{"id":5076,"date":"2020-03-25T09:29:50","date_gmt":"2020-03-25T01:29:50","guid":{"rendered":"http:\/\/entrepreneurinsight.com.my\/?p=5076"},"modified":"2020-03-25T09:29:53","modified_gmt":"2020-03-25T01:29:53","slug":"bank-negara-to-implement-automatic-moratorium","status":"publish","type":"post","link":"https:\/\/entrepreneurinsight.com.my\/bank-negara-to-implement-automatic-moratorium\/","title":{"rendered":"Bank Negara to implement automatic moratorium"},"content":{"rendered":"\n

Bank Negara Malaysia (BNM) is implementing additional measures to assist borrowers by granting automatic moratorium for a period of 6 months.<\/p>\n\n\n\n

In a latest circular issued by BNM to banking institutions, the bank said the automatic moratorium is for all loan\/financing repayments\/payments, principal and interest (except for credit card balances) by individual and Small Medium Entrepreneur borrowers starting from 1 April.<\/p>\n\n\n\n

This means, the borrowers are allowed to delay the repayment of their existing loans, including mortgages and hire-purchases for the said period.<\/p>\n\n\n\n

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However, the automatic moratorium is applicable to loans\/financing that are not in arrears exceeding 90 days as at 1 April 2020 and denominated in Ringgit Malaysia.<\/p>\n\n\n\n

This is part of the central bank\u2019s new measures to assist borrowers experiencing temporary financial constraints due to the Covid-19 outbreak.<\/p>\n\n\n\n

The moratorium does not apply to credit card balances and for outstanding credit card balances, BNM said customers should be offered the option to convert the outstanding balances into term-loan of not more than three years.<\/p>\n\n\n\n

“For corporate borrowers, banking institutions are strongly encouraged to facilitate requests for a moratorium.<\/p>\n\n\n\n

\u201cBanking institutions should provide individuals and SME borrowers with adequate information on how the suspended loan\/financing repayments\/payments will be treated during the moratorium period,\u201d said the central bank.<\/p>\n\n\n\n

The official announcement regarding this measure is expected to be announced soon.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank Negara Malaysia (BNM) is implementing additional measures to assist borrowers by granting automatic moratorium for a period of 6 months. In a latest circular issued by BNM to banking institutions, the bank said the automatic moratorium is for all loan\/financing repayments\/payments, principal and interest (except for credit card balances) by individual and Small Medium […]<\/p>\n","protected":false},"author":2,"featured_media":5078,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":""},"categories":[91],"tags":[],"_links":{"self":[{"href":"https:\/\/entrepreneurinsight.com.my\/wp-json\/wp\/v2\/posts\/5076"}],"collection":[{"href":"https:\/\/entrepreneurinsight.com.my\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entrepreneurinsight.com.my\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entrepreneurinsight.com.my\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/entrepreneurinsight.com.my\/wp-json\/wp\/v2\/comments?post=5076"}],"version-history":[{"count":1,"href":"https:\/\/entrepreneurinsight.com.my\/wp-json\/wp\/v2\/posts\/5076\/revisions"}],"predecessor-version":[{"id":5079,"href":"https:\/\/entrepreneurinsight.com.my\/wp-json\/wp\/v2\/posts\/5076\/revisions\/5079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entrepreneurinsight.com.my\/wp-json\/wp\/v2\/media\/5078"}],"wp:attachment":[{"href":"https:\/\/entrepreneurinsight.com.my\/wp-json\/wp\/v2\/media?parent=5076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entrepreneurinsight.com.my\/wp-json\/wp\/v2\/categories?post=5076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entrepreneurinsight.com.my\/wp-json\/wp\/v2\/tags?post=5076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}