Automotive Blogs

Government announces six-month loan moratorium for flood victims – deferment or lesser instalment

Prime minister Datuk Seri Ismail Sabri Yaakob announced on Wednesday (December 22, 2021) several initiatives to ease the burdens of those affected by flash floods that hit several states in Malaysia. These initiatives will be implemented by government agencies as well as the banking sector, and will be provided to the rakyat and micro, small and medium enterprises (MSMEs).

First up, a six-month loan moratorium will be offered to flood victims with car loans, housing and property loans, personal loans and/or outstanding credit card balances. Among the available facilities include repayment deferment or a reduction of instalment payments.

Bank Simpanan Nasional (BSN) will also provide personal loans of up to RM5,000 without interest, and for this purpose, has allocated RM100 million to assist flood victims in replacing damaged items like furniture, household equipment and others. Those who take up this personal loan will also not need to make any repayments for the first six months.

Ismail Sabri also said Tekun Nasional had prepared a fund worth RM30 million for a Flood Recovery Financing scheme to assist affected MSMEs, with interest-free loans of up to RM10,000 and a 12-month moratorium being made available.

Lastly, Bank Negara Malaysia (BNM) has readied a financing facility of RM200 million for affected MSMEs through the Disaster Relief Facility (DRF) 2022. The central bank is also working on increasing the allocation of the DRF 2022 to RM500 million based on current needs.

Recently, the road transport department (JPJ) announced measures to assist those affected by the floods, including free replacement of damaged documents (road tax, driving license and vehicle grant). Several car companies in Malaysia have also announced their flood relief programmes, and you can check them out below:

ProtonPeroduaHondaMitsubishiSubaruVolkswagenMercedes-BenzBMW Group Malaysia (BMW, MINI and BMW Motorrad)

The post Government announces six-month loan moratorium for flood victims – deferment or lesser instalment appeared first on Paul Tan’s Automotive News.

Did you miss our previous article…