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Fomca calls for extra 3 months on loan moratorium

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Consumer group says the moratorium should last until the end of the year as many people would still face a struggle. FMTNews MCO CMCO Fomca Moratorium

Fomca says many people have difficulty in coping with the effect of restrictions to curb Covid-19.

Marimuthu Nadason, president of the Federation of Malaysian Consumer Associations , said the moratorium should last until the end of 2020, as those who have lost their sources of income or their jobs would have difficulty in paying off debts that had accrued. Marimuthu said the government aid under various stimulus programmes was “relatively insufficient” for those in the B40 group , and many were resorting to pawnshops to obtain cash.

 

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Banks should extend moratorium until December | New Straits TimesBank Negara Malaysia (BNM) has declared a 6-month moratorium for all borrowers – of housing loans and car loans, to fixed rate Islamic financing. Inevitably, the Finance Ministry had to coax the banks to defer the compound interest to be accrued to the principal.
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