Cash woes? A personal loan to the rescue!
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    Best Personal Loans in Malaysia for 2019

    Whether you need funds for planning your wedding or renovating your home, one of the best options you have is applying for a personal loan. Personal loans usually come with attractive interest rates and flexible loan tenures.

    Here are some of the best personal loans available in Malaysia:

    Loan/Financing Rate of Interest/Profit Rate Loan/Financing Amount Repayment Tenure Processing Fee Age Requirement Income Requirement
    Alliance Cashfirst Personal Loan From 3.99% p.a. onwards (flat rate) RM5,000 to RM150,000 From 1 to 7 years No charges 21 to 60 years RM3,000 per month or RM36,000 per annum
    AEON iCASH Personal Financing From 1.50% onwards Up to RM100,000 From 6 months to 7 years
    • 4% processing fees for financing amount from RM1,000 to RM10,000
    • 2% processing fees for financing amount from RM10,100 to RM100,000
    18 years and above RM1,000 per month
    Standard Chartered CashOne From 6.99% p.a. onwards - 1 to 7 years - 21 to 60 years (salaried) 21 to 65 years (self-employed) From RM36,000 per year onwards
    Bank Rakyat Personal Financing-i Public Sector
    • From 4.54% p.a. onwards (fixed rate)
    • From 6.41% onwards (effective rate)
    • From 3.40% p.a. onwards (flat rate)
    Up to RM200,000 Up to 10 years No charges 21 to 60 years RM42,000 per annum
    RHB Easy Pinjaman Ekspres Personal Loan - From 2,000 to RM150,000 Up to 5 years - - -
    Maybank Islamic Personal Financing From 6.5% p.a. onwards. From 5,000 to RM100,000 From 2 to 6 years No charges - -

    Best Personal Loan for Self Employed: Alliance Cashfirst Personal Loan

    Salaried professionals are more likely to get a personal loan from banks as they will be able to submit their proof of income. Self-employed professionals, on the other hand, could find it a little difficult to get a loan if they don’t have their documents in place. Not only do they need to show regular flow of income in their account statement, they also need to be in business for a minimum of two years.

    Nevertheless, if you can show the bank that you have smooth flow of money to your account, they will be willing to lend money at good interest rates.

    One such loan offered to self-employed applicants is the Alliance CashFirst Personal Loan. This facility comes with a low interest rate (starting from 3.99% p.a. onwards). Also, you also won’t be charged any processing fees or early settlement penalties when you take this loan.

    Why You Should Apply For this Loan

    • Enjoy flexible loan tenures of up to 7 years.
    • The facility comes with low monthly repayment.
    • You don’t require a guarantor or collateral when you apply for the loan.
    • If you submit your mandatory documents, the bank will approve your loan in no time.
    • You won't be charged any processing fees or early settlement penalties.
    • You can use allianceonline, the bank's internet banking facility, to make repayments without any hassle.
    • This loan scheme can be used for consolidating the debt on a maximum of credit cards or personal loans into one single monthly payment.
    • You can use the loan for refinancing an existing loan.

    Things to Keep in Mind

    • Only Malaysians and permanent residents working and living in Malaysia can apply for this loan.
    • Salaried and self-employed professionals can apply for the loan.
    • The minimum and maximum age requirement of the facility is 21 and 60 years of age, respectively.
    • You need to earn a minimum of RM3,000 per month or RM36,000 p.a. to be eligible for the loan.
    • If you fail to make your repayments, you will be charged 1% p.a. on the amount in arrears, from the due date until you settle the amount.
    • A stamp duty fee of 0.5% on the total approved loan amount will be charged.
    • As a self-employed professional, you need to submit the following documents:
      • 1 copy of NRIC (both sides).
      • Disbursement account particulars.
      • A copy of current and valid Business Registration Certificate showing that you are in the business for a minimum of 2 years.
      • Latest payslip (6 months).
      • Latest company's principal bank statement showing the total turnover (6 months).
      • Latest BE form along with a valid payment slip to LHDN.
      • Latest EPF statement (6 months).
    Alliance Cashfirst Personal Loan  Alliance Cashfirst Personal Loan
    From 3.99% p.a. onwards (flat rate)

    Read More on: Personal Loan for Self Employed Malaysia

    Best Personal Financing for Low-Income Earners: AEON iCASH Personal Financing-i

    Low-income earners often find it difficult to ensure that their everyday needs are met. Not only do they need money to pay their bills, but they also need to save to secure their future. But if the need arises to arrange extra funds, perhaps for an emergency to even for paying their children's school fees, they prefer opting for personal loans/financing. Some banks design personal loans/financing for low-income earners at low interest/profit rates and flexible payment tenures. One such financing is the AEON iCASH Personal Financing.

    This financing is Shariah-compliant, based on the concept of Bai Al-Inah. As per this concept, the bank sells an asset to the borrower on a cash basis and buys it back on a deferred payment basis. The price is higher than the cash price, so the bank makes a profit.

