1. Schedule J and Schedule K
The Moneylenders (Control and Licensing) Regulations 2003 require licensed moneylenders to use prescribed forms of agreement. We use Schedule J for loans without security — which covers all our personal, salary and SME loans — and Schedule K only if a loan is secured against property or another asset.
Because the form is set by law, the core terms are the same with every licensed lender. That makes it easier to compare offers, and it means a lender cannot hide extra charges in small print.
| Form | Used for | Maximum interest |
|---|---|---|
| Schedule J | Loans without security | 18% a year (flat) |
| Schedule K | Loans with security | 12% a year (flat) |
2. What your agreement must state
- The names and addresses of the lender and the borrower, and the lender's licence number
- The principal amount — the money you actually receive
- The interest rate per year and the total interest in ringgit
- The total amount repayable
- The number of instalments, the amount of each and the date each one is due
- What happens if an instalment is late
- Your right to settle early and how the rebate is calculated
If any of these is missing or blank, do not sign. Ask us to complete it first.
3. How you sign online
Everything happens online, and that does not make your agreement any weaker. KPKT allows licensed moneylenders to lend online, provided the borrower's identity is properly verified and the prescribed Schedule J or Schedule K agreement is used, and Malaysian law recognises electronic signatures under the Electronic Commerce Act 2006. Once it is stamped, the agreement you sign electronically protects you exactly as a paper one would.
- 1
We explain the offer
A licensed officer goes through the amount, rate, instalments and total repayable with you on a call, in English, Bahasa Melayu or Chinese, before anything is sent for signature.
- 2
You check your details
Your name, IC details and bank account in the agreement are checked against the MyKad you showed us on the video call and the bank statement in your own name.
- 3
You sign electronically
We send the agreement through a secure signing link from our official channels and walk through every line with you on a call. You confirm your identity with a one-time code sent to your registered mobile number, then sign. We never ask you to sign blank pages or to send a photo of your signature.
- 4
The agreement is stamped
We stamp it through LHDN's e-stamping system. Stamp duty is 0.5% of the loan amount, paid once.
- 5
You receive your copy
You receive a digital copy of the stamped agreement, the LHDN stamp certificate and your repayment schedule by email or WhatsApp. Ask us if you would also like a printed copy posted to you.
4. What a loan costs in full
Your offer letter and agreement show the full cost of the loan in ringgit, not just a rate. Here is the same calculation we use, for a RM10,000 loan over 24 months at the top of our personal-loan range. The figures come straight from our calculator, so they always match what you see on the website.
| Monthly instalment | RM 566.67 |
|---|---|
| Total interest | RM 3,600.00 |
| Total you repay | RM 13,600.00 |
| Stamp duty (once, to LHDN) | RM 50.00 |
| Effective annual rate | 31.46% p.a. |
Notice the gap between the 18% flat rate and the effective annual rate. That gap is normal for any flat-rate loan, because interest stays on the original amount even as you repay it. When you compare lenders, compare the effective rate and the total repayable, not the flat rate alone.
5. Before you sign: a checklist
- The lender's name and licence number on the agreement match the KPKT register
- The agreement reached you through a signing link from the lender's official channels, and you are signing it yourself, never by sending a photo of a signature or letting someone else sign for you
- An officer has walked you through every line on a call in your language, and every question you had has been answered
- The principal is the amount you will actually receive, with nothing deducted except stamp duty
- The rate is 18% a year or less for an unsecured loan
- You understand the total repayable and can afford every instalment after your other commitments
- Every blank in the agreement has been filled in, and you will receive a digital copy once it is stamped with LHDN
6. Stamp duty
Stamp duty on a loan agreement is 0.5% of the loan amount. It is a government duty paid to LHDN, not a fee we keep. On a RM10,000 loan it is RM50. The amount is shown separately in your offer, so you always know what it is for. We stamp the agreement electronically through LHDN's e-stamping system, and the stamp certificate is sent to you with your copy.
7. Repayments and statements
You repay in equal monthly instalments by bank transfer or standing instruction to our company account. Always pay into an account in our company's registered name — never into a personal account, whatever anyone tells you.
You can ask for a statement of account at any time. It shows every payment received, the balance outstanding and any late interest. We will provide it within 14 days.
Keep the bank receipt or transfer reference for every payment you make. We issue an acknowledgement for each instalment we receive, and if our records ever differ from yours, your receipt is the evidence we will check first. If your salary date changes, tell us and we can move your due date to match.
8. If a payment is late
If an instalment is overdue, late interest of 8% a year may be charged on that instalment only, calculated daily, until it is paid. It is never charged on the whole loan.
| Item | Amount |
|---|---|
| Overdue instalment | RM500.00 |
| Days late | 30 |
| Late interest: 500 × 8% × 30 / 365 | RM3.29 |
If you know you will struggle to pay, contact us before the due date. We would rather agree a revised plan with you than see your arrears grow.
9. Settling early (Rule of 78)
You may settle your loan in full at any time. You pay the balance still outstanding, minus a rebate of interest you have not yet been charged. The rebate is calculated using the Rule of 78, which gives back the larger share of interest the earlier you settle.
The rebate equals the total interest multiplied by the sum of the numbers of the remaining instalments, divided by the sum of the numbers of all instalments. For a 12-month loan, the sum of 1 to 12 is 78 — which is where the rule gets its name.
| Step | Amount |
|---|---|
| Total interest | RM1,200.00 |
| Paid so far: 4 × RM933.33 | RM3,733.32 |
| Balance outstanding: RM11,200.00 − RM3,733.32 | RM7,466.68 |
| Rebate: RM1,200 × 36 / 78 | RM553.85 |
| Amount to settle: RM7,466.68 − RM553.85 | RM6,912.83 |
10. What we will never do
- Ask you to hand over, post or courier your MyKad, ATM card, bank book or passport
- Ask for your IC number or documents through the website form
- Contact you about your loan from a number or account that is not listed on this website
- Ask for your online-banking password, PIN or TAC
- Ask you to sign a blank or incomplete agreement
- Charge any fee before the loan is disbursed
- Pay your loan into anyone else's account
- Deduct anything from the loan amount other than what is written in your agreement
11. If you cannot keep up
- We contact you directly by phone, WhatsApp or letter — never your family, friends or employer
- We offer to discuss a revised payment plan based on what you can afford
- We may refer you to AKPK for free debt counselling
- Legal action is a last resort and follows the court process; we never use threats, harassment or public shaming
12. Complaints
If you are unhappy with anything about your loan, tell us first at hello@mybankcredit.example or 011-2345 9635 and we will respond within 14 days. If you are still not satisfied, you can complain to the moneylending division of KPKT, which licenses and supervises us.