Step 1: Establish Eligibility
- Demonstrated financial hardship or unexpected emergency
- Proof of income loss or critical financial circumstances
- Commitment to resume payments when able
Step 2: Submit Application
- Contact Bank Rakyat Collections Department
- Complete Payment Deferment Request Form
- Submit supporting documentation and explanation
Step 3: Assessment & Review
- Bank assesses your circumstances (3-5 business days)
- Determines appropriate deferment period (typically 3-6 months)
Step 4: Payment Deferment Period
- Payments are paused for approved period
- Profit continues to accrue
Step 5: Resumption & Support
- After deferment period, regular payments resume with your readiness
- Bank Rakyat may offer revised payment schedule or additional counseling if needed
Frequently Asked Questions
What is the maximum deferment period?
Bank Rakyat typically allows payment deferment for 3-6 months depending on your circumstances.
For disaster-affected customers, deferment can extend up to 6 months.
Extensions beyond this period require special consideration and management approval.
Will deferment affect my credit score?
Payment deferment is typically reported to credit bureaus as a temporary arrangement.
While this may temporarily affect your credit score, it demonstrates responsible financial management during hardship.
How much profit will accrue during deferment?
Profit continues to accrue during the deferment period in accordance with Shariah principles.
The accrued profit will be added to your outstanding balance.
Your loan tenure may be extended to accommodate the deferred payments and accrued profit.
Can I request deferment due to disaster or emergency?
Yes. Bank Rakyat offers special payment deferment programs for customers affected by natural disasters such as floods and other emergencies.
Eligible customers can defer payments for up to 6 months.
For comprehensive details about disaster relief programs, please refer to the Flood Assistance Info link on the Loan Rescheduling card.
Is payment deferment Shariah-compliant?
Yes, our payment deferment program is fully Shariah-compliant and has been approved by our Islamic Advisory Panel.
It upholds the principles of Maslahah (public interest) and Takaful (mutual protection and compassion)
in providing relief during genuine financial hardship.
