Warning of Scams, Bank Negara Says to Avoid Intermediaries over Six-Month Loan Break

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Malaysians wishing to participate in the loan deferment and credit restructuring initiative from Bank Negara Malaysia should deal only with their banks.

The central bank warned consumers and businesses not to fall for those claiming to be agents to process the deferment and restructuring.

“BNM has not appointed any third party or agent to process any application for this purpose.

“Please deal directly with your bank. You do not have to visit your branch. The bank will arrange it for you,” it said in a statement.

On Wednesday, BNM announced a six-month postponement of all individual and business loans for small-medium enterprises (SMEs), the option to convert existing credit card debt to personal loans, and the restructuring of corporate debt.

The initiative was part of the government’s efforts to help Malaysians cope with the coronavirus (Covid-19) pandemic and ensuing movement control order.

As interest will still accrue during the period of deferment, those who do not wish to postpone repayments must opt out of the scheme. – MMO