Base Rate Malaysia 2015

interest rates

Bank Negara Malaysia announced on 19th March 2014 that the BLR(Base Lending Rate) structure is to be replaced with a new BR (Base rate) system where banks in Malaysia can freely adjust their interest rates without intervention from Bank Negara. Financial instituitions such as banks are free to adjust their interest rates based on SRR (Statutory Reserve Requirement) The new system will be much much transparent and beneficial to customers where banks are able to adjust their interest rates based on competitive advantage.

Bank Base Rate % Effective Date
Affin Bank 3.99 2nd January 2015
Alliance Bank 4.00 2nd January 2015
Ambank 3.99 2nd January 2015
CIMB Bank 4.00 2nd January 2015
Citibank 3.70 2nd January 2015
HSBC Bank 3.90 2nd January 2015
Hong Leong Bank 3.99 2nd January 2015
Maybank 3.20 2nd January 2015
OCBC Bank 4.02 2nd January 2015
Public Bank 3.65 2nd January 2015
RHB Bank 4.00 2nd January 2015
Standard Chartered Bank 3.67 2nd January 2015
OUB Bank 4.02 2nd January 2015

Like this Facebook page you are keen to follow the latest information on Base Rate Here

How does this effects you as a borrower ?

Loans that are already approved and extended prior 2nd of January will still follow the old BLR (Base Lending Rate)  or BFR (Base Financing Rate) until the end of the loan. Effectively on 2nd January 2015, all floating interest rate loans such as housing loans will follow the new Base Rate. Banks are still required to display their BLR and Base Rates on their branches and websites.

The change towards to new framework should have no impacts on borrowers. The latest base rate information has been revealed, here are the latest rates from Bank Negara Malaysia effective on 2nd January 2015.

Here is the official guide from Bank Negara Malaysia if you are still confused on how the latest Base Rate works.