Toyota Capital Malaysia has officially stated that it will be granting an automatic six-month payment holiday (deferment or moratorium) to its customers (individual or SME) from April 1 to September 30, 2020. The move is in line with the Bank Negara Malaysia’s initiative that was announced on Wednesday (March 25), despite the company being a non-banking financial institution but a credit service provider instead.
“We are doing our part in easing the financial constraints of our customers arising from the Covid-19 pandemic and remain committed in supporting the economy during these exceptional circumstances,” the company said in a FAQ issued.
The only condition to be eligible for this relief scheme is customers must not have any loan/financing payments in arrears (owing) for more than 90 days from April 1. The loan repayment deferment arrangement will not impact any customer’s records with Toyota Capital Malaysia, in CCRIS, or any other financial reports. Those who qualify will automatically benefit from the moratorium (no action required), but if you wish to opt out from the scheme, you may write in to email@example.com.
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