A six-month moratorium will be given to all individual borrowers whether they are from the B40 (Bottom 40 percent), M40 (Middle 40 percent) or T20 (Top 20 percent) groups, or micro-entrepreneurs, Malaysian Prime Minister Muhyiddin Yassin said on June 28.

Illustrative image (Photo: Bernama)

No more conditions such as income reduction, checks on whether the applicant had lost his job and documentation needed to be submitted for the application, he stressed.

All they need to do are apply the application, and the approval will be given automatically, the PM added.

This facility is also offered to affected small and medium enterprise (SME) operators but they are subject to checks and approval by the banks.

Applications will open on July 7, 2021, the PM said, adding that borrowers only need to apply and sign an agreement to amend the relevant loan conditions.

However, he advised borrowers to make the best use of this offer and not to make additional financial commitments if it is not urgent.

Source: VNA