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Waive additional interest on hire purchase financing, be compassionate banks

Bank Negara Malaysia should heed the voices of the rakyat and intervene in moratorium disputes arising from loan repayments.

The central bank should instruct banks and financial institutions to exercise one-off measures which include waiving additional interests.

This will assist the rakyat in overcoming the present and future financial difficulties.

If different financial institutions have different measures, these will confuse the rakyat, and it will be difficult to sooth people’s frustration.

The government’s original announcement had gained widespread approval from the rakyat. But the recent “clarification” from Bank Negara three days ago resulted with ire from borrowers whereby many complaints have been aired.

Continue Reading: https://www.thestar.com.my/opinion/letters/2020/05/03/waive-additional-interest-on-hire-purchase-financing-be-compassionate-banks