Long-term personal loans are loans that offer you tenure for more than 3 years. Some banks offer personal loans for 5 years and some even up to 10 years. Such loans will carry a lower monthly instalment amount.
List of Best Long Term Personal Loans:
- Alliance Bank CashFirst Personal Loan
- Al Rajhi Personal Financing-i
- HSBC Amanah Personal Financing-i
- Bank Rakyat Personal Financing-i Private
Compare Personal Loans with Longer Payment Terms in Malaysia
| Personal Loan | Tenure | Interest Rate | Min. Monthly Income | Min. Loan Amount | Max. Loan Amount | More Info. |
|---|---|---|---|---|---|---|
| Alliance Bank CashFirst Personal Loan | Up to 7 years | 8.38% - 14.78% p.a. | RM3,000 | RM5,000 | RM150,000 | |
| Al Rajhi Personal Financing-i | Up to 8 years | 6.99% p.a. | RM4,500 | RM10,000 | RM150,000 | |
| HSBC Amanah Personal Financing-i | Up to 7 years | 10.5% p.a. | RM3,000 | RM6,000 | RM150,000 | |
| Bank Rakyat Personal Financing-i Private | Up to 10 years | 5.61% p.a. | RM2,000 | RM2,000 | RM150,000 |
Alliance Bank CashFirst Personal Loan
Benefits:
- You can choose a flexible loan tenure for up to 7 years.
- You need not pay any early settlement fee.
- Your monthly instalment amount can be as low as RM94 per month depending on your approved loan amount and tenure chosen.
- You don’t need to present any collateral or guarantor.
Eligibility:
- You need to be aged a minimum of 21 years and should not exceed a maximum of 60 years (upon completion of loan tenure).
- You need to be a Malaysian citizen or permanent resident working and living in Malaysia.
How to apply for this loan?
- You can visit the nearest branch and apply for a loan.
- You can call customer service at 03 5516 9988.
- You can submit an online enquiry form with your contact details where a bank representative will call you to provide assistance.
Al Rajhi Personal Financing-i
Benefits:
- You can get a high financing limit up to 5 or 8 times your monthly income.
- You can enjoy a flexible tenure of up to 8 years.
- You need not present a guarantor.
Eligibility:
- You need to be aged a minimum of 25 years and above.
How to apply for this loan?
- You can download an online application form and complete it will relevant details. Carry the completed form along with the required supporting documents to your nearest branch to apply for a loan.
- You can apply for a loan online by completing and submitting the application form available on the bank website.
HSBC Amanah Personal Financing-i
Benefits:
- You can get instant cash disbursement via your HSBC Amanah account once your loan is approved.
- Your monthly instalment amount can be as low as RM134 based on your approved loan details.
- You can enjoy a flexible tenure of up to a maximum of 7 years.
- You can get your loan approved within 3 working days based on your eligibility.
Eligibility:
- You need to be aged minimum 21 years and must not exceed the maximum age of 60 years (upon completion of tenure).
- You need to be a Malaysian citizen or a permanent resident in Malaysia.
- You need to be an existing customer of HSBC Amanah to choose a tenure of 7 years.
How to apply for this loan?
You can visit your nearest branch with required documents. Fill up an application form and submit the documents.
Bank Rakyat Personal Financing-i Private
Benefits:
- You can borrow up to a maximum of RM150,000 based on your eligibility.
- You need not present any guarantor.
- You can opt to take Takaful cover as per your preference.
Eligibility:
- You need to be aged minimum 18 years and must not exceed the maximum age of 60 years (upon completion of tenure).
- You need to be a Malaysian citizen.
How to apply for this loan?
- You can complete and submit online enquiry form where a bank representative will contact you to assist with the loan application.
- You can visit your nearest branch and submit a completed application form along with mandatory documents.
BSN Aflah SPIK Personal Financing-i
Benefits:
- This loan is designed for all those working at registered financial institutions in Malaysia.
- You can get financing up to a maximum of RM100,000.
- You can choose between different payment modes such as cash, cheque, standing instructions and ATM.
Eligibility:
- You need to be aged minimum 21 years and maximum 60 years (upon completion of tenure).
- You need to be a Malaysian citizen.
- You need to be a permanent employee of a banking institution registered in Malaysia.
- You need to have a BSN GIRO or GIRO-i account.
How to apply for this loan?
You can visit your nearest branch to apply for a loan. Carry the mandatory documents with you and submit them along with a completed application form.
