EMLoan

Express Mortgage & Loan Sdn Bhd is a microlending app which allows users to apply for a micro loan (RM1,000 to RM10,000) with a comfortable repayment schedule up to 5 years.

Fees & Charges:
Minimum duration of payment: 6 months
Maximum repayment period: 60 months
Max. Annual Percentage Rate (APR): 18%
Processing Fee (Includes Legal Fee, Stamp Fee, and Service Fee):
1. Stamp Duty: 0.5% on loan amount,
2. Legal Fees: 7.5% on loan amount (including of 6% SST),
3. Insurance Fee: RM15 per year based on the repayment period of apply (if not enough 1 year, count as 1 year)

Both stamp duty, legal fees and insurance fee will be incurred upon first loan repayment.

Early Termination Fee: We do not charge any early termination fee but customer will not get the deduction of the interest and total payable of loan.

Late Payment Fee: RM50 per every time of late payment.
Late payment penalty is applied in the next repayment invoice if repayment is not done within 7 calendar days from the date of repayment schedule.

Calculation of the Loan
Loan Example:
Loan Amount: RM3,000.00
Tenure: 3 years
Interest Rate: 18.00% p.a.

Total payable: Loan + Total interest amount
RM3,000 + RM1,620 = RM4,620 to be paid over 3 years

Monthly repayment: Total payable/tenure (months)
RM4,620/36 months = RM128.33 per month
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Late Payment charge example:
Repayment schedule on 1st January but payment was only made on 8th January. Late payment charge will be added in next repayment invoice (February).

Calculation:
Monthly repayment amount + (late payment fee* how many times of late payment)
RM128.33 + (RM50)*1 = RM178.33