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Banks tell Malaysian borrowers to seek help before September 30

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Local banks have said that Malaysians should ask their banks for help as soon as possible before the moratorium or temporary suspension of loan instalments ends on September 30.

There are multiple avenues that borrowers could seek help: via online platforms or with banks physically. The banks are even open on weekends and with longer operating hours in the weeks to prepare the way until the end of the moratorium.

CIMB CEO Datuk Abdul Rahman Ahmad said borrowers should go to the banks now before they run into difficulties in making loan repayments when the moratorium ends on September 30.

What if we just don’t go to the banks?

If citizens don’t come forward to the banks and the automatic moratorium ends, the instalments will become due post-September. Furthermore, if they don’t make payments, it will essentially become overdue. At that point, all banks will call them and do what we call the collection process.

Abdul Rahman stressed the borrowers should contact or visit the banks as soon as possible before September 30 to work out with the arrangements for their loans. Otherwise, the citizens will experience in being recorded under the system as having been late for their loan repayments.

“Don’t wait until the amount is overdue. Please come to us as quickly as you could so that we are able to help and provide the assistance before this happens,” he said.

Response from Mohd Muazzam, CEO of Bank Islam 

Bank Islam CEO Mohd Muazzam Mohamed has also commented on this issue. He said that some people may still hope that the moratorium or so-called freeze on them having to pay loan instalments would be extended without them having to do anything such as going to the banks.

Bank Islam CEO Mohd Muazzam Mohamed noted that some of the local borrowers are waiting to the ‘last minute’.

However, he added that borrowers should not hold such hopes and instead approach the banks for assistance in working out those loan repayments. Furthermore, it is definitely not worth it for citizens to take the risk as there might be a chance having to be computerized under the database Central Credit Reference Information System (CCRIS). The system will record their credit profile as being late in paying loan instalments. As a result, it will be affecting you in borrowing loans in the future.

 

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Content Source:

https://www.malaymail.com/news/malaysia/2020/09/23/banks-tell-malaysian-borrowers-dont-wait-till-last-minute-get-our-help-befo/1906016

Prepared by: Lee Yvonne

 

 

 

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