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Personal loan calculator

That 6% flat rate is really about 10.8% a year. See your instalment, the interest, and the rate to compare.

Rates checked 25 October 2026.

RM
%
years
Monthly instalmentRM650.00
Amount borrowed
RM30,000
Total interest
RM9,000
Total repaid
RM39,000

Same instalment, the other way

Real yearly rate (EIR)
10.85%

A flat rate charges interest on the full amount every year, even as you pay it down, so the real rate is close to double. Settle early and the Rule of 78 still makes you pay most of the interest, because it counts the early months as mostly interest.

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Flat rate versus EIR

Most bank personal loans signed in 2026 still use a flat rate. The bank charges interest on the full amount you borrowed, for every year of the loan, even though you pay some back each month. So a 6% flat rate over 5 years costs about the same as a 10.8% loan charged on what you still owe. That second number is the effective interest rate (EIR), and it's the one to compare between banks, credit cards and other loans. The bank's product disclosure sheet has to show it.

What changes in 2027

Bank Negara's Policy Document on Personal Financing bans the flat rate and the Rule of 78 for new personal loans from 1 January 2027. Banks will charge interest only on the balance you still owe, so paying early saves interest straight away. The same rules cap personal loans at 10 years, and anyone borrowing more than RM100,000 will need to finish a short financial education module before the loan is approved. Loans signed before 2027 keep their old terms.

Costs on top

A conventional personal loan usually carries 0.5% stamp duty, often taken out of the money you receive. Some banks add a processing fee or ask for insurance. Read the product disclosure sheet before you sign, and check the monthly instalment fits next to your other debts.

Sources: BNM Policy Document on Personal Financing, Bank Negara Malaysia.

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