Three-month extension on loan moratorium for 10,000 in Penang

10,000 Bank Rakyat customers in Penang are to be offered a three-month extension on a loan moratorium.

GEORGE TOWN: Bank Rakyat has identified nearly 10,000 customers in Penang who are being offered a three-month extension of a loan moratorium.

The national loan moratorium ends on Sept 30.

The bank said today it had begun contacting the borrowers in stages to offer the three-month extension, which is specifically for customers laid off in 2020 who have yet to secure a new job, as well as those on unpaid leave until December.

“Targeted assistance is also offered to customers who have their salaries deducted by their employers. They could be given instalments in line with their salary reduction rate for a minimum period of six months,” the bank said.