However, this time, the government will not be extending any automatic financial help.
Talk to your banks
On Tuesday (11 May), Bank Negara Malaysia has confirmed that there will be no blanket loan moratorium this time around.This is despite the sudden nationwide Movement Control Order (MCO) announced by the government as most economic sectors are still allowed to operate.
Malay Mail quoted BNM governor Datuk Nor Shamsiah Mohd Yunus as saying that blanket loan moratorium is not the best solution for all at this point.
However, she advised those needing assistance in paying back their loans to speak to their respective banks to see what could be done.
She also said that borrowers could speak to other agencies such as Credit Counselling and Debt Management Agency (AKPK) and BNM Telelink to discuss their financial woes.
"Banks are continuing to provide repayment systems including targeted moratoriums to borrowers who have lost their job and income. This will continue as some borrowers need help given the recent MCO.
"So while the MCO has been extended, nearly all economic sectors are allowed to operate unlike the previous MCO in 2020," she reportedly said.
She added that since borrowers are getting assistance that reflect their financial situation and as such, a blanket is not necessary.
Nor Shamsiah said that it was important for borrowers to speak to their respective banks to ensure they don't end up incurring more cost or debt and get back on their feet faster.
She also said that borrower's CCRIS (Central Credit Reference Information System) record will not be affected by the financial assistance for the rest of the year.
So, there you have it, guys. If you have the means to continue servicing your loans, you will have to do so but for those who do need assistance, you just have to ask and hope the answer would be positive.