How will banks aid borrowers still affected by Covid-19?

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Banks Committed to Assisting Borrowers and SMEs Impacted by Covid-19

Malaysian banks have demonstrated a commitment to providing assistance to borrowers and micro and small enterprises (SMEs) that continue to face challenges in the wake of the Covid-19 pandemic. This commitment was affirmed following a meeting between the banking industry and the Ministry of Finance, where constructive discussions took place regarding policy matters and the banking sector's role in supporting national objectives. The government specifically advised financial institutions to extend loan repayment assistance, including options for rescheduling or restructuring, to individuals and SMEs requiring such support.
Extension of Loan Repayment Assistance

Financial institutions in Malaysia are prepared to offer extended support for loan repayments to individuals and SMEs still grappling with the economic fallout from the Covid-19 pandemic. This assistance is to be provided in the form of rescheduling or restructuring of existing loan obligations. The government has formally advised banks to implement these measures for those in need.
Positive Industry Response and Commitment

The banking industry has responded positively to the government's guidance on providing continued support to affected borrowers. Prime Minister Datuk Seri Anwar Ibrahim expressed satisfaction with the commitment shown by banking institutions to aid both individuals and SMEs. This indicates a collaborative approach between the government and the financial sector to address ongoing economic pressures.
Support for Micro-Entrepreneurs and Vulnerable Groups

Beyond general loan assistance, the banking industry is set to continue its support for micro-entrepreneurs, with a particular focus on vulnerable segments of the population. This ongoing support will be channelled through specific programmes designed to foster business development and economic inclusion.
i-Tekad Microcredit Programme

One such initiative highlighted is the i-Tekad microcredit programme, administered by Bank Negara Malaysia. This programme is designed to empower poor households by providing them with access to financing, with loans available up to RM50,000. The objective of i-Tekad is to enable these households to establish their own businesses and improve their economic standing.

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How will banks aid borrowers still affected by Covid-19?

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