KUALA LUMPUR: The six-month moratorium for all individuals, micro-enterprises and affected small and medium-enterprises (SMEs) begins today, according to Bank Negara.

       Opting in for the moratorium or any other repayment packages will be easy with no need for borrowers to provide supporting documentation. Approval will be given automatically, it added.

       Bank Negara said on Tuesday that the moratorium was in line with the National People’s Well-Being and Economic Recovery Package or Pemulih.

       “In addition to the moratorium, banks will also offer a reduction in instalments and other packages, including to reschedule and restructure financing to suit the specific financial circumstances of borrowers, ” it said in a statement.

       Bank Negara said borrowers could opt in online through a web form or an auto-generated email that will be available on banks’ websites to provide their personal and financing details.

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       Borrowers could also call up their banks and guidance will be provided by the customer service officer. If they are unable to use these digital channels, they may also visit their bank branches to submit their request for the moratorium.

       However, they are advised to check with respective banks on any changes in operating hours or arrangements for over-the-counter services due to movement restrictions.

       “The repayment assistance is applicable for financing approved before July 1, 2021, ” it said.

       Bank Negara said borrowers must not have missed instalments by more than 90 days or be subject to bankruptcy/winding up proceedings at the time the request for repayment assistance is submitted.

       For clarity, borrowers that are already under a repayment assistance programme and are servicing their financing in accordance with the terms of the programme will be able to opt in for this moratorium.

       Individual and SME borrowers who have financing with more than 90 days of missed payments are advised to contact the Credit Counselling and Debt Management Agency to obtain suitable repayment assistance and free financial advice (services.akpk.org.my).