On 24 February 2009, Bank Negara reduced the Overnight Policy Rate (OPR) from 2.5% to 2% to give the public more disposable income. This reduction, in turn, was reflected in the reduction of the BLR from 5.95% to 5.55%.
However, many banks have yet to reduce the monthly loan repayment instalments for facilities where the interest rate is pegged to the base lending rate (BLR).
Banks have the option of either shortening the tenure of the loans and maintaining the monthly loan repayments, or reducing the monthly repayment and maintaining the tenure.
Some banks are waiting for borrowers to write in to request a reduction instead of implementing an auto reduction.
So, the best thing to do is to check with your bank if they have reduced the bank loan rates or not. This could save you a lot of money.
Source: The Star
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However, many banks have yet to reduce the monthly loan repayment instalments for facilities where the interest rate is pegged to the base lending rate (BLR). commission fast start review
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