Thursday, October 13, 2011

How to calculate Rebate for Fixed Rate Financing

After half way paying your personal loan or hire purchase loan, you would like to do full settlement and would like to know how much rebate you could get. The simple way is to call bank, and get them to provide with the information…api bagus juga kalau kite tahu sendiri mcmmane nak kira…senang nak planning…tak payah everytime call bank
Please see example below for the calculation.
You borrow RM50,000 for a personal loan or hire purchase (fixed rate loan).

After paying for 5 years, or 60 months of installments, you would like to pay off your loan (full settlement). So you will get rebate for the remaining 24 months (84 months – 60 months).
The calculation of rebate is as follows:

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