Tengku Zafrul said that the decision was made after reaching an agreement on the matter with the banking industry.

He said that decision was that the monthly repayment amount will not change for hire purchase loans - for both conventional and Syariah - during the period. 

"This also means that there will be no additional charges during the moratorium period," he added in the statement. 

He said that further details on the matter can be acquired from the respective banks.

"The government hopes that the decision will be able to lighten the burden of the people during this challenging time, " he said.