A really good article on Penang Malaysia.
Affected M40, T20 groups eligible to apply for financing repayment aid
Individual customers and businesses whose income has been affected, including from the middle 40% (M40) and top 20% (T20) income groups, are eligible to apply for financing repayment assistance, said the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM).
AIBIM president Datuk Adissadikin Ali said the qualification is in line with the presentation of the movement control order (MCO) 3.0 PEMERKASA+ assistance announced by the government early this month.
He said AIBIM member banks had devised a simple verification process and documentation requirements to make it easier for customers to obtain repayment assistance for this financing.
“Individual or business customers, other than the categories mentioned above, facing financial difficulties due to the pandemic or MCO can contact the respective banks for assistance relating to the appropriate rescheduling and restructuring of repayments,” he said in a statement today.
Adissadikin said approval is automatic for applicants who lost their jobs in 2020 or 2021 and still had no work while opting for assistance.
The assistance provided is a three-month deferral of financing repayment or a 50% reduction in financing repayment for six months, he said.
He said the six-month financing repayment reduction assistance according to the amount of income reduction is offered to applicants who are still working but had experienced a reduction in total income.
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