1. What is the Personal Loan Debt Calculator?

This calculator estimates the remaining balance for government-backed personal loans in Malaysia using standard amortization formulas. It helps borrowers understand their outstanding debt.

2. How Does the Calculator Work?

The calculator uses the loan balance formula:

Where:

• \( B \) — Remaining balance (MYR)
• \( PMT \) — Monthly payment amount (MYR)
• \( r \) — Monthly interest rate (decimal)
• \( n \) — Remaining number of months

Explanation: The formula calculates the present value of the remaining loan payments, accounting for the time value of money.

3. Importance of Loan Balance Calculation

Details: Knowing your remaining balance helps with financial planning, loan restructuring decisions, and understanding your debt position.

4. Using the Calculator

Tips: Enter your exact monthly payment, annual interest rate, and remaining loan term in months. Ensure all values are positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Is this calculator specific to Malaysia government loans?
A: Yes, it's designed for standard government-backed personal loans in Malaysia, though it may work for other similar loan products.

Q2: How accurate is this calculator?
A: It provides a close estimate but may differ slightly from official statements due to rounding or specific loan terms.

Q3: What if my interest rate changes?
A: For variable rate loans, you'll need to recalculate with the new rate and remaining term.

Q4: Can I use this for early settlement calculations?
A: Yes, enter the remaining months you plan to pay off early to see the settlement amount.

Q5: Does this include any penalties or fees?
A: No, this calculates only the principal and interest components. Check with your lender for any additional charges.