COVID-19 Targeted Repayment Assistance Programme

Kuala Lumpur, Malaysia, 2021-Jun-15 — /EPR Network/ — When the Malaysia blanket automatic loan moratorium was implemented last year, the situation was unprecedented. The Covid-19 virus was new to all — how it transmits within the community or how it impacts the economy as a whole. From MCO 1.0, announced broad-based and strict containment measures, permitting just a handful of essential sectors/services to operate. Inevitably, it affected people from all walks of life — the poor, rich, urban, rural and formally or informally employed.

When MCO 1.0 was implemented in March 2020, Malaysia was the only country in Southeast Asia that implemented a blanket automatic loan repayment moratorium for individuals and small and medium enterprises (SMEs). According to data display, Malaysia implemented the most extensive loan moratorium in the region, covering about 80% of total loans. Ultimately, the blanket automatic loan moratorium implemented between April and September 2020 (estimated to be worth more than RM90 billion) was a proportionate response as all Malaysians struggled — an unprecedented measure in the face of an unprecedented crisis. In summary, broad-based containment measures led to broad-based assistance, including a blanket loan moratorium.

MCO 3.0 was implemented in June 2020 all citizens in the Bottom 40% (B40) category are eligible for a loan moratorium under the Strategic Programme to Empower the People and Economy Plus. The rest cannot apply, so most people are affected.

A six-month automatic loan moratorium that is interest-free and without any condition should be extended to all borrowers, according to the SME Association of Malaysia.

With the Malaysia full-scale Movement Control Order in place, at least 40% of small and medium enterprises (SMEs) are expected to close. Augured that many workers will see job loss in the next few months, especially in August and September.

News from Kuala Lumpur, 1Pinjaman Legal loan company approved by KPKT legal loan. 1Pinjaman its full commitment to offer ongoing Targeted Repayment Assistance to support all customers who face loan repayment difficulty due to the Movement Control Order (MCO) and the effect of the COVID-19 pandemic.

1Pinjaman COVID-19 Targeted Repayment Assistance Programme which was first launched in October 2020 comprises a full suite of extremely flexible and comprehensive repayment packages. These flexible repayment packages are made available for all segments of individual customers as well as microenterprises and SMEs, with various assistance in the form of deferment or reduction of monthly instalment payment.

1Pinjaman are currently providing a targeted approach of financial assistance to customers who need it. According to the Association of Banks in Malaysia, data showed that as at June 8, 2021, 1Pinjaman had received fifty thousand applications for such assistance, with an approval rate of 98%.