: Banks have contacted more than 394,000 individual and small and medium-sized enterprise borrowers who are still adversely affected by the Covid-19 pandemic to offer loan restructuring and rescheduling.“Banks are proactively contacting borrowers to offer assistance, including extending the loan tenure so that the monthly installments could be reduced, as well as other suitable exemptions until they are able to strengthen their financial footing.
He was answering a question posed by Lim Guan Eng who asked the finance minister on whether the loan moratorium would be extended by another six months, and if there would be no extension, what assistance would be given to individuals and traders for housing loans, credit card debts and car loans. Tengku Zafrul added that to-date, more than 7.7 million individual borrowers and more than 243,000 businesses or 95 per cent of SME borrowers have benefited from the moratorium.
The finance minister also said that borrowers with financial issues have also been urged via social and mass media to contact their respective banks as soon as possible to ensure that they have sufficient time to decide on the most suitable loan repayment plan.
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