1) Check if your agreement allows early settlement, might have additional charges for cancellation.

2) Unfortunately for you, because it's a personal loan, it's most likely calculated on Rule of 78 for interest payment. Since it was a 2018 loan and it's already year 3 of the 5 years tenure, you've already paid easily 80% of the total interest they charged to your loan. Any "rebate" from early settlement of personal/car loan is really just interest you will not be paying from your remaining instalments because you've settled loan early.

That's why when you check now, the outstanding loan is still so high, because your previous instalments is used to pay mostly interest, not the loan itself.

You may read about rule of 78 here: https://loanstreet.com.my/learning-centre/h...-the-rule-of-78

If you want to see how much "rebate" you might get, you can calculate here: https://loanstreet.com.my/calculator/car-an...calculator.html

that's how all the bank CEO's last year got fat paychecks and huge bonuses. unlikely they will give you any rebate. can try and call but not worth to pay lump sum.

Visual illustration of Rule of 78/Sum of Digits method of interest calculation and payment, using the figures you gave.

Anyone with later versions of Excel can input this into the Loan Amortization Schedule template workbook, it actually shows how the first half of a loan tenure, less than half of the instalment paid goes to pay the loan itself, majority of it is used to pay interest.

Wow that interest rate is higher then some Ahlong  lender interest  what the shit

With your current outstanding early settlement will save you at least rm2k easily

Worse case you should lodge to BNM and try to get AKPK to help you on mediation because you have the right for early settlement with at least 3% rebate