    Why You Should Apply for this Financing

    • Get high financing of up to RM100,000, with profit rates starting from 1.50% per month onwards.
    • Enjoy repayment tenures of up to 7 years.
    • Pay monthly instalments from as low as RM54 per month.
    • Get the financing approved and disbursed easily. The amount could even be disbursed on a Sunday.
    • The financing doesn’t require collateral, guarantor, or security deposits.

    Things to Keep in Mind

    • You need to be 18 years and above to apply for this financing.
    • You won't be able to apply for this financing if your salary is lesser than RM1,000 per month.
    • You will be charged 4% processing fees for financing amount from RM1,000 to RM10,000 and 2% processing fees for financing amount from RM10,100 to RM100,000. The processing fee is capped at RM400.
    • The payment must be made on the 2nd of each month. The following are the late payment charges:
      • Payment made after the 2nd but before the 10th of a month: RM18.
      • Payment made after the 10th but before the 18th of a month: RM23.
      • Payment made after the 18th but before the end of the month: RM40.
      • Additional charge for each subsequent month: RM23.
    AEON iCASH Personal Financing-i  AEON iCASH Personal Financing-i
    From 1.50% onwards (profit rate)

    Read More on: Personal Loan for Low Income Malaysia

    Best Personal Loan for Debt Consolidation: Standard Chartered CashOne Personal Loan

    If you have many smaller loans, you can actually take a personal loan to consolidate your overall debt. This helps you make just one payment every month instead of many smaller payments. Moreover, with one loan, the interest rate will be much lower when compared to the interest rates of the smaller loans. Debt consolidation can be done through a secured or an unsecured loan.

    In Malaysia, one of the loans that is ideal for debt consolidation is the Standard Chartered CashOne Personal Loan. This personal loan works together with the maximum assigned limit of your credit card.

    Why You Should Apply For this Loan

    • When you apply for this loan, you get 100% loan disbursement with low monthly instalments.
    • Apply for this card and the annual fee of your Standard Chartered Visa Platinum card will be waived for life.
    • Get repayment tenures from 1 to 7 years.
    • The loan doesn't have any hidden fees and charges.
    • Make your monthly loan repayment and the principal amount will be converted to increase your card's credit limit.
    • Enjoy interest rates from 0.583% per month onwards.
    • The application and approval processes are smooth and hassle-free.
    • The loan is available for both salaried and self-employed professionals.
    • You don’t need a guarantor or collateral for the facility.

    Things to Keep in Mind

    • Existing bank customers are eligible for extended tenures of up to 7 years. On the other hand, new-to-bank customers can apply for tenures of up to 5 years.
    • The financing rate offered could differ depending on your eligibility.
    • Self-employed professionals can apply for the loan.
    • The bank will make a site visit for 100% verification purposes. If you fail to make your monthly payment, you will be charged 1% on the monthly arrears.
    Standard Chartered CashOne Personal Loan  Standard Chartered CashOne Personal Loan
    From 6.99% p.a. (Flat rate)

    Read More On: Debt Consolidation Loan Malaysia

    Best Personal Financing for government servants: Bank Rakyat Personal Financing-i Public Servant

    Out of the 31 million people in Malaysia, 1.4 million are civil servants. This is quite a huge number when compared to other countries. Civil servants in Malaysia opt for personal loans/financing mainly for medical reasons, home refurbishments, and for their children's education. It is easier for government servants in Malaysia to get financing, unlike private sector employees. When they apply for a loan/financing, the monthly amount is usually deducted from their salaries. This ensures that the payment is made on time.

    Out of all the personal financing offered to civil servants, Bank Rakyat Personal Financing-i Public Servant stands out. It is a Shariah-compliant facility based on the concept of Tawarruq.

    Why You Should Apply for this Financing

    • Get high financing of up to RM200,000.
    • Enjoy financing tenure of up to 10 years.
    • You don't need a guarantor for this financing.
    • You have the option to apply for takaful coverage.
    • Enjoy fixed or floating profit rate.
    • Get financing from 4.54% p.a. onwards (fixed rate) and from 6.41% onwards (effective rate).
    • You have the option to choose either payment via salary transfer to Bank Rakyat or via electronic payment.

    Things to Keep in Mind

    • Currently, the Base Rate of Bank Rakyat is 4.10%.
    • The ceiling rate = effective rate + 4%.
    • An additional profit rate of 1.5% will be charged over the current profit rate for financing without takaful.
    • You must be a Malaysian citizen from 18 to 60 years of age at the end of the financing tenure.
    • You must earn a minimum fixed monthly income of RM1,000 (including allowances).
    • You should be working in the public sector, a GLC company, or a GLC subsidiary.
    • You must be in service for a minimum of 3 months.
    • You will be charged 0.5% as stamp duty and RM28.30 as wakalah or agency fee.
    • If you fail to make your payments on time, you will be charged 1% p.a. on the outstanding amount of the monthly payment.
    Bank Rakyat Personal Financing-i Civil Servant  Bank Rakyat Personal Financing-i Civil Servant
    Upto 4.35% p.a. (flat profit rate with takaful )

    Read More On: Government Personal Loan Malaysia

    Best Personal Loan for Emergencies: RHB Easy Pinjaman Ekspres Personal Loan

    Let’s face it, emergencies can happen to anyone at any time. Whether you need to arrange funds for a medical reason or to rebuild a part of your home, you can apply for a personal loan to get financing immediately. In Malaysia, most banks usually take at least 3 business days to approve a loan. But if you need your funds urgently, there are a few banks that offer financing on the same day.

