BNM Seeks to Remove Flat Rates on Personal Loans– What Does this Mean for Consumers?

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Fintech News Malaysia 3d ago

BNM Seeks to Remove Flat Rates on Personal Loans– What Does this Mean for Consumers? - Fintech News Malaysia

Quick Summary:

The BNM Exposure Draft on personal financing (PF), announced on 16 December 2024, introduces new rules to abolish personal financing practices where interest or profit charges are calculated using the flat rate with the Rule of 78 method.

This move aligns with the joint efforts of Bank Negara Malaysia (BNM), the Consumer Credit Oversight Board [...]

The post BNM Seeks to Remove Flat Rates on Personal Loans– What Does this Mean for Consumers? appeared first on Fintech News Malaysia.