Removal of additional interest for Hire Purchase interest during moratorium COVID-19

Removal of additional interest for Hire Purchase interest during moratorium COVID-19

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Colin Chow started this petition to Bank Negara Malaysia and

In March 2020, the Prime Minister of Malaysia announced that there will be a moratorium for Hire Purchase loans. This is to defer the payment of car loans in Malaysia so that the people of Malaysia can have a little additional cash flow to tie them over this difficult period of the Movement Control Order (MCO) where the whole country is placed on lockdown and almost all economic activities are temporarily stopped. 

All the banks has responded positively to this and many Malaysians has opted in to this scheme. 

Most Banks in Malaysia has described in their FAQ including the original FAQ from Bank Negara (BNM) has shown that there is no additional interest charged for car loans during this moratorium. However on 1st May 2020, Bank Negara Malaysia has come out with a revised circular stating that there will be accrued interest for Car loans. This is totally contrary to what has been perceived by most Malaysians. 

So we urge all the Banks together with BNM to show their sincerity to alleviate the hardship of the people by honoring the original understanding of this moratorium and waive the interest for 6 months. In this way, banks will not need to re-calculate the complicated interest and explain detail to customers before they decide. This will also ease both confusion and workflow of the banks as well. 

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