Partial refund of the term charges (interest) calculated according
to a formula stipulated in the Hire-Purchase Act 1967, if the hirer
made an early settlement.
Redraw Facility - The flexibility granted to borrowers to
withdraw surplus money repaid to banking institutions.
Reference Rate - An interest rate used by banking
institutions to price a loan or credit facility. The reference rate
is determined based on a formula which reflects the banking
institution's cost of funds, administrative cost and business
strategies. An example of a reference rate is the base lending rate.
Refinancing - The process of paying off a portion or the
entire amount of the existing loan with the intention of obtaining
another loan from the same or another banking institution.
Remittance - Mode of forwarding money to someone.
Repayment Mode -
Fixed monthly repayment
A scheme that allows borrowers to pay a fixed installment sum every
month until the end of the loan tenure.
Flexi monthly repayment
A scheme that allows borrowers to repay a higher repayment amount
than its monthly installment anytime without the need to seek
banking institutions' approval.
Repossess - When the owner of the motor vehicle (i.e. banking
institution) takes back possession of the motor vehicle from the
Repossessor - A person authorized by the owner (i.e. banking
institution) to repossess motor vehicles from defaulted hirers on
behalf of the banking institution. The repossessor has to be
registered with the Association of Hire Purchase Companies Malaysia.
Revolver - Cardholder who keeps paying at least the minimum
amount of payment required by the credit card issuer but not fully
repaid the total outstanding balance.
The excess paid or received over and above the principal in a loan