{"id":5108,"date":"2021-12-07T10:00:00","date_gmt":"2021-12-07T02:00:00","guid":{"rendered":"http:\/\/www.ap-northeast-1.blog-v1.compareglobal.co.uk\/my\/?p=5108"},"modified":"2026-03-27T10:37:26","modified_gmt":"2026-03-27T02:37:26","slug":"how-to-calculate-flat-rate-interest-and-reducing-balance-rate-2","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/bank-news\/how-to-calculate-flat-rate-interest-and-reducing-balance-rate-2.html","title":{"rendered":"Guide to Calculating Flat Rate Interest and Reducing Balance Rate"},"content":{"rendered":"

We often stumble across the terms \u201cFlat Rate Interest\u201d and \u201cReducing Balance Rate\u201d when applying for loans, but do we truly understand the difference between the two types of interest? Although these terms may sound like financial jargons, they are relatively simple to understand. The truth is most of us take the easy route and depend on our bankers to do the calculations<\/a> for us.<\/p>\n

That said, it\u2019s best to keep informed on these finances so we have a good idea when the time comes. Here\u2019s our explanation on their differences and calculations, made simple to help you manage your own finances.<\/p>\n

Related: <\/strong>Personal Financing: Good or Bad?<\/a><\/p>\n

Flat Rate Interest<\/strong><\/h2>\n

When we think of interest, most of us think of flat rate interest. Flat Rate Interest is the type of interest that will stays the same on the principal loan amount throughout your loan tenure. This means that whatever interest rate you are charged at the beginning of the loan payment will remain the exact same figure as your final month\u2019s repayment. It is popularly used in personal loans<\/a> and hire purchase (car) loans.<\/p>\n

(Original Loan Amount x Number of Years x Interest Rate Per Annum) \u00f7 Number of Instalments = Interest Payable Per Instalment<\/p>\n

Say for example, you\u2019re taking out a personal loan of RM100,000 with a flat rate interest of 5.5% over 10 years. This would be your flat rate interest per instalment calculation:<\/p>\n

\n

(RM100,000 x 10 x 5.5%) \u00f7 120 = RM458<\/p>\n<\/blockquote>\n

Now, do note that this is just the interest per instalment, no matter how much you have paid down on your principal loan amount. Theoretically, your monthly instalment from your loan amount of RM100,000 should be RM834 per month (RM100,000 \u00f7 120 months). Combining both (RM834 + RM458), you\u2019ll be paying RM1,292 per month for your loan repayment over a period of 120 months (10 years).<\/p>\n

\"how-to-calculate-flat-rate-interest-and-reducing-balance-rate-01\"<\/p>\n

At the end of your loan tenure, you would end up paying 35.5% interest (also known as the Effective Interest Rate, EIR), which rounds up your repayment amount to RM155,040. That\u2019s RM55,040 more than what you originally borrowed! It\u2019s no surprise then that a Flat Rate Interest is not a popular choice amongst borrowers. No matter how much you settle on your principal loan amount, the interest amount will stay constant ending up in a higher total paid at the end of your loan tenure.<\/p>\n

\u200bYou can read more about Effective Interest Rates in a hire purchase loan here<\/a>.<\/p>\n

Reducing Balance Rate<\/strong><\/h2>\n

Also known as the Diminishing Balance Rate, the Reducing Balance Rate is used in financial products, especially for mortgage loans; even overdraft facilities and credit cards<\/a> \u2013 and is the preferred option compared to the Flat Interest Rate. Why? Because it only charges interest on your loan\u2019s remaining balance.<\/p>\n

To give you a clearer picture, below is the first year\u2019s repayment period calculation based on the same example above:<\/p>\n

\"\"<\/p>\n

Needless to say, Reducing Balance Rate enables you to save a lot more as your loan tenure goes by, following the balance of your loan\u2019s principal amount. You end up paying less interest while paying off more principal amount with each passing month.<\/p>\n

Based on the calculations above, your loan\u2019s monthly repayment may remain the same while the allocated amount to both interest and principal loan is different each month. This is because the interest charged on the principal loan amount reduces each month as you continue to pay down your principal loan amount.<\/p>\n

The total interest paid at the end of your loan tenure will be RM30,232 with the total repayment being RM130,232. That\u2019s a whopping difference of RM24,808 compared to the Flat Interest Rate option.<\/p>\n

Interest amount per instalment = Interest rate per instalment x Outstanding loan amount<\/p>\n

Although more calculations are input for this type of interest, the formula is fairly simple.<\/p>\n

While the Reducing Balance Rate seems a lot more appealing than Flat Interest Rate, not all loan providers offer it for their financial products. All the same, it\u2019s best to understand the calculation methods and difference between the two types and details about loans<\/a> to help you make informed decisions on your finances<\/a>.<\/p>\n

If you are in need of a loan currently, do take a look at the personal loans we offer by clicking on the button below.<\/p>\n


\nTake me to Personal Loans
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Related:<\/strong> How to Get Your Loan Approved: 8 Factors Banks Look At When Lending You Money<\/a>
\n[tags]<\/p>\n","protected":false},"excerpt":{"rendered":"

