As a measure to help reduce household debt, Bank Negara Malaysia has set a new rule since the beginning of this year. Now, with the new cap, repayment of personal loans is capped at up to 10 years, when it was previously up to 25 years.
This ruling is extended to all financial institutions and credit cooperatives that are regulated by Bank Negara Malaysia.
This has made the credit cooperatives in Johor unhappy, as with the new ruling, more than 90% of its 50,000 members do not qualify for a personal loan anymore.
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