Borrowers should contact respective banks to discuss financial repayment options

KUALA LUMPUR - Borrowers in need of financial assistance should contact their respective banks through their banks’ official channels as soon as possible to discuss financial repayment options that suit their financial circumstances, the Association of Banks in Malaysia (ABM) said.

ABM member banks said they remain ready and willing to assist small business borrowers who are facing difficulties in servicing their debt repayments due to the recent increase in borrowing costs following the hike in the Overnight Policy Rate (OPR).

"ABM and its member banks take cognisance that the monthly repayment instalments for loans with floating interest rates would have increased following the recent OPR increases,” ABM said in a statement today.

To help customers in need, the association said banks will continue to offer assistance via services such as loan repayment rescheduling and loan restructuring.

"Customers are reminded to be wary of scammers and only apply for financial assistance through official bank channels.

"Bank customers are also advised not to deal with any third parties claiming to be agents/representatives of the banks on matters relating to repayment assistance, as banks do not appoint or engage third parties or agents for this purpose,” added ABM. - BERNAMA