Automatic approval of B40 on loan moratorium

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KUALA LUMPUR: The government is committed to putting in place a self-approval mechanism for the moratorium on loan repayment for members of the B40 group and micro-SMEs that have requested it.

This means that people in income group B40 and micro-SMEs do not need to submit any documents to qualify for the three-month moratorium which will be implemented until December of this year.

“Those in income group B40 and micro-SMEs will also have their respective requests approved by the banks within 24 hours. No document, ”Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said in his closing speech on the 2021 budget in Parliament yesterday.

He also said people in the M40 income group only need to make an undocumented return to their respective banks and it will be approved within one to five days.

Tengku Zafrul said more than 700,000 Malaysians have requested the second phase of the moratorium, which now falls under the 2021 budget.

He said the government would continue to commit banks to the moratorium although 85% of those who benefited from the first phase of the moratorium have started repaying their loans.

The first phase of the moratorium lasted six months from March to October this year.

As part of the 2021 budget, Tengku Zafrul announced that the B40 and small and medium-sized enterprises (SMEs) could opt for a three-month moratorium or a 50% reduction in their monthly payments for six months.


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