1. What is the EMI Calculation?

The Equated Monthly Installment (EMI) calculation determines your fixed monthly payment for a car loan, including both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (MYR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Loan term in months
• \( PMT \) — Monthly payment amount (MYR)

3. Malaysian Bank Rates

Current Rates: This calculator compares rates from major Malaysian banks:

• Maybank: ~2.88% p.a.
• Public Bank: 3-4% p.a.
• CIMB Bank: ~3.2% p.a.
• Hong Leong Bank: ~3.3% p.a.
• RHB Bank: ~3.4% p.a.

4. Using the Calculator

Tips: Enter your desired loan amount (minimum MYR 1,000) and loan term (1-9 years). The calculator will show monthly payments across different banks.

5. Frequently Asked Questions (FAQ)

Q1: What affects car loan interest rates in Malaysia?
A: Rates depend on OPR, bank promotions, loan tenure, vehicle type, and your credit score.

Q2: What's the maximum car loan tenure in Malaysia?
A: Typically 9 years for new cars, 7 years for used cars.

Q3: How does loan tenure affect total interest?
A: Longer tenures reduce EMI but increase total interest paid over the loan period.

Q4: What other costs should I consider?
A: Include insurance, road tax, and processing fees in your budget calculations.

Q5: Can I negotiate the interest rate?
A: Yes, especially if you have good credit history or existing relationship with the bank.