Malaysian banks to defer financing repayments of individuals, SMEs, for six months to ease COVID-19 pressure
Malaysian banks will from April 1 offer a six-month deferment of all loans and financing repayments for individuals and SMEs, the central bank said in a statement on Wednesday (Mar 25).
The move to help ease cashflow amid the continued COVID-19 spread is for all performing loans and financing denominated in ringgit that have not been in arrears for more than 90 days as at April 1.
Bank Negara Malaysia said banks will offer to convert outstanding credit card balances into three-year term loans at reduced rates to help borrowers better manage debt.
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