainable till they’re ready to stand sturdy once more to guarantee survival.
At the identical time, the federal government by means of the Malaysian Insolvency Department has additionally elevated the chapter threshold to RM100,000 to present safety to those that should still be unable to survive financially due to the results of the pandemic.
This provision is made based mostly on the Insolvency Act (1967), and the Temporary Measures to Reduce the Impact of Coronavirus Disease Act 2019 (Covid-19) (2020).
In assist of B50 borrowers, as introduced on Oct 13, 2021, the banking business along with the Credit Counselling and Management Agency (AKPK) is actively implementing the Financial Management and Resilience Programme (URUS) for B50 borrowers affected by the Covid-19 pandemic.
“Borrowers who’re eligible and intend to apply for services beneath URUS can contact their respective banks earlier than Jan 31, 2022,” stated the Prime Minister.
Under URUS, borrowers will even be supplied with complete help together with private finance plans tailor-made based mostly on their financial capabilities, taking into consideration all varieties of loans with banking establishments beneath their identify.
He stated the federal government additionally took word that the banking sector had carried out URUS in a clear and truthful method to help B50 borrowers with a family revenue of up to RM5,880; in addition to job losses or lack of revenue in extra of fifty% of family revenue on account of the pandemic.
Apart from the URUS programme, borrowers can nonetheless get different help from their respective banks that go well with their wants and financial state of affairs.
For micro-entrepreneurs, RM1.8bil has been allotted by means of TEKUN Nasional, Bank Simpanan Nasional and Agrobank which give financing at a zero per cent fee for not less than six months; for loans of up to RM75,000; and a right away moratorium of between six and 12 months, topic to phrases and circumstances.
The authorities additionally emphasised social safety for the B40 group, he stated.
Accordingly, by means of Budget 2022, among the many enhancements in social safety initiatives is the Tenang safety voucher facility which is elevated to RM75; persevering with the extra job seeker allowance and growing the insured wage ceiling from RM4,000 to RM5,000 to enhance social safety protection for the 9 million employees lined by the Social Security Organisation (Socso).
“Looking forward, the federal government has additionally reactivated the Social Protection Council (MySPC) which is actively formulating a complete and built-in social safety coverage for the long run,” he added. – Bernama