    One such loan is RHB Easy Pinjaman Ekspres Personal Loan. You can get on-the-spot approval, in just ten minutes. All you need to do is bring your MyKad and other mandatory documents to the nearest branch and apply for the financing.

    Why You Should Apply For this Loan

    • The loan will be approved and disbursed in just 10 minutes.
    • Choose repayment tenures of up to 5 years.
    • There are no hidden fees and charges.
    • Get financing from RM2,000 to RM150,000.
    • The monthly instalment amount is as low as RM57.54 per month
    • You can get an RHB Visa debit card along with the approved loan.
    • Make your repayment without any hassle via standing instruction.
    • You don’t need a guarantor or collateral for this scheme

    Things to Keep in Mind

    • If you fail to pay your monthly instalments, 1% of the payment in arrears will be charged as late payment fees.
    • The lock-in period for this loan is 6 months from the date the letter of offer is issued.
    • The total early exit fee for this scheme is RM200.
    • You will be charged stamp duties as per the Stamp Duty Act of 1949 (revised in 1989).
    RHB Easy Pinjaman Ekspres Personal Loan  RHB Easy Pinjaman Ekspres Personal Loan
    from 8.18% p.a. to 14.52% p.a(depends on loan amount )

    Read More on: Personal Loan Fast Approval Malaysia

    Best Personal Loan for Home Improvements: Maybank Islamic Personal Financing

    Every couple of years, most of us will require funds for renovating or refurbishing our homes. It could be for new white goods or even for rebuilding a wall. You can have a more comfortable living space when you apply for a personal loan.

    You can apply for Maybank Islamic Personal Financing-i (MIPF-i) for home renovations and refurbishments. This is an unsecured, Shariah-compliant personal financing based on the concept of Murabahah (cost plus profit). When you opt for this financing, you get high financing of up to RM100,00. These funds can be used for all types of home renovation work.

    Why You Should Apply For this Financing

    • Make fixed monthly instalment payments as low as RM102.78 per month.
    • You won’t be charged any processing fees when you apply for this financing.
    • No documents stamping is required for this facility.
    • Apply for this loan and get it approved quickly.
    • You can apply for financing from RM5,000 to RM100,000. Enjoy flexible payment tenures between 3 and 6 years.
    • Both salaried and self-employed professionals can apply for this financing.
    • Takaful coverage is optional but is highly recommended.
    • No guarantor or collateral is required for this facility.

    Things to Keep in Mind

    • You must be 21 to 60 years of age to apply for this financing.
    • The minimum income requirement for the financing is RM42,000 p.a.
    • The profit rate will be as per the financing amount you apply for
      • Financing amount from RM5,000 to RM20,000 (fixed rate of 8% p.a.)
      • Financing amount from RM20,001 to RM50,000 (fixed rate of 7% p.a.)
      • Financing amount from RM50,001 to RM100,000 (fixed rate of 6.5% p.a.)
    • You will be charged 1% of the overdue instalment if you are unable to make your payment by the due date.
    Maybank Islamic Personal Financing  Maybank Islamic Personal Financing
    From 6.5% p.a. onwards(profit rate)

    Best personal loan for bad credit: Payday loans

    Sometimes, you might not need a huge sum, but just a small amount of money. The loan/financing borrowed from the bank and then repaid when the applicant receives their next salary is called a payday loan. People also opt for payday loans when they have a bad credit report. In Malaysia, there are a few credit agencies and other financing institutions that offer payday loans. Take a look at some features of these loans and some pointers you need to keep in mind before applying for one.

    Features of Payday loans

    • These are short-term loans that can be taken for any of the following:
      • For emergencies.
      • For bill payment (credit cards and utility bills).
      • For contingencies.
      • For monthly expenses.
    • The rate of financing is low when compared to personal loans.
    • The application, approval, and disbursement processes are simple and hassle-free.
    • The repayment is usually made by the applicant’s next payday.
    • Most of the payday loans are offered to individuals above 21 years of age who earn a minimum of RM2,000 per month.

    Things to Keep in Mind

    • Since you apply for financing for a short tenure, the interest rates are relatively higher when compared to other personal loans/financing schemes.
    • If you default on a payment, you will have to pay a higher rate of interest.
    • If you don’t have enough salary for your expenses and other spends, taking a payday loan could lead to even more debt. This is because you need to pay a high rate of interest once you receive your next pay.
    • Some facilities charge hidden fees, further burdening the applicant with more debt.

    Read More On: Personal Loan for Bad Credit Malaysia

    Conclusion

    Personal loans are ideal for those who need funds urgently or for those who need to meet their financial goals. You can take the help of the above list if you need personal loans for specific requirements. Apart from these, there are many other banks that offer personal loans at various interest rates and payment tenures. You can make a comparison using the table given to finalise the loan/financing you want. You can also take the help of a personal loan calculator to check the approximate monthly instalment that you have to pay.

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