2021 Affin Bank Pemulih auto loan moratorium – full or 50% loan deferral for 6 months, with additional fees
As part of the Pemulih package announced by Prime Minister Tan Sri Muhyiddin Yassin on June 28, banks are now offering a six-month moratorium on loan repayments to all Malaysians. This is similar to what was offered during the First Order of Movement Control (MCO) last year.
Like other banks, Affin Bank has announced its Covid-19 relief measures, and its new Repayment Assistance Program (NRA) 2.0 offers a six-month installment deferral or one 50% reduction in down payments for a period of six months. The moratorium is accessible to everyone, individuals in the B40 and M40 segments and the richest 20% (T20) to small and medium-sized enterprises (SMEs) and micro-enterprises.
Affin Bank did not provide an example of a deferred payment in numbers, but it should be similar to the examples from CIMB and Maybank. Of course, the interest will vary depending on the amount of your loan, the remaining term and the agreed interest rate, you should therefore check with the bank for details before deciding whether or not to delay your payments.
The important thing to note is that opting for the moratorium will always result in additional interest charges. the the moratorium is not a loan exemptionso you don’t get six months of “free payments”. Instead, your payment is simply deferred, with the loan term extended by six months Therefore. As is the total interest paid is higher simply because of the extension of the mandate.
Unlike the previous targeted aid, it is not necessary to justify a reduction in salary or loss of employment, and no documents are required. However, borrowers will always have to request the moratorium from the bank, and sign an amended loan agreement.
Approval is automatic for private borrowers, while for businesses, it is first subject to banking control and not automatic. Approvals for eligible people are expected to take around five days, while for SMEs it is two weeks. Also, accept the loan break will not affect the status and CCRIS rating of an individual, so you don’t have to worry about the moratorium that will affect your credit rating.
Affin Bank Chairman and CEO Datuk Wan Razly Abdullah Wan Ali said customers can expect a quick and easy application process. “The bank understands the importance of this moratorium on customers impacted by Covid-19, and we are accelerating the processing of requests and will keep customers informed within a short period of five days for individuals and 14 days for SME customers” , did he declare. in a report.
Those interested in the Affin Bank moratorium can contact the bank on 03-82302222 or by email at [email protected] (community banking). Applications can also be submitted via this electronic form.
Besides Affin Bank, banks that have announced their moratorium options on Pemulih include: