Banks to cut loan repayments

Oh! my banks, or Oh! my god...

Finally the prayer for more flexibility of the BANKS has answered or didn't they?

Good initiative from them to have the idea of cutting loan repayment. How does it work? No one knows. If someone do, please assist us....by commenting on my column.

I wish to refresh my reader about this link and it is a surprise that it happen again. Where is the information on the loan cutting repayment. According to 'The Star' please visits www.abm.org.my for further information and it is nothing there or maybe I am stupid enough not to understand what they are talking about.

A quick visits to the banks website and nothing stated about this good or maybe bad news. OK OK.

The point here is:-

1. Why not the press or the banks advertise more information and transparencies on this?
2. What is the catch? Is the bank stupid enough to make less money for the sake of the people?
3. Hello bankers....how many people knows on their own loans details? Why not called every single one of them to explain on the benefits of this instead of calling and chasing the customer on the repayment even though it was due one week. And also inform what type of loans that was affected or applicable. We are blank now!!!!! And that thing is going to due in MARCH!!
4. When you guys doing well (i am referring to US scenario) your shareholder make a cut and laughing all the way to the bank and when you guys fail, you seek help from the government and when the government help, whose money they use? The answer is tax payer..and who is the tax payer?.....OUR MONEY!!!!!!!!!and you guys dare to charge us that high is interest.....wah!!!!! no wonder the locals call it licensed AH LONG......

Lastly, thanks but no thanks. Please do something to built bank the confidence on the banking system.

The Star reported:

PETALING JAYA: Banks will reduce loan instalment payments, an exercise that will be completed by the first quarter of this year, the Association of Banks said.

Cus­tomers who prefer to retain their repayment amounts need to get in touch with their banks, it said in a statement.

The association said that the move by all commercial banks to cut instalment amounts follows the request by the Government to help borrowers facing difficult economic times.

“Lower monthly loan repayments will allow for more disposable income to be in the hands of the public and we reaffirm our member banks’ commitment to continue to be reasonable as well as responsive to the public’s needs,” it said in a statement yesterday.

The association said the move to reduce repayments was now possible following Bank Negara’s announcement of the reduction in the Overnight Policy Rate on Tuesday.

That move would bring about the reduction in the base lending rates of banks.

With the reduction, the association said all commercial banks had agreed to cut loan repayment amounts across the board and maintain the original repayment period.

However, it said borrowers also had the option of maintaining their monthly instalment amounts and have a shorter repayment period.

The association said borrowers could consult their banks’ hotlines if they have queries on the proposed revision and other facilities.

The hotlines are published at the association’s website www.abm.org.my.

Customers can also call the association’s toll-free service ABMConnect at 1-300-88-9980.