To ease the burden of living for low-income groups, B50 low-income group can apply for URUS. Through this program, borrowers can waive 3 months of loan interest, reduce their monthly installments by up to 24 months, and lower their loan interest rates.
However, the eligibility requirements for URUS are very strict, which means that applicants must be unemployed or have at least a 50% reduction in income. Applicants must also be in financial hardship.
Eligible individuals can apply through their respective banks from November 15, 2021 to January 31, 2022.
Banking industry expects only 20 percent of borrowers to qualify, rather than the 50 percent of borrowers projected by the government.
