Overview
Following the announcement by Bank Negara Malaysia (BNM) and The Association of Banks in Malaysia (ABM) on April 30, 2020 please note that:
- In accordance to the Hire-Purchase Act 1967, borrowers/customers who wish to continue to participate in the 6-months repayment/payment moratorium will need to provide their Consent to us by 30 September 2020. The Online Consent Form is available now on our website.
- The Bank will be contacting impacted Hire Purchase/Hire Purchase-i borrowers/customers to obtain their Consent so that they can continue with the deferment program.
To continue enjoying the instalment deferment program borrowers/customers must indicate his/her participation in the deferment program by accepting the accompanying Consent to Hire Purchase/Hire Purchase-i Deferment Program by 30 September 2020.
The following shall apply to your facility, should you choose to participate in the deferment program.
Borrowers/customers will continue to enjoy the HP/HP-i Deferment Program but need to consent so that we can regularize the previously rolled out moratorium.
You have to indicate your participation to the Deferment Program by accepting the terms contained in the Consent to Hire Purchase/Hire Purchase-i Deferment Program. You may provide your acceptance now.
If we don’t receive your indication to participate by 30 September 2020, your facility will be excluded from the deferment program. You will then have to start paying June 2020 instalment by the due date. Refer to the FAQ to understand what you need to do for the April and May 2020 deferred instalments.
If we did not receive your consent to participate by 30 September 2020, your facility will be excluded from the deferment program. If you don’t participate, you will have to:
- Start paying your instalments in June 2020
- If you have deferred your instalments in April and May, you will need to settle those no later than 30 September 2020.
If you don’t,
- Your account will go into arrears, which could result in collection/recovery action from us,
- You will incur late/compensation charges of 8% p.a. for Hire Purchase and 1% p.a. for Hire Purchase-i
If you wish to participate, please give us your consent to the terms in the Consent to Hire Purchase/Hire Purchase-i Deferment Program here soon.
During the deferment period, no interest/profit will be charged on the deferred instalments.
Yes, I wish to participate in the Deferment Program for Hire Purchase/Hire Purchase-i and agree to the Consent to Hire Purchase/Hire Purchase-i Deferment Program
What you need before you consent to participate in this Deferment Program?
If you have multiple facilities, fill up the form separately for each facility but you can use the same 6-digit code
Read and understand the overview of this deferment program