Bus and Taxi Hire Purchase Rehabilitation Scheme (BTHPRS)
- Scheme Objective:
To assist eligible bus and taxi operators with outstanding hire purchase, credit and/ or leasing facilities with eligible participating Financiers to mitigate the impact of the COVID-19 pandemic and MCO on their businesses and continued operations and to enjoy a 12-month moratorium on payment as well as lower monthly instalment payments.
- Scheme Limit:
- Eligible Participating Financiers:
Financiers other than banks providing Hire Purchase, Credit and Leasing services for financing of bus and taxis, must be registered under Jabatan Pengangkutan Jalan (JPJ) e-Hakmilik system as a registered user. Financiers must have agreed to participate in BTHPRS and have entered into a Master Agreement with SJPP.
- Tenure of Guarantee:
Up to 9 years from the respective commencement date of the guarantee
- Extended Tenure of Financing:
- Facilities with remaining tenure of more than 12 month: the tenure of financing is to be extended by an additional 36 months, inclusive of a 12 months moratorium on monthly instalments payments.
- Facilities with remaining tenure of 12 month or below: the tenure of the financing is to be extended by an additional 24 months, inclusive of a 12 months moratorium on monthly instalment payments.
- Application Period:
Applications are open until 31 December 2021, or until full scheme utilisation of RM1.0 Billion, whichever is earlier.
- Eligibility of Hirer/ Borrower:
Companies*, sole proprietorship**, partnership** or limited liability partnerships** which are at least 51% owned and ultimately controlled by Malaysian citizens and involved in the operation of charter, tour, interstate, express, stage school buses, factory buses, and taxis.
The vehicle life for buses and taxis should not exceed 12 years and 9 years respectively at the time of application for the guarantee.
The road tax for the vehicle must have been renewed with an expiry date on or after 30 September 2019, or the vehicle has been inspected by Puspakom Sdn Bhd with a certificate of inspection that is valid on or after 30 September 2019.
The existing financing facility to be restructured must not be in arrears for more than 3 months prior to 30 September 2019.
Where the Hirer has any other loan and/or financing facilities which is guaranteed under the BTHPRS or any other guarantee schemes managed by SJPP, there must not have been any claim made under any such guarantee.
Other terms and conditions may apply
*Incorporated under Companies Act 2016
**Registered under Registration of Business Act 1956
- Restructured Financing Limit:
- For buses:
Minimum of RM30,000, with a maximum of RM10.0 million* per facility (based on restructured principal amount outstanding)
- For taxis:
Maximum of RM5.0 million* (based on restructured principal amount outstanding)
*The maximum limit is also subject to the aggregate group limit not exceeding RM10.0 million for the amount to be guaranteed under the existing financing facility upon restructuring; and all other amounts owing by the Hirer and/or the Hirer’s Group under any other loan and/or financing facilities which are guaranteed under the BTHPRS.
- For buses:
- Guarantee Coverage:
50% of balance outstanding (excludes any penalty interest, late payment charges, other charges and guarantee fee advanced) of the restructured facility.
- Guarantee Fee:
0.5% of guarantee cover per annum, payable upfront. The guarantee fee for the first year of the restructured facility is waived.