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  • Personal Loan BYTES FROM OUR KITCHEN

    Personal Loans in Alor Setar

    Are you looking for a personal loan in and around Alor Setar, Malaysia? The city is home to plenty of banks offering personal loans at attractive interest rates.

    About Alor Setar

    Located on the west coast of Malaysia, Alor Setar is the capital city of Kedah. A picturesque city rich in Malay culture, Alor Setar offers tourists a plethora of sightseeing attractions to delve into.

    Some of the must-visit attractions include the Buddhist temple complex - Wat Nikrodharam, Balai Seni Negeri, Balai Besar, Kuala Kedah Fort, and The Tou Mu Kung Temple, to name a few.

    List of Banks Offering Personal Loans in Alor Setar

    Some of the banks in Alor Setar that offer personal loan facilities include:

    • CIMB Bank
    • RHB Bank
    • Bank Muamalat
    • Bank Rakyat
    • Alliance Bank
    • Standard Chartered Bank
    • UOB
    • AmBank
    • Maybank
    • Hong Leong Bank
    • Bank Islam

    Eligibility Criteria

    • Age: The minimum age bracket ranges from 18 years to 21 years. The maximum age limit is usually set at 65 years, however this may vary from bank to bank.
    • Nationality: It’s easier to get a personal loan if you are a permanent resident of Alor Setar or Malaysia. However, some banks also offer financing to foreigners. In such a scenario, you need to provide documents validating that you are a permanent employee or worker Alor Setar or Malaysia along with passport details.
    • Maximum Loan Amount: Most banks cap their minimum loan amount at RM2,000 and the maximum loan amount to RM150,000. However, this again may vary from bank to bank as some banks do offer loans up to RM250,000 or more.
    • Collaterals and Guarantors: Generally, most banks don’t ask for a collateral or a guarantor unless you have a poor credit history. Banks might ask you to put up your unit trust funds or term deposits as a security. In the case of a guarantor, he or she has to be financially stable with a good credit rating to qualify as one.
    • Documents: You need to provide your MyKad, latest 3 months’ salary slips, permanent address proof, EPF statement, passport details (in case you are not a permanent resident), income proof, etc.
    • Minimum Income Required: You need to have a minimum annual income of RM24,000 to be deemed eligible for a personal loan. However, this depends entirely on the bank. Some banks keep the requirement amount at RM36,000 or more.

    Compare Personal Loans in Alor Setar for 2018

    Banks Interest/Profit Rates (p.a.) Loan Tenure Min. Yearly Income Min. to Max. Loan Amount More Info.
    CIMB Cash Plus Personal Loan ELR 14.50% to 24% 1 to 5 years RM24,000 RM2,000 to RM100,000  
    RHB Personal Financing 13.45% up to EIR 24% 1 to 7 years RM24,000 RM2,000 to RM150,000  
    Bank Muamalat Personal Financing-i - 3 to 10 years - RM5,000 to RM150,000  
    Maybank Personal Loan ELR 11.53% to 14.68% 2 to 6 years RM30,000 RM5,000 to RM100,000  
    UOB Personal Loan EIR 17.96% - 21.57% 1 to 5 years
    • RM24,000 for salaried employee
    • RM36,000 for self-employed individuals
    RM5,000 to RM100,000  
    Alliance Cashfirst Personal Loan EIR 14.73% to 24.37% 1 to 7 years RM36,000 RM5,000 to RM150,000  
    AmBank AmMoneyLine EIR 14.13% to 20.30% 1 to 5 years RM24,000 RM2,000 to RM100,000  
    Standard Chartered Quick Cash Edge Starts from 6.99% 1 to 7 years RM24,000 Up to RM250,000  
    Hong Leong Bank Personal Loan EIR 12.38% to 24.82% 2 to 7 years RM24,000 RM5,000 to RM100,000  
    Bank Islam Personal Financing-i Public Sector 4.99% p.a. 1 to 10 years RM24,000 RM10,000 to RM200,000  

    EIR = Effective Interest Rate

    ELR = Effective Lending Rate

    Are you staying in Alor Setar and on the lookout for personal financing? Compare these loans and apply for the one that suits you best.

    FAQs

    Q. What are the working hours for the banks?

    A. For most banks, it’s usually a 5-day workweek. However, some banks operate 6 days in a week. The working hours usually vary between 8 a.m. and 5:30 p.m. Some local banks don’t operate on Fridays from 12:45 p.m. to 2:45 p.m. due to prayers.

    Q. How can I apply for a personal loan in Alor Setar?

    A. You can apply either online or offline. For online application, you need to visit the bank’s website, fill up the required fields, and hit the submit button once done. The bank will contact you after checking the information you have provided. For offline application, you need to go to the bank, talk to the executive, and fill up the forms. Applying online is simpler and saves you a lot of time and paperwork.

    Q. How long does it take to get my personal loan approved?

    A. The timeline varies from bank to bank. Generally, it takes 2 to 3 business days for the bank to approve and disburse the loan amount. It might take some more time if there are discrepancies in your documents.

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