A personal loan calculator is an online tool that can be used to calculate your personal loan installment even before you avail loan. It is always good to have some basic first-level information about your personal loan before you start the process of applying for one. This online tool provides you with the basic information that will help you in planning your personal loan and other related aspects associated with it.
How to calculate personal loan repayment using online personal loan installment calculator
Using the online personal loan installment calculator is easy and quick; you need to feed in some important parameters like loan amount and tenure and then finally click the ‘calculate’ button to know the corresponding installment for your personal loan. Below are some of the most common steps involved in calculation of personal loan installment, online.
- Input your required personal loan amount by adjusting the loan amount slider. For e.g. you can key in RM.10L if that is the loan amount you wish to apply for.
- Feed in your preferred loan tenure into the online calculator tool. For e.g. you can move the slider to 3 years in case that is your most comfortable loan tenure.
- Input the applicable rate of interest on your personal loan.
- Input the applicable processing fee on your personal loan.
- Now hit the ‘Calculate’ button to see your monthly installment amount for personal loan. You might also get to see an ‘Amortization Table’ which lists out a tentative pattern of your personal loan repayment and shows it in a graphical form which can be easily deciphered to understand various relevant factors like payment timelines, total interest payable, outstanding loan balance and so on.
Advantages of using personal loan repayment calculator
Listed below are the advantages of using personal loan installment calculator-
- Planning your finances becomes much easier if you get to know your tentative personal loan instalment, beforehand. You then know the exact part of your monthly expense that you need to channel towards paying your personal loan.
- You can know the most appropriate loan amount and the most suitable loan tenure that you should go for. By adjusting these parameters in the personal loan instalment calculator, you can reach that optimum mix of personal loan amount and tenure that would result in an instalment that suits your pocket, perfectly.
- By varying the processing charges and checking the subsequent instalment amount (loan processing charges are never in the hands of the customer and are at the sole discretion of the bank), you can choose which bank to go for among all the banks that offer personal loans.
An amortization table is a representation of periodic payment details of a loan. This table is an illustrated summary of loan repayment; it depicts repayment years against the corresponding EMI payments as well as against the outstanding loan amount, at each point of time. Amortization refers to the process of paying off a loan or mortgage.
Personal Loan Interest Rates Malaysia
Bank Rakyat Personal Loan- 3.87%
CIMB Personal Loan- 4.00%
RHB Personal Loan- 8.18% - 13.45%
Bank Islam Personal Loan- 4.99% - 7%
Maybank Personal Loan- 6.5% - 8%