Zahid likens bank moratorium hurdles to interview for director's position

The targeted bank repayment moratorium is so full of hurdles that it is akin to the interview process for a bank director's job, said Umno president Ahmad Zahid Hamidi.

In a Facebook post today, Zahid said he has received complaints the process of obtaining loan repayment reliefs from banks was not as easy as the government made it out to be.

"(One person was asked) how much do you make? How much do you need to spend? In the end, the bank told the person that he had adequate funds to pay his car instalment.

"While that is true, what does the person have left for the family at a time when the household's income is affected?" said Zahid.

According to Zahid, the bank "categorised" the applicant as a "M40" (average income earner) and thus disqualified the person from a bank loan moratorium.

Zahid said he came across another complainant - a petty trader - who claimed to have difficulties securing a moratorium because of difficulties in proving a loss in income.

"The problem is, petty traders usually only have a bank statement and some other records. A lot of traders don't have a pay slip, EPF account or written proof that they have been laid off," he said.

The conclusion, said Zahid, was the bank relief schemes announced by the government sounded a lot better on paper, but the reality is different.

"If we want to help the people, we must do it as sincerely as possible and not be too calculative," he said.

Banks are currently offering either a three-month repayment moratorium or a six-month 50 percent reduction in loan repayment to those who fall in one of three categorise: the B40 group, businesses that cannot operate during the total lockdown period, and those who recently lost their jobs.

Some business owners have told Malaysiakini that these reliefs are very hard to obtain despite Prime Minister Muhyiddin Yassin using the term "automatic moratorium" twice in his Pemerkasa Plus stimulus package speech.

Critics have pointed out that the unwillingness of banks to help those in need comes at a time when banks were making healthy profits due to the Covid-19 pandemic, even when many are suffering.

This morning, former Johor Bahru MP Shahrir Abdul Samad opined that there were banks that had to be bailed out with public funds to stop them from going under.

"A lot of people are in difficulty now but banks are still operational and making a profit.

"Now is the time for them to return the favour," he said.

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