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Govt announces loan moratorium, interest-free personal loans to help flood victims

Datuk Seri Ismail Sabri Yaakob on Wednesday announced four initiatives which will be implemented by government agencies and the banking sector to ease the burden of people and micro, small and medium enterprises (MSMEs) affected by the recent massive floods.

BSN has allocated RM100 million to help flood victims buy replacements for household equipment and furniture destroyed in the floods. Open to all flood victims, BSN MyRinggit-i BANJIR will offer a sum of up to RM5,000 at 0% interest rate, with a tenure of three and a half years. This includes a six-month moratorium on the instalment payments of the facility. Individuals who are interested can begin applying for for the facility online starting from 27 December 2021.

He said there will be a moratorium on repayment for the first six months and this initiative is open to flood victims throughout the country.

Ismail Sabri also said Tekun Nasional had set aside an RM30 million fund for a Flood Recovery Financing scheme for affected MSMEs.

Loans of up to RM10,000 without interest and a 12-month moratorium will be given to those eligible.

According to Ismail Sabri, Bank Negara Malaysia (BNM) is also working on increasing the allocation for the Disaster Relief Facility (DRF) 2022 from RM200 million to RM500 million based on the current needs.

He said another initiative is a repayment assistance scheme for flood victims with housing or property loans, car loans, credit card and personal loans.

“The facility includes deferment or reduction of instalment payments for up to six months,” he said.

He said these initiatives were in addition to other types of government aid announced earlier, including the RM1,000 payment for each household of the Keluarga Malaysia (Malaysian Family) affected by floods.

“I truly sympathise with the hardship and difficulties faced by Keluarga Malaysia after being hit by the recent flood disaster,” he said.

He said flood victims in Kelantan, Terengganu, Pahang, Perak, Negeri Sembilan, Melaka, Kuala Lumpur and Selangor had suffered losses due to destruction of their properties.

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