2m borrowers contacted by banks on loan extension - Finance Ministry
As of Aug 28, some two million borrowers who may need help servicing their loans have been contacted by banks, according to the Finance Ministry.
Deputy Finance Minister II Mohd Shahar Abdullah said of the 1.1 million borrowers who gave feedback, nearly 300,000 confirmed they need assistance with loan repayments, with the remainder still weighing their options...
As of Aug 28, some two million borrowers who may need help servicing their loans have been contacted by banks, according to the Finance Ministry.
Deputy Finance Minister II Mohd Shahar Abdullah said of 1.1 million borrowers who gave feedback, nearly 300,000 confirmed they need assistance with loan repayments, with the remainder still weighing their options.
“These figures will continue to rise substantially with borrowers enjoying the ease of application through the various channels provided,” he said at the Dewan Negara today.
Shahar was speaking in reply to Senator Razali Idris (Bersatu), who wanted to know the number of borrowers, including those who lost their jobs due to Covid-19, and how many have benefited from the loan moratorium extension.
“Of the total number of completed applications for assistance with loan repayments... 97 percent have been approved.
“The application process for individual customers is expected to take between one to five days while for small and medium-sized enterprises (SMEs), it is expected to take between three days to two weeks after the completed application is received by the bank,” he said.
Shahar added that the public need not worry as their application will not appear in their Central Credit Reference Information System (CCRIS) report.
- Bernama
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