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  • Personal Loan BYTES FROM OUR KITCHEN

    Personal Loan for a Holiday

    Planning a holiday - domestic or overseas - takes time, effort, and costs quite a bit of money. From flight tickets and accommodation to local travel and running around cash, the costs can keep adding up. Trying to cut corners when it comes to expenses can potentially ruin your overall experience.

    Stop missing out on one-of-a-kind travel experiences for a lack of savings. Try a personal loan for your holiday trip.

    What Do You Mean by a Travel Loan or a Holiday Loan?

    Simply put, a travel loan or a holiday loan is just an unsecured personal loan that’s used to cover your travel expenses entirely or partially. You could take out a holiday loan just to pay your airfares and hotel room or use it entirely for all expenses you incur on your travels.

    Holiday loans in Malaysia work much the same way as an unsecured personal loan. You can borrow what you’re eligible for and choose a suitable repayment period. The amount you repay every month depends on the repayment period you choose. So, remember to choose the right tenure option according to your financial health.

    Interest Rates

    Here’s a table containing vital information related to the best holiday loan and financing offers at the moment in Malaysia:

    Name of the Product Min. Loan Amount Max. Loan Amount Min. Repayment Tenure Option Max. Tenure Option Interest Rates Lowest Monthly Repayment Amount More Info.
    UOB Personal Loan RM5,000 RM100,000 12 months 5 years 0.83% per month RM125  
    Bank Islam Personal Financing-I (Package) RM10,000 RM200,000 12 months 10 years 4.99% p.a. -  
    RHB Easy-Pinjaman Ekspres RM2,000 RM150,000 12 months 5 years 8.18% p.a. RM57.54  
    Maybank Personal Loan RM5,000 RM100,000 2 years 6 years 6.5% p.a. RM102.78  
    Alliance Cashfirst Personal Loan RM5,000 RM150,000 12 months 7 years 8.38% p.a. RM94  
    CIMB Cash Plus Personal Loan RM2,000 RM100,000 2 years 5 years 8.20 % p.a. -  
    Al-Rajhi Bank Personal Financing-i RM10,000 RM150,000 2 years 8 years 6.99% p.a. -  
    Hong Leong Bank Personal Loan RM5,000 RM250,000 12 months 7 years 9% p.a. RM103  

    When Should You Apply for a Holiday Loan or Travel Loan

    When you think about borrowing money to travel, in no way would it seem like a financially conservative move and would even be frowned upon by most of you. In addition, just a few of you can afford to save a substantial amount of money every month, which can be spent on a vacation.

    No matter how you feel about borrowing money, there are a couple of instances where taking out a loan for a holiday can be justified.

    Here are the main reasons why taking an unsecured personal loan for a holiday can be a good financial move:

    • Plan Your Trip in Advance

    • Although your savings can help you go a long way in planning ahead for a trip, knowing how much you can borrow or what your loan amount is can help you come up with a budget. Once you’re aware of your travel budget, planning becomes much easier as you know what’s affordable and what’s not.

    • Get Unrestricted Access to Cash

    • If you’ve not saved enough for a vacation, you’ll most probably turn to your credit card for all those holiday spends. But, what if you need to withdraw cash? You’ll have to deal with an exorbitant amount of interest on the amount you borrow. You won’t have this problem with a holiday loan. Besides giving you unrestricted access to the amount you’ve borrowed, you’re not left to deal with any additional charge like a cash advance fee if you need to withdraw cash.

    • Know Your Spending Limit

    • A large amount of cash can equate to a lot of unnecessary expenses. But, the fact that you’re using cash from a loan will force you to keep tabs and watch what you’re spending all your money on. That’s not all. When you work with a spending limit, you’ll eventually end up making purchases that are well worth the money you’ve paid for them.

    • Benefit From Low Interest Rates

    • The interest rates for personal loans in Malaysia start from a flat rate of 3.99% p.a. If you wish to take a holiday loan, the interest rate on offer is significantly lower when compared to other borrowing tools, such as. The high interest rates and charges that accompany credit card usage can wreak havoc on your overall financial health.

    • Enjoy Greater Financial Flexibility

    • A holiday loan is very useful in the sense that it allows you to spread your travel costs over the duration of a loan period. With a fixed interest rate on offer, your repayment amount stays the same over the tenure period you’ve chosen. This way, you’re aware of what your commitment is every month and plan your finances accordingly.

