Cash woes? A personal loan to the rescue!

    Mach Personal Loan

    Mach is a wholly owned subsidiary of Hong Leong and is designed to cater to the millennials and Generation Z individuals. The bank offers attractive and innovative banking products that cater to the lifestyle of these individuals. Products include credit cards, Fixed deposit and personal loans. The personal loans offered by Mach are a popular choice among its increasing consumer base. The loans are packed with value added benefits and serve as an ideal choice for those borrowers looking to bridge the gap between their income and expenses. The loan amount borrowed can be used for a wide variety of purposes as well.

    Compare Personal Loan by Mach Bank

    Mach by Hong Leong offers one personal loan package. This package is called Mach I.O.U. Personal Loan and is a loan that is designed for cash consumption. The loan does not have any specific purpose and the amount borrowed can be used to service a wide variety of expenses. The loan is an unsecured personal loan and has a hassle-free application process.

    Mach IOU Personal Loan Malaysia

    Interest Rates

    The Mach Personal Loan charges an interest rate starting from 12% p.a. The Effective Interest Rate (EIR) offered starts from 12.38% p.a. and can go up to 24.82% p.a. depending on tenure chosen, loan amount approved, and the credit rating of the borrower.

    Features and Benefits

    The features and benefits of the Mach Personal Loan are as follows:

    • The loan is an unsecured product. The borrower can acquire the loan without the need for having a guarantor or putting up any collateral.
    • The loan is designed for personal use and does not have any specific purpose. The borrower can use the loan amount any way deemed fit be it to consolidate loans or use it for their business purposes.
    • The loan comes with fast approval and disbursal times. This makes it an ideal choice for those borrowers who are facing an emergency expense or are in need of finances in a hurry. The loan can be approved and be disbursed within 60 minutes for candidates meeting all eligibility criteria.
    • The borrower can get a loan amount of up to RM250,000 with the minimum loan amount being RM5,000.
    • The loan comes with flexible repayment tenures which allow the borrower to choose a tenure in a way that their monthly instalment amount is affordable.
    • The monthly instalments can be paid through a variety of payment modes.
    • The borrower can get annual e-statements to keep a track of their repayments and remaining outstanding balance.
    • The borrowers can also earn cashback on the interest paid.
    • The interest rates charged on the loan are competitive and affordable.
    • The loan is free from additional/hidden charges.

    Fees and Charges

    Fee type Amount
    Stamp Duty Fee of 0.5% of the approved loan amount
    Processing fees Nil
    Processing fee for Interbank GIRO RM2.12 per Interbank GIRO transaction
    Late payment fee 1% p.a. on overdue instalment amount
    Early settlement fee No fee when borrower notifies bank of settlement at least 3 months in advance

    Eligibility Criteria

    • Nationality criteria: Malaysian citizens and Permanent Residents working and residing in Malaysia can apply for the loan.
    • Age:
      • Minimum age: The borrower must have attained the minimum age of 21 years to apply for the loan.
      • Maximum age: The borrower cannot exceed the maximum age of 60 years to qualify for the loan.
    • Income criteria: Borrowers must earn a minimum annual income of RM36,000 or a minimum gross monthly income of RM3,000 to qualify for the loan.

    What documents do I need to prepare?

    Salaried Applicants:

    • A copy of the applicant’s MyKad
    • A copy of the latest salary slip
    • A copy of the most recent Form EA
    • A copy of the most recent EPF statement showing 6 months of contribution

    Self-employed applicants:

    • A copy of the applicant’s MyKad
    • A copy of the Business Registration Certificate or Form 9, 24, and 49
    • A copy of the most recent Borang BE with tax payment receipt
    • A copy of the bank statements for the past 6 months

    Calculator offers a personal loan calculator which allows borrowers to estimate their monthly instalments for a chosen loan amount for a specific tenure. The calculator allows borrowers to choose a loan amount ranging from RM5,000 all the way up to RM250,000. Upon choosing the loan amount, borrowers will then have the option to select the tenure which is between 2 years and 5 years.

    When the borrower clicks on the a specific tenure, the monthly instalment is calculated and shown. For example, if a borrower has chosen a loan amount of RM50,000 for a tenure of 3 years, the monthly instalment shown by the calculator is RM1,890.

    The instalment amounts displayed by the calculator are for illustrative purposes and only provide a close estimate. Actual instalment amounts will vary depending on the approved loan amount, tenure, and credit rating of the borrower.

    How to apply for Mach personal Loans?

    Borrowers can apply for the loan by walking into the nearest Mach branch and requesting for the loan application form. The duly filled form must be submitted along with the required supporting documents to have the loan application processed and successfully approved. Borrowers can also leave their contact details on the Mach website and a bank representative will get in touch with them to answer any queries and initiate the application process.


    Q. Does the loan have any lock-in period?

    A. No. The loan does not have a lock-in period.

    Q. Can a borrower settle the loan early?

    A. Yes. Borrowers can settle the loan early provided they notify Mach in writing at least 3 months prior to the intended date of settlement of the loan.

    Q. What happens when a borrower settles the loan early after giving in the written notification 3 months in advance?

    A. A borrower will be granted a rebate if the loan is settled early after giving in the required written notification. Rebate offered if any is calculated using the following formula:

    Rebate (in RM) = [(n-3)(n-2)/N(N+1)] X I where n is number of instalments over the unexpired period, N is the loan tenure and I is the interest payable on the entire tenure.

    Q. What would happen if the borrower were to close the loan early without notifying the bank?

    A. Failure to notify the bank would result in an early settlement fee which would amount to three months’ worth of interest charges.

    Q. Does a borrower get any reward for making monthly payments on time?

    A. Yes. A borrower who makes prompt monthly payments can earn a cashback of up to 20% on the interest charges of the loan.

    Q. What are the modes of payment available for the monthly instalments?

    A. Borrowers can pay the instalments through standing instructions from the borrower’s Hong Leong/Hong Leong Islamic Current or Savings account, through internet banking, through ATM transfers, through cash and cheque deposit machines or over-the-counter payments at any Hong Leong Branch.

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