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 |
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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.
