Loan Comparison Tool
Compare multiple loan options side-by-side to find the best deal
Loan Options
Comparison Results
| Metric | Bank A | Bank B |
|---|---|---|
| Monthly Payment | RM 932Best | RM 944 |
| Total Interest | RM 5,929 | RM 6,614 |
| Total Cost | RM 56,429Best | RM 56,914 |
| Effective Rate | 2.57%Best | 2.77% |
Potential Savings
Bank B
+RM 485
more expensive than best option
Comparison Tips
- 1Don't just focus on monthly payment - look at total cost
- 2Include processing fees in your comparison
- 3Consider effective rate, not just advertised rate
- 4Shorter tenure = higher monthly but lower total interest
- 5Check for hidden fees and early settlement penalties
- 6Read the fine print before signing
Why Compare Loans?
Comparing loan options can save you thousands of ringgit. Our loan comparison tool helps you see the true cost of each loan option, including interest and fees, so you can make an informed decision and choose the best loan for your needs.
Loan comparison FAQ
How do I know which loan is better?
Compare TOTAL cost (principal + total interest + all fees), not just the headline rate. A lower rate with high processing fees can cost more than a higher rate with no fees. Also factor in tenure flexibility and early-settlement terms.
Should I always pick the lowest monthly payment?
No. The lowest monthly payment usually means the longest tenure, which means the highest total interest. Pick the shortest tenure where the monthly amount is comfortable for your budget (under 30-40% of take-home pay).
How do I compare flat-rate vs reducing-balance offers?
A flat-rate quote of X% is roughly equivalent to a reducing-balance rate of about 1.7-1.9× X% on a typical 5-year tenure. Always convert both to the same metric or, better, compare TOTAL interest paid in absolute Ringgit.
What hidden costs should I check?
Look for: stamp duty (legally required, ~0.5%), processing fee (varies, sometimes 1-3%), early settlement penalty (some banks charge 1-3%), late payment fees, and insurance bundling. Ask for everything in writing before signing.
How does the comparison apply to licensed moneylenders vs banks?
Banks offer lower rates but stricter eligibility (you might be declined). Licensed moneylenders offer higher rates but accept wider profiles. The comparison is meaningful only AFTER you know which lenders will actually approve you — get pre-assessments first.
Amanah Best Credit Sdn Bhd (202301012345-D) is a licensed moneylender under the Moneylenders Act 1951 (Licence No: WL1234/5678). Interest rate: 12-18% per annum. Subject to terms, conditions and approval.