We often stumble across the terms \u201cFlat Rate Interest\u201d and \u201cReducing Balance Rate\u201d when applying for loans, but do we truly understand the difference between the two types of interest? Although these terms may sound like financial jargons, they are relatively simple to understand. The truth is most of us take the easy route and…<\/p>\n","protected":false},"author":268230141,"featured_media":59814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[417],"tags":[],"class_list":["post-5108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank-news"],"yoast_head":"\nHow To Calculate Flat Rate Interest and Reducing Balance Rate<\/title>\n<meta name=\"description\" content=\"When applying for loans, how do you calculate \u201cFlat Rate Interest\u201d and \u201cReducing Balance Rate\u201d? 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From 1st April 2020 onwards, all banks will be offering postponement on loan and financing repayments over the coming 6 months. In other words, you won\u2019t need to make your monthly loan repayments anymore\u2026","rel":"","context":"In "Loans"","block_context":{"text":"Loans","link":"https:\/\/www.comparehero.my\/blog\/loans"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/COVID-19-Moratorium-Guide-To-Financial-Relief-Measures-In-Malaysia.jpg?fit=1200%2C628&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/COVID-19-Moratorium-Guide-To-Financial-Relief-Measures-In-Malaysia.jpg?fit=1200%2C628&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/COVID-19-Moratorium-Guide-To-Financial-Relief-Measures-In-Malaysia.jpg?fit=1200%2C628&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/COVID-19-Moratorium-Guide-To-Financial-Relief-Measures-In-Malaysia.jpg?fit=1200%2C628&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/COVID-19-Moratorium-Guide-To-Financial-Relief-Measures-In-Malaysia.jpg?fit=1200%2C628&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":18736,"url":"https:\/\/www.comparehero.my\/blog\/loans\/heres-how-car-loans-work-and-why-interest-charges-are-higher-than-you-think.html","url_meta":{"origin":5108,"position":1},"title":"Why Car Loan Interest Charges Are Actually Pricier Than What It Seems?","author":"CompareHero","date":"29 October 2019","format":false,"excerpt":"Update: 12th October 2018 Many Malaysians love cars, but do not fully understand how interest rate charges work when it comes to getting a hire purchase (car) loan to buy a car. If you have tried to calculate what you are actually paying \u00a0and found that it is different from\u2026","rel":"","context":"In "Loans"","block_context":{"text":"Loans","link":"https:\/\/www.comparehero.my\/blog\/loans"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2019\/10\/car.png?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2019\/10\/car.png?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2019\/10\/car.png?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2019\/10\/car.png?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11667,"url":"https:\/\/www.comparehero.my\/blog\/bank-news\/best-cash-financing-2.html","url_meta":{"origin":5108,"position":2},"title":"Here Are The Best Cash Financing Options","author":"CompareHero","date":"15 February 2017","format":false,"excerpt":"Need cash fast? You don\u2019t have to turn to illegal money lenders or ahlongs. Here is a list of safe and legitimate ways to get quick access to cash with flexible repayments and low interest. CIMB Xpress Cash You can get access to fast and flexible cash up to 8x\u2026","rel":"","context":"In "Bank News"","block_context":{"text":"Bank News","link":"https:\/\/www.comparehero.my\/blog\/bank-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2017\/02\/image-3.png?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2017\/02\/image-3.png?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2017\/02\/image-3.png?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2017\/02\/image-3.png?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":18434,"url":"https:\/\/www.comparehero.my\/blog\/loans\/calculate-full-settlement-loan.html","url_meta":{"origin":5108,"position":3},"title":"Personal Loan Early Settlement Calculation And Bank Requirements","author":"CompareHero","date":"8 January 2020","format":false,"excerpt":"Updated: 11th October 2018 We all have different financing needs at different times of our life. There are times when we need cash for urgent needs, whereas at other times we may wish to clear our existing debts or to fund other financing needs. In Malaysia, almost all banks allow\u2026","rel":"","context":"In "Loans"","block_context":{"text":"Loans","link":"https:\/\/www.comparehero.my\/blog\/loans"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2020\/01\/loan-2.png?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2020\/01\/loan-2.png?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2020\/01\/loan-2.png?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2020\/01\/loan-2.png?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":18429,"url":"https:\/\/www.comparehero.my\/blog\/loans\/personal-financing-good-or-bad.html","url_meta":{"origin":5108,"position":4},"title":"Personal Financing: Good or Bad?","author":"CompareHero","date":"6 October 2020","format":false,"excerpt":"Personal loans tend to get a bad reputation. For most people, borrowing money (for any reason) is never a good thing. From social stigmas to cultural issues and hearsay, there are plenty of factors that can hold back a person from seeking financial assistance whenever he\/she needs to. But it\u2026","rel":"","context":"In "Loans"","block_context":{"text":"Loans","link":"https:\/\/www.comparehero.my\/blog\/loans"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/pl-good-or-bad2.jpg?fit=1200%2C628&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/pl-good-or-bad2.jpg?fit=1200%2C628&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/pl-good-or-bad2.jpg?fit=1200%2C628&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/pl-good-or-bad2.jpg?fit=1200%2C628&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/pl-good-or-bad2.jpg?fit=1200%2C628&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":18155,"url":"https:\/\/www.comparehero.my\/blog\/finance-explained\/minimum-payment.html","url_meta":{"origin":5108,"position":5},"title":"How Credit Card Minimum Payments And Interest Are Calculated","author":"CompareHero","date":"1 March 2021","format":false,"excerpt":"A credit card gives you the convenience to purchase things without having to carry cash. However, it also requires you to spend responsibly as you should clear your credit card bills in full, and on time \u2013 in order to avoid interest charges and late payment fees. 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