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
Current Debts Summary
🏦New Consolidation Loan
Max: RM 100,000 | Up to 5 years
Fee amount: RM 350
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%
Personal Loan
RM 20,000 @ 8%
New Consolidated Loan
RM 35,000 @ 4.38%
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.