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 Business

Public Bank provides non-compounded interest on loans during moratorium period

29th March, 2020

KUALA LUMPUR: Public Bank is providing a six-month moratorium for the monthly installment payments of loans for all eligible individual and business customers, with no compounded interest during this deferment period from April 1, 2020, to September 30, 2020.

For Islamic financing, profit will continue to accrue on the outstanding principal amount. Such profit will not be compounded as well, in line with Shariah principles.

Public Bank Managing Director, Tan Sri Tay Ah Lek said, “Following Bank Negara Malaysia’s announcement on March 25, 2020, Public Bank further extends the relief assistance to its customers by not charging any compounding interest on the interest that accrues during the moratorium period.”

Tan Sri Tay further added, “With the escalating COVID-19 outbreak, Public Bank is very concerned about its impact on the nation and hopes this extended financial assistance will provide additional relief to its customers.”

   
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