31 May 2020

[HP Loan Moratorium] You have to act now, and here is the guide for different banks !!!

Still on this topic to follow up with the announcement by Bank Negara Malaysia (BNM) on the sudden change of procedures on hire-purchase loans (car loans). Yes. You have to 'act' and 'reply', if you want to opt-in to defer your hire purchase loan.

If you missed out on our previous posts on this same topic, here you go:
  • A Big U-Turn on Moratorium for Hire-Purchase Loans? (30 April 2020) (click here to read)
  • FAQs on Hire-Purchase and Fixed Rate Islamic Financing Products (1st May 2020) (click here to read)

A quick recap:
  • How long is the HP moratorium period?
    From 1st April 2020 to 30th September 2020.

  • Who is eligible?
    The HP 6-month moratorium is granted to all individual and SME customers, with Conventional & Islamic Ringgit Malaysia denominated loans / financing which are in arrears for not more than 90 days as at 1st April 2020.

If you want to opt-in, here is the different practice imposed by various banks:





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