Maybank today announced that its Base Lending Rate (BLR) will be reduced from 5.95% to 5.55% effective 2 March 2009. The base financing rate (BFR) of Maybank Islamic Berhad will similarly be revised downwards from 5.95% to 5.55% effective the same date.
Maybank President and CEO Dato' Sri Abdul Wahid Omar said that the revision will enable all borrowers with loans pegged to the BLR to enjoy lower installments on their repayments.
He said the lower cost of funding will be of benefit to consumers as well as business customers, and will support the Government's efforts to ensure that the domestic economy remains resilient amidst the current global economic difficulties. "We are also constantly monitoring the needs of our customers and will ensure that they receive the necessary support and assistance during this period."
The last revision in BLR and BFR of Maybank and Maybank Islamic respectively was on 3 February 2009 when the rates were reduced from 6.5% to 5.95%.