In light of the recent devastating floods that have impacted many localities around the entire country, Prime Minister Datuk Seri Ismail Sabri Yaakob has announced a set of four initiatives to help ease the burden of the people, as well as micro, small, and medium enterprises (MSME) that have been affected by the floods.
According to the Prime Minister’s statement, those affected by the floods nationwide will be offered repayment assistance (moratorium) for housing or property loans, car loans, credit cards, and personal loans. “The facility includes deferment or reduction of instalment payments for up to six months,” he said.
In addition, Bank Simpanan Nasional (BSN) has also allocated a sum of RM100 million for the purpose of interest-free personal loans up to RM5,000, intended to help flood victims purchase replacements for household equipment and furniture that have been destroyed in the floods. The loan is also eligible for a moratorium on repayment for the first six months.
As for MSMEs, Ismail Sabri said Tekun Nasional had set aside a fund worth RM30 million for a Flood Recovery Financing scheme, which offers interest-free loans of up to RM10,000, plus a 12-month moratorium for those eligible.
Bank Negara Malaysia (BNM) has also readied an allocation of RM200 million as part of the Disaster Relief Facility (DRF) 2022 for MSMEs, but is still working on increasing it to RM500 million based on current needs.
The new initiatives are introduced in addition to the other government aids announced earlier, including the RM1,000 cash aid for each household affected by the floods, as part of the Keluarga Malaysia programme.
Recently, many car brands in Malaysia have also introduced their own flood relief assistance programmes to help ease the burden of their customers who have been affected by the floods. You can find them in the list below:
[Source: Ismail Sabri/Twitter]
