6 Months Loan Moratorium in 5 Mins
Friends in need can also share our video and our Facebook page to your friends, so that your friends can also benefit! Welcome to our “Guardian of Law”, I am Lawyer Khoo. Well, today we are going to talk about the “6 Months Loan Moratorium in 5 Mins”. The following questions are asked by my friends and this is my answers. Please watch the above short video.
1)What is the official name of the loan deferment program?
Answer: It is called “Deferred Loan and Financing Loan Program”, which is to temporarily postpone or postpone loans or financing loans (principal and interest) for a limited period of time. During this period, if eligible borrowers or customers have loans or financing, they do not need to repay temporarily, and banks will not impose penalties or penalties for deferred payment.
The loan or financing loan with deferred amortization will continue to calculate interest (not compound interest), and the borrower or customer will need to repay the deferred amortization period in the future.
Postponed loans and financing loans will resume amortization after the postponement period.
2)The purpose of postponing the plan?
Answer: Provide relief to individuals and companies who are temporarily facing financial difficulties due to the COVID-19 pandemic.
It will help individuals and companies facing financial difficulties during this period to cope with the challenges. The loan or financing loan amortization period will resume after the postponement period
3) What types of loans are eligible for deferral?
Answer: For individuals and small and medium enterprises, if the loan or financing loan meets the following conditions, the Development Financial Institution (DFI) will automatically take effect for the amortization period of ordinary loans and Islamic financing loans (except credit cards):
*As of April 1st this year, there is no bank payment for more than 90 days
4) Can I request to postpone the amortization period of more than 6 months?
Answer: The postponed amortization period is only allowed for 6 months. For a longer period, please contact the bank.
5) If I choose to postpone, will the CCRIS record be adversely affected?
Answer: No. The interest or profit of the delayed amortization loan or financing loan will continue to be calculated, and the borrower will need to repay the delayed amortization period in the future.
Borrowers need to contact their banking institutions to discuss options for repayment after postponing the loan or financing.
6) Do I need to apply?
Answer: No need. All eligible personal or SME loans or financing loans (except credit cards) will be automatically enjoyed.
7) I defaulted on a loan or financing loan, am I eligible? Can my loan enjoy the extension plan under the this plan?
Answer: If the loan or financing loan has been in arrears for more than 90 days, it will not meet the conditions for deferred amortization period. Borrowers or customers need to seek help from their bank.
Loans or financing loans under rescheduling and restructuring plans are eligible for deferred amortization loans.
8) I want to continue the loan or financing loan amortization period, how do I opt out of being automatically included in the deferred amortization plan?
Answer: Contact the bank and notify you of your intention to withdraw, or you will repay the loan or financing loan on time, and it is the full repayment of the month.
9) I work in the tourism field and have been severely affected. Since January I have been trying to pay off my monthly bank mortgage
(Mortgage payments), and my savings are almost running out. Am I eligible to participate in the deferred amortization plan?
Answer: Yes, as long as your loan or financing loan is not in arrears for more than 90 days on April 1 this year.
10) During this period, will I be charged additional interest on the amount of payment delayed for 6 months?Answer: For ordinary loans, during the suspension of repayment, the outstanding balance consisting of the principal and interest (except for compound interest) will continue to calculate interest.
For Islamic financing, the outstanding principal will continue to be calculated for profit. However, this profit will not contradict Islamic teachings.