Calculation of Rebate for Fixed Rate Financing
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:
source: Bank Negara Malaysia