Loan approval and application plunged 54.4% and 39% respectively in May, indicating that the public are still apprehensive when it comes to buying big-ticket items.
The debt moratorium for borrowers was the centrepiece of the economic rescue package that was first announced on March 24.
The idea of granting a six-month grace period of the repayment of debt was to ease the cashflow of individuals at a time when the economy was at the throes of the Covid-19 pandemic.
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