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Kuala Lumpur: Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP), wholly owned by the Minister of Finance Inc, is now accepting applications from participating credit companies under a special government guarantee scheme provided for bus and taxi operators.

This initiative, called the Bus and Taxi Hire Purchase Rehabilitation Scheme (BTHPRS), was announced by Prime Minister Tan Sri Muhyiddin Yassin under the Pemerkasa Plus package on May 31. “The BTHPRS is aimed to assist eligible bus and taxi operators by providing a loan servicing moratorium of up to 12 months and an extended repayment period to mitigate the impact of the Covid-19 pandemic and Movement Control Order (MCO) 3.0 on their businesses.

“A total allocation of RM1.0 billion has been approved by the government for this scheme,” said SJPP in a statement Thursday. It also said that the government will provide a 50 per cent guarantee on restructured hire purchase credit facilities for eligible bus and taxi operators.

“The guarantee will have a tenure of up to nine years with a guarantee fee of 0.5 per cent per annum and the guarantee fee for the first year will be waived.

“With the government guarantee, eligible bus and taxi operators will be able to obtain a 12-month loan moratorium and an extended loan tenure of up to 36 months,” it said. Presently, SJPP is working together with participating financiers, namely Orix Credit Malaysia Sdn Bhd, Hap Seng Credit Sdn Bhd, Hitachi Capital Malaysia Sdn Bhd, Pac Lease Bhd, Scania Credit Malaysia Sdn Bhd and other credit and leasing companies to ensure that the BTHPRS is implemented successfully.

”With the active participation of all parties, which includes bus and taxi operators, credit companies and associations, and with available information and awareness about the scheme, more operators will benefit from this government guarantee scheme.

“The scheme is expected to provide much-needed relief for the transport industry players to face this difficult time and to weather the Covid-19 pandemic,” SJPP said.  Applications for the government guarantee under BTHPRS are open until Dec 31, 2021 or until the scheme has been fully utilised.

Interested bus and taxi operators are encouraged to contact their respective hire purchase, credit or leasing companies to discuss their outstanding financing and enjoy the moratorium and lower monthly repayment.

More information on the BTHPRS and eligibility criteria are available on SJPP’s website at www.sjpp.com.my or interested parties can email their enquiries to esjpp@prokhas.com.my.