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The Star - Avoid overly strict rules, banks told PDF Print E-mail
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Thursday, 10 September 2009 17:32

�The Star - 12 September 2006

KUALA LUMPUR: Banks should not be overzealous in imposing conditions on car buyers.� Finance Ministry parliamentary secretary Datuk Seri Dr Hilmi Yahaya said yesterday that overly strict guidelines would cripple the car sales industry. �

�While banks have to be careful in giving out loans according to their financial rating system, they should be more lenient to buyers,� he told reporters at the Parliament lobby yesterday.�

�They must give some leeway to consumers who want to buy cars.�� He was commenting on a report in The Sunday Star, which said that banks had imposed new screening measures to ensure borrowers paid their loans on time.� Financial institutions were worried about falling car prices, which could result in more people buying cars if loans were easily available.� The report also said that all loan applications would be subject to a financial rating system based on Bank Negara�s Central Credit Reference Information System and two private credit reference agencies � Credit Tip Off Service Sdn Bhd (CTOS) and Financial Information System Sdn Bhd (FIS). � Dr Hilmi said MPs had complained to him that the CTOS and FIS databases were not updated regularly, causing difficulty to car buyers who had paid their loans. ��