BNM looking to abolish flat rate interest on personal loans

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Bank Negara Malaysia BNM plans to abolish flat rate interest for personal financing, which includes Buy Now Pay Later schemes.

Under the flat rate system, the interest rate is calculated based on the full loan amount rather than the outstanding balance.

The draft exposure for comments include a proposal to classify certain home financing such as the practice of refinancing your mortgage for more than you owe and taking the difference in cash as personal loans.

In the draft rules, BNM said at a minimum, a financial services provider must review the consumer's repayment history on existing credit before providing a Buy Now Pay Later facility.

In the absence of existing credit, the provider will evaluate the consumers' utility or telecommunication bills.

The facility is also not to be offered to bankrupt individuals.

BNM is also gathering feedback on reducing the existing maximum tenure of 10 years for personal financing.

As at end 2023, aggregate household debt stood at RM1.53 trillion, with 12.6 per cent attributed to personal financing.

Personal financing is one of the top contributors of bankruptcy, accounting for 46 per cent of total bankruptcy cases in 2023.

Read more: https://www.nst.com.my/business/corporate/2024/12/1149301/bnm-looking-abolish-flat-rate-interest-personal-loans
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