    Promotional Offers

    If greater financial flexibility isn’t a good enough reason to apply for a holiday loan, the promotional offer below can potentially sweeten the deal. Here’s one of the top promotional offers related to holiday loans in Malaysia:

    Hong Leong Bank Personal Loan: Travel Happy Campaign

    If you apply for a Hong Leong Bank Personal Loan during the promotional period, you’ll be charged a fixed interest rate based on the loan amount and tenure. You’ll also be eligible for a subsidised travel package from Malaysian Harmony Tour and Travel Sdn Bhd.

    In addition, you can get a submission gift – a dashboard camera or an anti-theft bag – from the travel partner in case of successful application for a travel package.

    Campaign Terms and Conditions:

    • The campaign period runs until 31 August 2018.
    • Fulfil all eligibility criteria for a Hong Leong Bank Personal Loan.
    • Apply for a minimum amount of RM5,000 to be repaid over a minimum of 12 months.
    • The loan amount should be approved and disbursed to you on or before 15 September 2018.

    How Do You Get a Holiday Loan in Malaysia?

    Before you apply for a travel loan, it’s important that you find the ideal loan facility that fits your unique travel needs. To begin with, find out how much you can borrow from a bank as a holiday loan.

    Choose the best loan by comparing the interest rates, loan amount, repayment periods, and processing time. Once you’ve zeroed in on a particular loan offer, reconfirm the finer details of the loan and check your eligibility on the bank’s website or by visiting the nearest branch. You can also reach out to their customer care helplines for further assistance.

    Once you’ve fulfilled all the eligibility criteria, you can apply for the travel loan through online or offline channels. If you wish to apply for the loan in person, head over to the bank’s nearest branch or call their loan helpline for assistance. For a convenient and hassle-free experience, just visit the bank’s website and fill out the online application form.

    While blowing up your savings on a vacation is considered the conventional way to go about things and stay debt-free, truth is that taking a holiday loan will help you handle your finances better. This way, you won’t have to forego your vacation or break into your savings. You’ll also end up planning your future finances better.

    FAQ's

    Q. How do I qualify for a holiday loan in Malaysia?

    A. To apply for a holiday or travel loan in Malaysia, most banks will need you to be:

    • A Malaysian Citizen or a Permanent Resident.
    • At least 21 years of age or older.
    • Earn a minimum monthly income of RM2,000 or more.

    Q. What documents do Malaysian banks need for a holiday loan request?

    A. The documents needed for holiday loan requests differ according to your employment status and citizenship. Here’s the list of documents required for each category:

    Documents Required for Salaried Professionals

    1. Copy of MyKad.
    2. Latest EPF statement.
    3. Latest 6 months' salary slips.
    4. Latest 6 months' bank statements.
    5. Form BE with tax payment receipt.

    Documents Required if You’re Self-Employed:

    1. Copy of MyKad.
    2. Business Registration Certificate (ROC & ROB).
    3. Latest 6 months' bank statements.
    4. Form BE with tax payment receipt.

    Documents Required for Commission Earners:

    1. Copy of MyKad.
    2. Latest commission statements.
    3. Latest 6 months' bank statements.
    4. Form BE with tax payment receipt.

    While most banks don’t provide travel loans for foreigners, some banks do offer this facility for foreigners who have a valid work permit or employment pass. Additionally, loan approval differs from one financial institution to another and is subject to the bank’s discretion.

    Q. How long does a travel loan request take to process?

    A. The processing time for any holiday loan application can vary from one bank to another. To put things in to perspective, some banks approve requests in-principle as early as an hour while others may take as long as a day or two. Once the loan is approved, most banks take about 24 hours to disburse the loan amount in to your personal account.

    Q. Can I get the lending bank to disburse the loan amount to my personal account, which is of another bank?

    A. No. Most Malaysian banks require you to open a savings or current account in one of their branches to disburse any loan amount.

    Q. Can I request any changes to my travel loan tenure once it’s approved?

    A. No. The loan tenure is fixed at the time of approval of your travel loan. So, any kind of changes to the tenure won’t be possible. If you still wish to make any changes to the loan tenure, you’ll have to pay off the loan entirely and then reapply for a new holiday loan with a tenure option that you need.

    Q. Is there anything I can do if I can’t repay the loan amount or miss the monthly instalments?

    A. Yes. If you have any problems meeting your loan obligations, get in touch with the lending bank right away to explore alternative repayment options.

    Q. Can I request for a travel or holiday loan if I’m blacklisted on CCRIS?

    A. Although there’s nothing stopping you from applying for holiday loan if you’ve been blacklisted on CCRIS, loan approval is still subject to the bank’s discretion. A bad record with any credit monitoring agency like CCRIS will hamper your chances of getting the loan application approved.

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