LETTERS: I want to spotlight time period loans taken by way of bank cards like Cheque On Name and Flexi-Credit score-Plan.
These are loans taken for a hard and fast time period of 24, 36 and even 60 months, and the borrower providers a hard and fast reimbursement sum plus curiosity on a month-to-month foundation. The mortgage quantity excellent will cut back the credit score restrict.
I’ve known as the banks involved and really feel very dissatisfied to study that the above fastened time period mortgage is just not included within the mortgage reimbursement deferment program structured by Financial institution Negara Malaysia the place reimbursement is deferred for six months.
I believe that is grossly unfair because the month-to-month fastened installment funds will probably be a giant pressure on the borrower who’s now struggling to make ends meet similar to debtors with fastened reimbursement on loans like housing, vehicles and enterprise/SME loans.
It’s a month-to-month dedication that will probably be exhausting to satisfy given our current scenario. As a enterprise entrepreneur, I had taken these loans for my enterprise and with zero earnings as a result of lockdown and time wanted for our enterprise to get well, assembly these month-to-month installments will probably be very tough if not unattainable.
I don’t see the logic of the provide by banks to transform this class of bank card owings to a time period mortgage on this occasion as it’s already a time period mortgage. These time period loans are totally different from the traditional bank card owings that come up from our regular spending on the bank card which aren’t fastened commitments.
Due to this fact, I search Financial institution Negara’s pragmatism to incorporate this class of bank card mortgage i.e. fastened time period mortgage in its mortgage deferment program. It will assist many in my scenario to trip by way of these powerful occasions.
We want the 6 months moratorium whereas we attempt to rebuild our enterprise. I’m positive there are others in the identical predicament.
A Determined Businessman