How do I apply for the 2021 Moratorium?

Post at:
2021-08-19
BUYER'S GUIDESENNEWS

How do I apply for the 2021 Moratorium?

BM

The government has reintroduced the loan moratorium programme or loan repayment assistance through the PEMULIH initiative. If you’d like to know more on how this new loan moratorium can work for you, we’ve summarised the following information for your convenience.


Who is eligible?

This relief is for Small and Medium Enterprises (SMEs), and individuals from the B40, M40, and T20 groups, who are facing temporary financial constraints arising from the COVID-19 pandemic.



How does it work?

Borrowers can now apply for the moratorium without providing any supporting documents. This is only applicable for housing, car, personal and business loans approved before 1 July 2021.

If you are planning to apply for the moratorium, remember:
  • You have a choice between a three-month loan repayment moratorium or a 50% reduction in loan repayments for a period of six months.
  • You cannot have missed any instalments by more than 90 days, or be in the middle of a bankruptcy / winding up proceeding.
  • If you are an existing Repayment Assistance (RA) recipient, you can still apply for the PEMULIH loan moratorium.
  • Applying for the moratorium will not affect your CCRIS record.
  • If you have missed your repayments for more than 90 days, do not to worry. Reach out to the Credit Counselling and Debt Management Agency (AKPK) for a customized repayment programme, and free financial advice.


How do I apply for the PEMULIH Moratorium?

There are three ways you can apply for the PEMULIH Moratorium:
    • Online form – Go to your bank’s website – Click on the web form – Fill in your personal and financing details – Tick the boxes on the terms of the repayment assistance – Click ‘Send’, and your bank will acknowledge receipt
 

  • Email – Go to your bank’s website – Click on the email provided – Fill in your personal and financing details – Tick the boxes on the terms of the repayment assistance – Click ‘Send’, and your bank will acknowledge receipt
 

  • Phone call

– Call your bank’s customer contact centre – Your call will be attended to, and the representative will guide you through the process

 

Check with your bank for more details or have a chat with our sales advisors at 012 500 8018 for expert financial help to assist you in planning for the future. Please stay safe, take care of yourself and your family, and stay in touch!