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💰 Refinance Calculator

🔄

Personal Loan Refinance Calculator Malaysia 2026

Calculate how much you can save by consolidating high-interest debts into one lower-rate loan

💳Your Current Debts

Debt 1

Debt Type

Outstanding (RM)

Rate (% p.a.)

Monthly Payment (RM)

Debt 2

Debt Type

Outstanding (RM)

Rate (% p.a.)

Monthly Payment (RM)

Current Debts Summary

Total OutstandingRM 35,000

Total Monthly PaymentsRM 950

Weighted Average Rate12.29%

🏦New Consolidation Loan

Select Bank

Max: RM 100,000 | Up to 5 years

New Interest Rate (% p.a. flat)

New Loan Tenure (Years)

Processing Fee (%)

Fee amount: RM 350

Monthly Income (RM)

Your DSR:14.2%

Likely Eligible70% limit

Your Monthly Savings

RM 239

Save RM 2,867 per year

Loan Comparison

	Current	Consolidated	Savings
Monthly Payment	RM 950	RM 711	+RM 239
Average Interest	12.29%	4.38%	-7.91%
Total Interest	RM 9,800	RM 7,665	+RM 2,135
Time to Debt-Free	~7 years	5 years	-

Debt Consolidation Breakdown

Credit Card

RM 15,000 @ 18%

Paid off

Personal Loan

RM 20,000 @ 8%

Paid off

New Consolidated Loan

RM 35,000 @ 4.38%

RM 711.08/mo

✅

Recommendation

Debt consolidation is RECOMMENDED! You'll save RM 2,135 over the loan period.

💰

Get the Best Debt Consolidation Rates

Compare offers from 10+ banks. Free consultation.

Personal Loan Interest Rates in Malaysia 2026

Bank	Interest Rate	Max Amount	Max Tenure	Notes
CIMB Cash Plus	4.38% p.a.	RM 100,000	5 years	Lowest rate
Bank Rakyat	4.50% p.a.	RM 200,000	10 years	Members only
Maybank Personal Loan	5.00% p.a.	RM 150,000	7 years
Public Bank	5.50% p.a.	RM 150,000	7 years
RHB	5.88% p.a.	RM 150,000	7 years
Hong Leong	6.00% p.a.	RM 100,000	5 years
AmBank	6.50% p.a.	RM 150,000	7 years
Alliance Bank	6.88% p.a.	RM 100,000	5 years
AEON Credit	12.00% p.a.	RM 50,000	5 years	Easier approval
Credit Cards	15-18% p.a.	-	Revolving	Highest rate - avoid!

* Rates are indicative and subject to credit assessment. January 2026

What is Personal Loan Refinancing / Debt Consolidation?

Personal loan refinancing (also called debt consolidation) means combining multiple high-interest debts into a single loan with a lower interest rate. This helps you:

Pay one monthly installment instead of many
Reduce total interest paid
Become debt-free faster

Common debts people consolidate: Credit card balances (15-18% interest), multiple personal loans, BNPL (Buy Now Pay Later) debts, and car loans with high interest.

When Should You Consolidate Your Debts?

✅ Good Time to Consolidate:

• You have credit card debt at 15-18%
• Multiple loans & struggle to track payments
• Credit score improved since original loans
• Want to simplify with one payment

❌ Bad Time to Consolidate:

• Your debts are almost paid off
• You'll take on new debt after
• New loan has higher total interest
• Have spending habits that caused debt

Debt Consolidation: Pros and Cons

✅ Pros:

✓Lower interest rate (5-8% vs 15-18% credit card)
✓Single monthly payment
✓Fixed repayment schedule
✓Potential credit score improvement

❌ Cons:

✗May pay more if tenure is longer
✗Processing fees (1-2%)
✗Temptation to use credit cards again
✗Need good credit score to qualify

Documents Required

✓MyKad
✓Latest 3 months salary slip
✓Latest 3 months bank statement

✓Latest EPF statement
✓List of current debts/loan statements

Step-by-Step: How to Consolidate Debts

List all your debts

Amount, rate, monthly payment for each

Check your credit score

Via CTOS or CCRIS - affects approval & rate

Compare bank offers

Use our calculator above to find savings

Apply for consolidation loan

Choose bank with lowest rate you qualify for

Pay off all existing debts

Use new loan funds immediately

Cut up credit cards!

Avoid new debt - this is the most important step

Frequently Asked Questions

What's the difference between refinancing and debt consolidation?

They're similar. Refinancing usually means replacing ONE loan with a better one. Debt consolidation means combining MULTIPLE debts into one loan.

Will debt consolidation hurt my credit score?

Short-term, there's a small dip from the credit check. Long-term, it can improve your score if you make timely payments.

Can I consolidate debt with bad credit?

It's harder, but some lenders like AEON Credit have easier approval. Rates will be higher though.

Should I consolidate small debts?

Usually not worth it for debts under RM5,000 total. The processing fee may outweigh savings.

What happens to my credit cards after consolidation?

They remain open unless you close them. Be careful not to rack up new debt!

Is 0% balance transfer better than consolidation loan?

0% balance transfer is great short-term, but usually only 6-12 months. Consolidation loan is better for larger amounts needing longer repayment.

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