PETALING JAYA: Tour and travel agents are furious with financial institutions over terms and conditions imposed on them for extending the repayment moratorium which ended last month.
Malaysian Association of Tour and Travel Agents (Matta) president Tan Kok Liang said many Matta members had complained that the new terms would cause them to pay more in the long run.
“Some banks want to increase their interest rates while others are asking us for collaterals,” he said.
“The government told us to speak to the banks, but the banks are offering unfavourable terms.
“Our businesses are already suffering due to Covid-19. Why are banks making our lives more difficult?”
Tan said Matta members had been told to write to the association to inform it of their grievances.
“We will then approach Bank Negara with the feedback,” he said.
He told FMT that Matta had been told to approach the central bank if its members faced problems with banks over the loan moratorium.
“All we want is for the moratorium to be extended without any hassle,” he said.
In July, Bank Negara said with the blanket loan moratorium set to end on Sept 30, banks should be ready to assist borrowers affected by Covid-19 with repayment plans and other arrangements appropriate to their specific circumstances.
It also said affected borrowers needed to apply directly with their banks beginning Aug 7 in order to obtain repayment flexibility.
The statement was issued after Prime Minister Muhyiddin Yassin announced measures to provide a targeted extension of the moratorium and repayment flexibility to individuals and SMEs still affected by problems connected with Covid-19.
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