PETALING JAYA: Borrowers affected by the Covid-19 pandemic are preparing to tighten their pockets ahead of the loan moratorium which will cease at the end of this month. Financial consultant and tax expert Koong Lin Loong said of the estimated RM100bil loan moratorium given by banks, 65% involved individual borrowers with a majority of them being housing and hire purchase loans. “As long as they can show proof that they have been affected, banks will help. The banks have also simplified the process and documentation to make it easy for borrowers,” he said, adding that borrowers who feel they were mistreated should complain to Bank Negara Malaysia. Koong urged borrowers to never go to “loan sharks” and should act fast to discuss their issue with their banks.

Source: The Star September 05, 2020 23:26 UTC