2021 Maybank Pemulih car loan moratorium – full or 50% loan deferment for 6 months, with added charges
On June 28, prime minister Tan Sri Muhyiddin Yassin announced a six-month loan repayment moratorium for all Malaysians, like what was announced in the first movement control order (MCO) last year, though this time around, everyone is eligible â from the B40 through to T20 segments, including micro entrepreneurs. Applications are now open.
The key difference from the first loan assistance last year is that this time, there is no need for applicants to provide proof of a reduction in pay or the loss of a job â no documents are required. While the latest moratorium is automatic and open to all individuals, applicants will however still need to apply with the bank and sign an amended loan agreement form to have the order on black and white.
To that end, Maybankâs Covid-19 financial relief scheme is now live, and should they wish to, borrowers with the bank can now apply for repayment assistance from today. Maybank can be contacted on its customer careline at 1-300-88-6688, or +60378443696 for overseas customers, or via e-mail at [email protected] Alternatively, customers can make an appointment to visit a Maybank branch, Auto Finance Centre or Regional Asset Quality Management Centre.
Borrowers need to remember that the moratorium is not a loan waiver, and you do not get six months âfree rental.â Focusing on vehicle hire purchase, the repayment assistance plan by Maybank for individual customers has two available options â the first is a six-month deferment on monthly instalments, while the second is a 50% deferment in monthly instalments for a period of six months.
The sample scenario provided by Maybank illustrates a nine-year loan for RM50,000 at 2.80% interest, with a tenure of 36 months remaining. Here, the borrowerâs monthly repayment sum is RM580, and the remaining amount payable is RM19,441 over the remaining 36 months, as laid out by the normal repayment terms without the moratorium or 50% monthly instalment rate over six months.
Taking the first loan deferment option, which is a six-month moratorium on the monthly repayment, the customer gets to postpone the monthly repayments for six months, and the borrowerâs monthly dues of RM580 is resumed on the seventh month.
Term charges of RM471 are applied for the Option 1 arrangement, and the total loan tenure is extended by six months to 42 months. This comes to a total payable sum of RM19,912 for the loan, which is the RM471 in term charges added to the original remaining loan sum of RM19,441.
For Option 2, this is offered as a 50% monthly instalment, also for a duration of six months. This means the original monthly instalment of RM580 is halved to RM290 for the first six months of taking up the moratorium, with the original RM580 monthly sum resuming when the moratorium period ends six months later.
Option 2 is almost a halfway-house between Option 1 and the original hire purchase arrangement, where it brings RM258 in term charges for the 50% deferred instalments on top of the original RM19,441 remaining amount, for a total of RM19,699.
Here, three months are added to the original remaining loan tenure at the start of the moratorium, for a total tenure of 39 months, compared to the six months added by taking Option 1. In both cases, Maybank says the additional interest or profit will be charged on the principal based on the annual percentage rate (APR), which the borrower will pay at the end of the tenure together with the final instalment.
Customers of Maybank who apply for either deferment option will only need to sign a self-declaration form in order to submit their application, and will be contacted by an officer of the bank to inform the customer of their application status.
Here is the list of other banks that have released details of their loan moratorium options: