| Loan | Amount | Period | Flat rate p.a. |
|---|---|---|---|
| Personal Loan | RM 1,000 – RM 50,000 | 6 to 108 months | 4.90% – 18.00% |
| Salary Loan | RM 1,000 – RM 30,000 | 6 to 108 months | 4.90% – 16.00% |
| SME Business Loan | RM 5,000 – RM 100,000 | 6 to 108 months | 4.90% – 18.00% |
1. Our rates at a glance
The table above shows our current rate band for each loan. Every rate is a flat rate per year, fixed for the life of the loan and written into your agreement. Your exact rate within the band depends on your income, your existing commitments and the loan period you choose. Rates start from 4.9% a year flat, and every loan can run for 6 to 108 months. Rates can change for new loans, but never for a loan you have already signed.
Throughout this website, our calculator and repayment examples use the top of each band. That way the numbers you see are the most you would pay, and the written offer you receive after your video verification can only be the same or lower.
2. How we decide your rate
Before we make an offer, we look at the same handful of things for every applicant, and on the call we explain how they affected your rate.
- How stable your income is — a confirmed salary paid into a bank account usually gets a lower rate than irregular income
- How much of your income already goes to other loans and card repayments
- The loan amount and period you choose — shorter loans are lower risk
- Your repayment history on CCRIS and CTOS, checked only with your consent
- Whether you have repaid a loan with us before
If you think your rate is too high, ask us which of these factors made the difference. A shorter period or a smaller amount sometimes brings it down.
3. Flat rate and effective rate
Licensed moneylenders in Malaysia quote interest as a flat rate. Interest is worked out once, on the full amount you borrow, for the whole period, and then spread evenly across your instalments. It is simple to calculate, but it understates the true cost, because you keep paying interest on money you have already repaid.
The effective annual rate corrects for this. It is the rate that, applied to the balance you actually still owe each month, gives exactly the same instalments. It is the fairest number to compare against bank loans, credit cards or any other lender.
| Period | Monthly instalment | Total interest | Effective annual rate |
|---|---|---|---|
| 12 months | RM933.33 | RM1,200.00 | 21.46% |
| 24 months | RM516.67 | RM2,400.00 | 21.57% |
| 36 months | RM377.78 | RM3,600.00 | 21.20% |
| 60 months | RM266.67 | RM6,000.00 | 20.31% |
Flat rate vs effective annual rate
The effective rate stays far above the flat rate at every loan period.
| Loan period (months) | Flat rate | Effective annual rate |
|---|---|---|
| 6 | 4.90% | 8.35% |
| 12 | 4.90% | 8.92% |
| 24 | 4.90% | 9.14% |
| 36 | 4.90% | 9.13% |
| 48 | 4.90% | 9.07% |
| 60 | 4.90% | 8.98% |
| 72 | 4.90% | 8.89% |
| 84 | 4.90% | 8.80% |
| 96 | 4.90% | 8.71% |
| 108 | 4.90% | 8.62% |
4. The legal limits on interest
The Moneylenders Act 1951 sets the maximum interest a licensed moneylender may charge. These limits apply to every licensed lender in Malaysia, not just to us.
| Type of loan | Maximum flat rate | Agreement form |
|---|---|---|
| Unsecured | 18% a year | Schedule J |
| Secured | 12% a year | Schedule K |
If a lender quotes you a rate per month, multiply it by 12 to compare. A '3% a month' loan is 36% a year — double the legal limit — and a sign that the lender is not licensed.
5. Every cost you may pay
| Cost | How much | When | Paid to |
|---|---|---|---|
| Interest | Flat rate within our band, up to 18% a year | Spread across your monthly instalments | MyBank Credit |
| Stamp duty | 0.5% of the loan amount | Once, when the agreement is stamped | LHDN (government) |
| Late interest | 8% a year on the overdue instalment | Only if an instalment is late | MyBank Credit |
That is the whole list. There is no application fee, no processing fee, no approval fee, no compulsory insurance and no agent commission. If any other charge appears in an agreement, ask us to explain it before you sign — or walk away.
