Contact BNMTelelink for assistance with loan repayment
KUALA LUMPUR: Bank Negara urged the public to contact BNMTelelink if they have any problems with requests for loan repayment assistance or difficulty contacting their respective banks.
The central bank said that if borrowers had difficulty with their banks or if their payments increased unreasonably, they could contact BNMTelelink at bnm.my/RAsurvey to file their complaints.
At the same time, Bank Negara, through a post on its official Instagram page, advised all parties to follow existing guidelines to help them make sound and appropriate decisions regarding the six-month standstill assistance. provided.
The Bank Negara guide says the public must consider five steps – understand, consider, ask, assess and act – in deciding whether to choose moratorium aid.
Previously, Bank Negara issued a statement that individual borrowers and micro, small and medium enterprises (MSMEs) affected by the Covid-19 pandemic could request a six-month moratorium starting July 7, 2021.
“Consider your current situation and make a wise choice to go for a six-month moratorium.
“Borrowers could contact their banks to reduce installment payments, continue to service their loans, or contact the Credit Management and Advisory Agency (AKPK) via services.akpk.org.my,” he said. he declares.
Bank Negara advises the public to inquire with the bank about the total monthly payment after the end of the moratorium assistance, the amount of interest / profit that will be charged on the deferred monthly payment, if the loan / financing period will be extended. and how long, as well as whether it is necessary to make an additional payment immediately after the end of the assistance.
“You should also ask the bank what will happen to the aid that is received if you are on existing repayment aid,” Bank Negara said.
He added that banks are required to provide borrowers with information on how the amount of payments and the duration of funding will be affected.
When a borrower requests to maintain lower installments (instead of the initial installments) after the moratorium, that would lead to an extension of the loan term, he said.
The central bank also said that interest will continue to be charged by the bank on the amount of the deferred payment and that no “interest on interest” or late payment penalties will be charged during the moratorium period.
Bank Negara also urged the public to contact the AKPK via services.akpk.org.my for advice or other repayment assistance options, as well as free advice from licensed financial planner SmartFinance of Malaysia Financial Planning Association via bit.ly/3js5zrm. – Bernama