{
  "id": 8420887,
  "title": "Fourteen of 20 banks now offer reducing balance hire-purchase financing, says Armizan",
  "url": "https://urgent.news/2026/09/19/fourteen-of-20-banks-now-offer-reducing-balance-hire-purchase",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-19T08:50:21.000Z",
  "source": {
    "name": "Malay Mail",
    "slug": "malay-mail-malaymail",
    "url": "https://www.malaymail.com/news/malaysia/2026/09/19/fourteen-of-20-banks-now-offer-reducing-balance-hire-purchase-financing-says-armizan/235794"
  },
  "original_language": "en",
  "account": null,
  "summary": "As of September 18, 14 out of 20 banking institutions providing hire-purchase financing have started offering the reducing balance method, according to Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali. The remaining six banks are expected to complete the transition by December 31 at the latest, with full compliance required from April 1, 2027. The reducing balance method, introduced by amendments to the Hire-Purchase (Amendment) Act 2026, calculates interest based on the current loan balance, making early loan settlement more transparent for consumers.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Bernama",
        "title": "General : 14 Banks Begin Offering Reducing Balance Method For Hire-purchase Financing",
        "url": "https://urgent.news/2026/09/19/general-14-banks-begin-offering-reducing-balance-method-for-hire",
        "published": "2026-09-19T07:30:41.000Z"
      },
      {
        "outlet": "Malay Mail",
        "title": "Fourteen of 20 banks now offer reducing balance hire-purchase financing, says Armizan",
        "url": "https://urgent.news/2026/09/19/fourteen-of-20-banks-now-offer-reducing-balance-hire-purchase-8426666",
        "published": "2026-09-19T08:50:21.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}