This FAQ is updated as of 20th May 2020 and subject to revision if there is any new development.
1) What are the initiatives by the government under Economic Stimulus Package?
Individual
- RM1,600 will be given to households earning less than RM4,000 a month.
- RM1,000 will be given to households earning between RM4,000 and RM8,000 a month.
- RM800 to single individuals aged 21 and above, earning less than RM2,000 a month.
- RM500 to single individuals aged 21 years and above, earning between RM2,000 and RM4,000 per month.
- 2% of electricity bills discount for households.
- Free internet to all customers starting 1 April 2020 until the MCO ends.
- One-off cash assistance of RM500 to e-hailing drivers.
- Private Retirement Scheme (PRS) - pre-retirement withdrawals from account B up to RM1,500 per member.
- Projek Perumahan Rakyat (PPR) - rental exemption for 6 months.
- 6-month lease exemption on all premises owned by the Federal Government such as school canteens, nurseries, cafeterias, convenience stores, and others.
- One-off cash assistance of RM500 to civil servants of grade 56 and below, including contract workers.
- Government pensioners will be given a one-off RM500.
- Wage Subsidy Programme to assist employers in retaining workers:
Salary of RM600 per month to every employee for 3 months.
(dedicated to workers earning less than RM4,000 and employers experiencing more than 50% decrease in their income since 1st January 2020)
- Provide funds to the Special Relief Facility (SRF) for SMEs by RM5 billion. In addition, the interest rate for the entire fund will be reduced from 3.75% to 3.5%.
- Fund Micro Credit Scheme by RM700 million for soft loans. The scheme will be administered by Bank Simpanan Nasional at a 2% interest rate with no collateral. Loan eligibility requirements are also relaxed to a minimum of 6 months of operation compared to 1 year of operation. The maximum financing amount is also increased from RM50,000 to RM75,000 for each entrepreneur.
- SMEs with business records of less than 4 years can also leverage the BizMula-i and BizWanita-i schemes for financing up to RM300,000 under Credit Guarantee Corporation (CGC).
- Syarikat Jaminan Pembiayaan Perniagaan (SJPP) will provide RM5 billion worth of guarantees and increase the guarantee coverage from 70% to 80% for SMEs that face difficulties in obtaining loans.
- Employer Advisory Services (EAS) program by EPF - options for deferral of payments, restructuring, and rescheduling of employer contributions.
- Exempt payment for Human Resources Development Fund (HRDF) levy for all sectors for a period of six months beginning April.
- Postponement of income tax installment payments to all SMEs beginning 1st April.
- The moratorium will be extended to loans from TEKUN, MARA, and cooperatives as well as other government agencies providing financing to SMEs beginning 1 April 2020.
2) What is the impact of the 6-month loan repayment moratorium on my credit score? And what will be shown in my credit report for the 6 months period?
Banks will capture the payment record from March 2020 and continue to repeat the same during the 6-month moratorium. It means, if you are already current before the moratorium, the record will continue to be as it was.
However, if you have already recorded arrears before the moratorium, the last arrears recorded will be carried forward for the 6 months moratorium. For this, your credit score, which was already affected previously, will continue to be affected.
For example, if you have ‘0’ recorded as your month in arrears (MIA) before the moratorium, the ‘0’ MIA will continue to be recorded for the next 6 months. So, if you have ‘1’ or ‘2’ recorded, it will continue to record the same throughout the moratorium period.
3) What will happen to my credit score after the 6 months moratorium period?
When the 6 months moratorium has ended, your credit report will start to capture your actual loan repayment. If you are not repaying your loan after the moratorium, it will then be recorded as the month in arrears which will affect your credit score.
4) What should I do if I anticipate that I can’t repay my loan after the 6 months repayment period?
Should you face difficulties in making repayments after the moratorium period ends, you may contact your respective banks during this 6-month moratorium and discuss the available solutions that they can offer.
Please be reminded should you opt to reschedule or restructure your loan, it may affect your credit score and your chances of getting a loan in the future.
5) How to check my credit score?
You can visit our website at www.creditbureau.com.my and go through our self-inquiry process. You can also contact us via email at This email address is being protected from spambots. You need JavaScript enabled to view it., live chat us or drop us a call at 03-7806 8080 (Monday to Friday, 8:30 am – 5:30 pm).
If you have any problems in reaching out to us via email, live chat, or phone call, you can visit our premise from Monday to Friday, 8:30 am – 5:30 pm. Ensuring your (and our employees) health and safety are our utmost priority.
For more information, you can visit Bank Negara Malaysia Official Website - https://www.bnm.gov.my/
