Any additional interest that some banks may charge on the deferred payment cannot be higher than the original hire-purchase contract signed, Bank Negara Malaysia said.
BNM reiterated that, as a regulator, it has from the very beginning indicated that there will be accrued interest or profit with regard to the six-month moratorium.
For the benefit of the laymen, why don't BNM come up with a hypothetical table showing a range of loan amounts / interest rates / tenures and the INTEREST AMOUNT accrued. If the amounts are 'not that high', people might just accept it.
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Maconas urges BNM to reverse decision on hire-purchase loans | New Straits TimesKUALA LUMPUR: The Malaysian Consumers Association (Maconas) has urged Bank Negara Malaysia (BNM) to reconsider reversing its decision that all Hire Purchase loans and fixed rate Islamic Financing loan would face additional interest charges once the moratorium of 6 months expires. During the banks’ bad days, have the people chipped in to help? “They are rich, they can fend for themselves.” As if being poor is a privilege. Of course, we are oversimplifying things here. These organisations just like to hear themselves talk.
Source: NST_Online - 🏆 17. / 53 Read more »
No change from earlier decision on hire-purchase loan moratorium, says BNM | Malay MailKUALA LUMPUR, May 1 — From day one, Bank Negara Malaysia (BNM) has clarified that interest/profit will accrue on all products during the loan repayment moratorium period; hence there is no such thing as making a U-turn or revocation on the earlier decision, its officials said today. In a media... This was the MOST insincere, disingenuous initiative ever. It’s like saying, ‘go ahead, stop paying now. We’ll just allow banks to hammer u in the back of the heads b4 the 6 mths ends’! If truly want to help the people, make it a REAL payment holiday! Was BNM consulted before the announcement by the Minister. If so what was the advice and was it adopted. Only BNM says it , but the real thing is U turn n spin the story.
Source: malaymail - 🏆 1. / 86 Read more »
We never stated interests would be waived, says BNM over confusionThe central bank says there are no changes to the policy for six-month moratorium on hire purchase loan repayments and fixed-rate Islamic financing. FMTNews BNM moratorium HirePurchase Apa nama backdoor fool tu cakap lain Takde persefahaman antara MOF dan BNM dulu ke sblm buat pengumuman tu? Skrg tunding menunding jari. Ke mmg nak bg rakyat npk pelangi dulu sblm kena sambar dgn petir? ⚡️ Menteri cakap lain, Bank cakap lain....caca marba punya kerajaan.....kalau macam ni huru haralah sistem perbankan negara
Source: fmtoday - 🏆 5. / 72 Read more »
BNM regrets any confusion caused by procedural change on loan moratoriumCentral bank blames its illustration provided in an earlier version of FAQs, where certain assumptions and caveats were made. u turn u turn la! zalim kat rakyat susah Rakyat susah xpa jgn bank susah
Source: malaysiakini - 🏆 20. / 51 Read more »