6. A full cost example
Here is everything you would pay on a RM5,000 personal loan over 12 months at the top of our current band, calculated by the same code that runs our calculator:
| Monthly instalment | RM 491.67 |
|---|---|
| Total interest | RM 900.00 |
| Total you repay | RM 5,900.00 |
| Stamp duty (once, to LHDN) | RM 25.00 |
| Effective annual rate | 31.72% p.a. |
So on this loan you would receive RM5,000 in your account, pay stamp duty once when the agreement is e-stamped, and repay the total shown in twelve equal instalments. There is nothing else to pay unless an instalment is late.
7. How much is safe to borrow
A useful rule is to keep all your monthly debt repayments — home, car, PTPTN, cards and any new loan together — below about 60% of your net income, and lower if you support a family on one salary. The table shows what that leaves for a new instalment if you have no other loans.
| Net monthly income | Comfortable new instalment | Roughly what that borrows over 24 months at 18% flat |
|---|---|---|
| RM2,500 | up to RM600 | about RM10,500 |
| RM4,000 | up to RM1,000 | about RM17,500 |
| RM6,000 | up to RM1,500 | about RM26,000 |
If an instalment would take you above these levels, we will say so and suggest a smaller amount or a longer period, even if that means lending you less.
8. What we will never charge or ask for
- A deposit, 'release fee' or any payment before your loan is disbursed
- Insurance, membership or 'savings' you didn't ask for, deducted from your loan
- Your ATM card, bank book, MyKad or passport to hold as security
- Your online-banking password, PIN or TAC
- A signature on a blank or incomplete document
- Repayment into a personal bank account rather than our company account
9. What happens if you pay late
Late interest of 8% a year is charged only on the instalment that is overdue, for the number of days it is late. It is never charged on your whole loan, and we do not add separate 'late fees' or 'penalty charges'.
| Overdue instalment | Days late | Late interest |
|---|---|---|
| RM500.00 | 7 | RM0.77 |
| RM500.00 | 30 | RM3.29 |
| RM1,000.00 | 30 | RM6.58 |
Late payments can also be reported on your credit record, which may make future borrowing harder. If you expect to miss a payment, call us before the due date. We can often agree a short delay or a revised plan that avoids arrears altogether.
10. Settling early
You can repay your whole loan at any time. You pay the balance still outstanding, less a rebate of the interest you have not yet been charged, calculated by the Rule of 78. The earlier you settle, the larger the rebate. There is no early settlement penalty.
Ask us for a settlement statement before you pay. It shows the outstanding balance, the rebate and the exact amount due on a given date. Our loan agreement page walks through a full worked example.
11. How to check a moneylender is licensed
- 1
Ask for the licence number
A licensed lender will give it straight away. Ours is WL7152/14/01, shown at the bottom of every page.
- 2
Check it on the KPKT website
KPKT publishes the list of licensed moneylenders by state. Check that the company name, licence number and address all match.
- 3
Use only the lender's official channels
KPKT allows licensed moneylenders to lend online, as long as they verify your identity properly and use a Schedule J agreement. Contact the lender only through the website and phone number that match its licence, never through a number that messaged you first. A 'lender' that exists only as a WhatsApp number, with no licence you can check, is not licensed.
- 4
Check the agreement form
The agreement must be a Schedule J or Schedule K form, show the licence number, and be stamped with LHDN — signing electronically is fine. The money must be paid into a bank account in your own name, and you never pay anything before you receive it. Anything else is not a legal moneylending agreement.
12. Warning signs of an illegal lender or scam
- You were offered a loan by an unsolicited SMS, WhatsApp message or social-media advert
- You are asked to pay a 'processing', 'stamp duty' or 'insurance' fee before receiving any money
- The lender promises approval regardless of your CCRIS or CTOS record
- Interest is quoted per week or per month, or the total cost is never put in writing
- No licence number or registered address is given, or they do not match KPKT's list
- You are asked to pay into a personal account, or an account in a different company's name
- You are pressured to decide today or told the offer will disappear
- Someone asks to keep your ATM card, MyKad or bank book
13. Help and complaints
- 1
Talk to us first
Contact us at 011-2345 9635 or hello@mybankcredit.example. We aim to resolve complaints within 14 days and will tell you in writing what we have done.
- 2
Contact KPKT
If you are not satisfied, KPKT's moneylending division licenses and supervises all licensed moneylenders and can investigate.
- 3
Get free debt advice from AKPK
If you are struggling with several debts, AKPK (Agensi Kaunseling dan Pengurusan Kredit), set up by Bank Negara Malaysia, offers free counselling and can help you plan your repayments.