Breaking: Interests for car loans under the moratorium will be added back for May to Sept period according to initial hire purchase agreement. And the automatic moratorium will be changed to opt in with separate agreements to sign for those who wants to take the moratorium.
So if your car loan is RM342,857.14 at 3.5% per annum, your annual interest will be RM12,000. So if you opt in for the 6 month moratorium, it will be RM6,000 interest, but since April has passed, the banks will absorb this month as losses and from May till Sept, the interests will be RM5,000 added and spread across your remaining loan tenure.
Assume you have 8 years left from an initial 9 year loan at 3.5% interest for RM100,000 loan; per month at RM1,217.59 of installment:
The 5 month interests will be RM1,458.33 and it will be spreaded into your remaining 96 months of installment, which will be RM15.20 per month, and your installment will now be RM1,232.80
So if you have a long period left, it's alright, but if you have only another 1 month to finish your car loan, then the 5 months of interest rates added into your 1 month installment will be more significant. But the banks are kind and fair, in that they can also let you choose to pay off the 5 months interest rates as another payment after your loan tenure ended or spread across your remaining monthly payment.
Your bank will call you tomorrow onwards on this.
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