Banking
Find out the common questions on banking.
Choose from the categories below:
Why are there changes in the monthly instalments after revisions of the Overnight Policy Rate (OPR)?
Whenever BNM revises the OPR, banks’ interest rates will be revised upward or downward, to maintain a level of stability within the economy.
For example, OPR will be increased in order to manage inflation. This leads to higher borrowing cost and higher monthly loan instalment. As a result, people will refrain from overspending and not push prices higher.
On the other hand, OPR will be reduced when growth is slowing down. Borrowing cost will be lower and entice consumers to borrow and spend more. This act will help stimulate the economy further and boost growth.
More information on OPR can be read further via this link: https://www.bnm.gov.my/documents/20124/8737479/mps_faq_nov2022_en.pdf
Should you face financial difficulty in repaying your loan when the interest rate increases, do contact your bank for assistance.
I noticed an error on my information shown in the credit report (e.g. name spelling, date of birth, pending verification status) as reported by the bank. How do I manage data verification?
You are required to submit your dispute/data verification request to the bank via eCCRIS (eccris.bnm.gov.my).
You may refer to CCRIS website: eccris.bnm.gov.my for further clarification on CCRIS/eCCRIS.
Steps for data verification can be found at the following link: www.bnm.gov.my/documents/20124/6190098/eCCRIS_FAQ_en.pdf.
If my loan is classified as a time-barred loan, can the bank still report my loan record in CCRIS?
CCRIS does not prohibit banks from retaining the details of any time-barred loan. As such, the loan is not expired nor extinguished.
