Bank Negara Malaysia recently ordered all banks to grant a six-month deferment for all loans from April 1st 2020. It covers all repayments of loans made through banks. However, can we expect to see any loan deferment for motorcycle credit buyers?
We all came across the official statement by Bank Negara Malaysia, where Banking customers are allowed to delay the repayment of their existing loans for six months. This includes mortgages and hire-purchases such as any house or car loan obtained through banks. However, the loan deferment does not apply to credit card balances.
BNM announced this to assist borrowers who might experience temporary financial constraints during this Covid-19 outbreak. As stated by BNM, the automatic moratorium/ deferment will be effective from the 1st April 2020.
The question arises when we think about motorcycle owners, where, the majority are non-bank borrowers. In general, credit loans and loan shops are popular choices among motorcycle buyers. So, how about these non-bank borrowers? Can we expect to see the relevant parties taking action to assist their borrowers in this time of crisis?
We think, in the case of loan shops, the chances of them giving out loan deferment are very low. However, some loan shops are offering no-interest monthly payment, and we are hoping to see the rest of them doing the same. We advise you to check with your dealer.
Well, since BNM just made the announcement today, we just have to wait to hear anything from the other parties. Comment and let us know your thoughts and what should be done.
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