Personal loan interest rate and fees
Our rate and every fee, in one place.
Flat rate and effective annual rate
Interest = loan amount × flat rate × years, and the total is spread evenly across your months. Because you repay principal every month, you owe less over time, so the effective annual rate on a reducing balance is higher than the flat rate. Compare loans using the effective rate.
- Flat interest rate (a year)
- 4.88%
- Effective annual rate (reducing balance)
- 8.95%
Your loan, itemised like a receipt
Pick an amount and a tenure. Every line below comes from the law or from our flat rate, so nothing is left for later.
Amount
Tenure
What this receipt tells you
- Interest of RM 2,440.00 works out to RM 40.67 a month, the same every month because the rate is flat.
- At the 18% legal cap for unsecured loans, the same loan would carry RM 9,000.00 in interest. An unlicensed lender has no cap at all.
- Stamp duty of RM 50.00 is a government tax on the agreement, paid once at signing. It goes to LHDN, not to us.
- The effective annual rate, 8.95%, is the figure to use when you compare this with a bank loan.
Cost of loan
Estimate, not an offer
- Amount you receive
- RM 10,000.00
- Interest at 4.88% flat a year × 5 years
- RM 2,440.00
- Total to repay
- RM 12,440.00
- 60 monthly instalments of
- RM 207.33
Paid once, when you sign
- Stamp duty (0.5% of the loan)
- RM 50.00
- Attestation fee
- in your written offer
Paid before your loan is disbursed
- RM 0.00
Only if you pay late
- Simple interest on the overdue amount
- 8% a year, daily
Effective annual rate 8.95%. Figures are estimates; your written offer is what counts.
Source: Lembaga Hasil Dalam Negeri Malaysia (LHDN) · Stamp Act 1949Source: Attorney General's Chambers of Malaysia · Moneylenders Act 1951 (Act 400)
Monthly instalment at a glance
Every figure uses the same flat 4.88% a year as the calculator.
| Loan amount | 1 year | 3 years | 5 years | 7 years |
|---|---|---|---|---|
| RM 5,000 | RM 437.00 | RM 159.22 | RM 103.67 | RM 79.86 |
| RM 10,000 | RM 874.00 | RM 318.44 | RM 207.33 | RM 159.71 |
| RM 30,000 | RM 2,622.00 | RM 955.33 | RM 622.00 | RM 479.14 |
| RM 50,000 | RM 4,370.00 | RM 1,592.22 | RM 1,036.67 | RM 798.57 |
| RM 100,000 | RM 8,740.00 | RM 3,184.44 | RM 2,073.33 | RM 1,597.14 |
Fees
| Item | Amount or basis |
|---|---|
| Stamp duty | 0.5% of the loan amount, under Item 22(1)(b), First Schedule, Stamp Act 1949 |
| Attestation fee | The attestor's fee, stated in your written offer before you sign |
| Late payment charges | Simple interest of 8% a year on the overdue amount only, counted daily and never compounded (Section 17, Act 400) |
What each fee is for
Stamp duty
A government duty on the loan agreement. A stamped copy of the agreement is given to you before the money is lent, as Section 16 of Act 400 requires.
Attestation fee
Paid to the Commissioner for Oaths or other authorised attestor who attests the agreement and explains its terms to you, as Section 27 requires.
Late payment charges
Only applies if you pay late. Section 17 allows simple interest of 8% a year on the overdue amount, counted day by day. Compound interest is not allowed.
We never ask you to pay anything before disbursement. Under Section 23 of Act 400, a moneylender may only charge stamp duty, fees payable by law and legal costs.
Source: Attorney General's Chambers of Malaysia · Moneylenders Act 1951 (Act 400)What if you pay late?
Pick a day on the calendar to see what the agreement allows on that day. The example uses an instalment of RM 207.33.
10 days late
Late interest only
Simple interest of 8% a year runs on this one instalment, day by day. Pay it and the interest stops. No other charge is allowed.
Late interest so far
about RM 0.05 a day
RM 0.45
8% a year, simple, on this instalment only
If money is tight, message us before the due date. It is far easier to sort out early.
Never part of a licensed loan
- A fixed late penalty
- Interest on interest
- Visits to your workplace or family
What we never charge for
- Asking a question or getting an estimate
- Checking your credit report
- Verifying our staff
- Anything at all before your loan is paid out
How to compare loans fairly
- Compare the effective annual rate, not the flat rate. Two loans with the same flat rate can cost different amounts.
- Look at the total you will repay, not just the monthly instalment.
- Ask for every fee in writing before you sign.
- A longer tenure lowers the instalment but raises the total interest.