1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender each month until the loan is fully paid off. It includes 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 divided by 12, in decimal)
• \( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified term.

3. Understanding Loan Terms

Details: Maybank personal loans typically have terms from 1 to 10 years (12-120 months) with competitive interest rates based on credit profile.

4. Using the Calculator

Tips: Enter the loan amount in MYR, annual interest rate (e.g., 5.99 for 5.99%), and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is Maybank's typical interest rate for personal loans?
A: Rates typically range from 5.99% to 18% p.a. depending on credit score, loan amount, and tenure.

Q2: Are there any processing fees for Maybank personal loans?
A: Maybank may charge a processing fee (usually 1-3% of loan amount) and stamp duty.

Q3: Can I prepay my Maybank personal loan?
A: Yes, but early settlement fees may apply depending on the loan agreement terms.

Q4: What is the maximum loan amount I can get?
A: Maybank offers personal loans up to MYR 250,000 depending on income and creditworthiness.

Q5: How does the interest rate affect my EMI?
A: Higher interest rates increase both your EMI and total interest paid over the loan term.