2021 Maybank Pemulih car loan moratorium – full or 50% loan deferment for 6 months, with added charges

On June 28, prime minister Tan Sri Muhyiddin Yassin announced a six-month loan repayment moratorium for all Malaysians, like what was announced in the first movement control order (MCO) last year, though this time around, everyone is eligible – from the B40 through to T20 segments, including micro entrepreneurs. Applications are now open.

The key difference from the first loan assistance last year is that this time under the latest Pemulih plan, there is no need for applicants to provide proof of a reduction in pay or loss of jobs – no documents are required. While the latest moratorium is automatic and open to all individuals, applicants will however still need to apply with the bank and sign an amended loan agreement form to have the order on black and white.

To that end, the Maybank webpage for its Covid-19 financial relief scheme is now live, and borrowers with the bank can now request repayment assistance from the bank from today. Maybank can be contacted on the customer careline at 1-300-88-6688 or +60378443696 for overseas customers, or via e-mail at weassist@maybank.com . Alternatively, customers can make an appointment to visit a Maybank branch, Auto Finance Centre or Regional Asset Quality Management Centre.

Borrowers need to remember that the moratorium is not a loan waiver, and you do not get six months “free rental”. Focusing on vehicle hire purchase, the repayment assistance plan for individual customers is offered by Maybank as one of two available options – the first is a six-month deferment on monthly instalments, while the second is a 50% deferment in monthly instalments for a period of six months.

Maybank hire purchase moratorium options – click to enlarge

The sample scenario provided by Maybank illustrates a nine-year loan for RM50,000 at 2.80% interest, with a tenure of 36 months remaining. Here, the borrower’s monthly repayment sum is RM580, and the remaining amount payable is RM19,441 over the remaining 36 months, as laid out by the normal repayment terms without the moratorium or 50% monthly instalment rate over six months.

Taking the first loan deferment option, which is a six-month moratorium on the monthly repayment, the customer gets to postpone the monthly repayments for six months, and the borrower’s monthly dues of RM580 is resumed on the seventh month.

Term charges of RM471 are applied for the Option 1 arrangement, and the total loan tenure is extended by six months to 42 months. This comes to a total payable sum of RM19,912 for the loan, which is the RM471 in term charges added to the original remaining loan sum RM19,441. Here, six months are added to the original remaining loan tenure at the start of the moratorium for a total tenure of 42 months.

For Option 2, this is offered as a 50% monthly instalment, also for a duration of six months. This means the original monthly instalment of RM580 is halved to RM290 for the first six months of taking up the moratorium, with the original RM580 monthly sum payable from the seventh month onwards.

Option 2 is almost a halfway-house between Option 1 and the original hire purchase arrangement, where it brings RM258 in term charges for the 50% deferred instalments on top of the original RM19,441 remaining amount for a total of RM19,699.

Here, three months are added to the original remaining loan tenure at the start of the moratorium, for a total tenure of 39 months, compared to the six months added by taking Option 1. In both cases, the additional interest or profit will be charged on the principal based on the annual percentage rate (APR), which the borrower will pay at the end of the tenure together with the final instalment, according to Maybank.

Customers of Maybank who apply for either deferment option will only need to sign a self-declaration form in order to submit their application, and will be contacted by an officer of the bank to inform the customer of their application status.

Other banks have also released details for their own loan moratorium options that have become available. These include:

  • CIMB
  • Hong Leong Bank
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