Move to abolish Rule 78 timely

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The story "Move to abolish Rule 78 timely" was covered 15 hours ago by The Star, a news publisher based in Malaysia.

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The Star 15h ago

Move to abolish Rule 78 timely - The Star

Quick Summary:

The move to abolish the Rule of 78 method that calculates interest on personal financing is seen as a positive one as it aims to promote a healthier financial environment for borrowers.

That being said, we note that the Exposure Draft on Personal Financing which sets out the proposal to abolish the flat rate with Rule of 78 method for personal financing was just recently issued on Dec 13, 2024 and is open for feedback from the public, including banks until Feb 14, 2025,” it said.

It also noted the current maximum tenure, currently Malaysia’s 10-year tenure provides flexibility for borrowers, particularly in managing affordable monthly repayments.“Reducing the tenure to align with other countries, such as Australia and Singapore, would require careful evaluation to ensure accessibility is not compromised for lower-income segments,” ABM said.