(Last updated: 22 September 2026)
What is IBU Credit Personal Loan about?
IBU Credit is a KPKT-licensed money lender offering personal loans of RM1,000 to RM30,000 to salaried Malaysians. You can use the loan for anything legal, such as debt consolidation, medical bills, or any other lawful purpose.
- KPKT Licence No. WL5772/10/01-11/020828
- Advertising Permit No. WP5772/10/01-11/020828
What is the interest rate?
IBU Credit calculates its loan at an 18% flat-rate per annum, so interest is calculated on the full principal for the entire tenure rather than on the reducing balance as you pay it down.
Formula: I = (P + P×R×T)/M
Where:
P = Principal Loan Amount (e.g. RM30,000.00)
R = Annual Flat Interest Rate (18% / 0.18)
T = Loan Tenure in years (e.g. 1)
M = Total Repayment Period in months (e.g. 12)
For example, a RM30,000 loan over 12 months results in RM5,400 in total interest, bringing the total repayment to RM35,400, or RM2,950 per month. This calculation does not include fees. Your actual monthly repayment will vary slightly once stamp duty and other charges are added.
Because flat-rate interest is charged on the full principal throughout the tenure, the true annual cost is higher than the stated 18%. Note that the Effective Interest Rate (EIR) changes with tenure, so a different loan tenure will produce a different EIR.
- 3 months: 26.80% per annum
- 6 months: 30.23% per annum
- 9 months: 31.32% per annum
- 12 months: 31.72% per annum
What are the fees or charges that are applicable?
- Stamp Duty: As per the Stamp Duty Act 1949 (Revised 1989)
- Late Penalty Fee: 8% p.a. on the overdue instalment amount
Separately, if you cancel your application before disbursement, any amount you owe is limited to lawful, clearly disclosed charges that apply to your loan.
What happens if I’m late in my repayments?
If you pay late, you're charged 8% per annum on the overdue instalment amount. Interest doesn't compound, so you won’t be charged interest on interest that's already built up.
Can I settle my loan early?
Yes. Depending on your loan agreement, you may get back some of the interest you haven't yet paid. Ask IBU Credit for a written settlement statement before you make your final payment, so you know the exact amount.
Who is eligible to apply?
You must be a Malaysian citizen aged 18 to 65, living in Kuala Lumpur or Selangor, working as a salaried employee (not in the army or police), and earning at least RM1,000 a month. Your salary must go into a bank account that shows Employees Provident Fund (EPF) contributions, and you'll need at least one month at your current job.
What documents do I need?
- A copy of your IC (front and back)
- Latest 3 months’ bank statements
- Latest 3 months’ salary slips
- Latest 2 years’ EPF statements
- Latest month’s utility bill
How do I contact IBU Credit?
You can reach IBU Credit by:
- Phone: +603 9081 9556
- WhatsApp: +6017-337 3792
- Office: No. 16-1, J-Avenue, Jalan J-Avenue, Bandar Tun Hussein Onn, 43200 Cheras, Selangor (open Monday to Saturday, 10am to 6pm)
- Facebook page
