As most of us already knew, Bank Negara Malaysia (BNM) decided to reduce the Overnight Policy Rate (OPR) to 3% at its last meeting on 7 May 2019. This was the first time of OPR cut since July 2016.
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| Historical Movement of Malaysia's benchmark interest rate (Overnight Policy Rate) |
Consequently, the ceiling and floor rates of the corridor for the OPR are correspondingly reduced to 3.25% and 2.75% respectively. This in turns will affect all the borrowing rates in Malaysia.
What's the lending rates from various financial institutions following the cut?
Here you go...
Note:
* Indicative effective lending rate refers to the indicative annual effective lending rate for a standard 30-year housing loan/home financing product with financing amount of RM350k and has no lock-in period.
As at 24 May 2019
Bank Negara Malaysia
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Yes, there are more banks in Malaysia which are lowering their lending rates.Standard Chartered Malaysia jumping on the bandwagon this week, following the cut in the overnight policy rate (OPR) to 3% from 3.25%.
ReplyDeleteThe bank’s base rate (BR) was lowered from 3.77% per annum to 3.52% per annum, while its base lending rate (BLR) was revised from 6.95% to 6.70% per annum.
Similarly, its Islamic base rate and base financing rate have also been reduced by 25 basis points to 3.52% per annum and 6.70% per annum, respectively, from 3.77% and 6.95% previously.