1. What is Bank Rakyat Personal Loan?

Bank Rakyat offers personal loans specifically designed for private sector employees in Malaysia. These loans come with competitive interest rates and flexible repayment terms.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

• \( P \) — Principal loan amount (MYR)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Number of monthly payments (loan term in months)
• \( PMT \) — Monthly payment amount (MYR)

Explanation: The formula calculates the fixed monthly payment required to fully repay a loan over its term, including both principal and interest components.

3. Importance of Loan Calculation

Details: Understanding your monthly payment helps with financial planning and ensures the loan is affordable within your budget before committing.

4. Using the Calculator

Tips: Enter the loan amount in MYR, annual interest rate in percentage, and loan term in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for Bank Rakyat personal loans?
A: Interest rates vary but typically range from 5% to 12% annually depending on credit profile and loan terms.

Q2: What is the maximum loan term available?
A: Bank Rakyat personal loans typically offer terms from 1 to 10 years (12 to 120 months).

Q3: Are there any processing fees?
A: Yes, there is usually a processing fee of about 1% of the loan amount, subject to a minimum and maximum amount.

Q4: Can I make early repayments?
A: Yes, but there may be early settlement charges depending on the loan agreement terms.

Q5: What documents are required to apply?
A: Typically you'll need IC, salary slips (3 months), EPF statements, and bank statements.