Loan repayment aid, moratorium worth RM30 bln to benefit 5 million borrowers - PM

Muhyiddin said that as a result of discussions with Bank Negara Malaysia, the banking industry gave full assurance and commitment to continue to provide loan repayment assistance and moratorium.

"Therefore, for all B40 groups and people affected by job loss as well as micro-enterprises and SMEs that are not allowed to operate during the Movement Control Order (MCO), you are given the option to obtain a moratorium approval automatically for three months," he said when announcing the PEMERKASA Plus assistance package worth RM40 billion here tonight.

"Insha-Allah, the banking industry will provide more detailed information on this matter starting tomorrow. I hope, the announcement of this automatic moratorium can give some relief to borrowers of banking institutions," he said.

Muhyiddin said the government would also launch the Bus and Taxi Hire Purchase Rehabilitation Scheme this week with an allocation of RM1 billion.

He said that through the scheme, eligible bus and taxi operators can get a loan moratorium of up to 12 months and extend the loan period up to 36 months.

"I recommend that government agencies and companies offer deferred loan repayments as well as discounts on business premises rental," he said.

MARA will also continue the MARA PRIHATIN Peace of Mind programme which is open until July 31, 2021 where borrowers can apply online to reschedule education loan repayments or moratorium, he said.

For MARA entrepreneurs affected by the economic downturn, a 30 per cent discount on the rental of business premises will be given for the months of May to July 2021.