Yes, you can now defer your car loans for 6 months but don’t celebrate just yet

You’re probably jumping for joy after Bank Negara Malaysia made a very favourable announcement allowing all bank loans, except credit card bills, to be deferred for six months beginning from the 1st of April 2020.

The 6-month deferment period thankfully, also applies to hire purchase agreements such as your car loans. The interests that comes with it will still apply, be accumulated and due for payment after the deferment period in.

The deferment period only applies to loans repayments due from 1st of April onwards and not those which have yet to be paid before the said date.

As for the loan tenure, this effectively means your car loan will be extended by six months. If you car loan ends in December 2020, this deferment would mean that it would end in June 2021 at no additional cost.

Below are some screenshots taken from the Bank Negara Malaysia website with all the relevant FAQs, hope that helps!


Please enter your comment!
Please enter your name here