MoF: Banks to waive interest/profit charge for HP loans, fixed rate financing during moratorium period

KUALA LUMPUR (May 6): The Ministry of Finance (MoF) has reached an agreement with the banking industry to waive additional interest or profit charges for hire purchase (HP) loans and Islamic fixed-rate financing for the six-month moratorium period in conjunction with the Covid-19 pandemic.

The MoF said monthly instalment payments would not apply to both HP loans and Islamic fixed-rate financing throughout the period.

This means there will be an additional six months for the entire financing schedule if borrowers choose to take advantage of the moratorium.

Further information on the matter will be provided by the respective banks, the ministry said.

The MoF hopes this decision will ease the burden of the people during the current difficult time.

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