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  • Personal Loan BYTES FROM OUR KITCHEN

    Personal Loans in George Town

    Looking for a personal loan in the George Town area? Check and offered by various banks in George Town and find out which one meets your requirement.

    About George Town

    George Town, the capital city of Penang, offers the best of both worlds – from vibrant shopping malls to old school architecture and artwork. The city exudes a quaint vibe compared to Kuala Lumpur and is a perfect spot for travellers looking for a blissful respite from the hustles and bustles of city life.

    A UNESCO World Heritage Site, George Town is replete with places having stunning landscapes and architectural delights. With over 12,000 old buildings, the city offers visitors a variety of scenic delights, including churches, temples, mosques, British colonial government monuments, to name a few.

    List of Banks Offering Personal Loans in George Town

    There are quite a few banks in George Town that offer personal loans (both conventional and Islamic) to its customers. Here are some of the banks that offer such services:

    • UOB
    • Bank Muamalat
    • Bank of China
    • Bank Islam Malaysia
    • Maybank
    • RHB Bank Jalan Burma
    • Public Bank
    • AmBank
    • Hong Leong Bank
    • Mach by Hong Leong Bank
    • Al Rajhi Bank
    • Bank Rakyat
    • HSBC Amanah
    • Standard Chartered
    • CIMB Bank

    Eligibility Criteria

    • Nationality: Banks in George Town generally offer personal loans to Malaysian citizens and permanent residents. Some banks also entertain foreign applicants provided they provide documents validating their work permit in Malaysia.
    • Age Limit: To apply for a loan, you have to be between 18 and 21 years of age. The maximum age limit is usually fixed at 65 years.
    • Maximum Loan Amount: The maximum loan amount is usually capped at RM150,000. However, some banks set the limit to RM250,000 or more. The loan amount also depends on your credit history based on which the bank may decide how much loan they are willing to offer to you.
    • Collaterals/Guarantors: Most banks don’t ask for a guarantor or collateral. However, in certain cases, due to bad credit or poor income, banks may give you a loan against a collateral or guarantor. Usually, your unit trust funds or fixed deposits will be held against the borrowed amount. A guarantor needs to have a good credit history to qualify for one.
    • Documents Required: You need to submit your permanent address proof, MyKad, age proof, income tax details, income proof, 3 months’ salary slips (latest), EPF contribution statement, Form B (wherever applicable), etc.
    • Minimum Income Required: You must have a minimum annual income of RM24,000. However, some banks can set the minimum amount fixed at RM36,000 or more.

    Compare Personal Loans in George Town for 2018

    Banks Interest/Profit Rates (p.a.) Loan Tenure Min. Yearly Income Min – Max Loan Amount More Info.
    Bank Muamalat Personal Financing-i - 3 to 10 years - RM5,000 to RM150,000 Click Here
    UOB Personal Loan EIR 17.96% to 21.57% 1 to 5 years
    • RM24,000 (salaried employee)
    • RM36,000 (self-employed)
    RM5,000 to RM100,000 Click Here
    Hong Leong Bank Personal Loan EIR 12.38% to 24.82% 2 to 7 years RM24,000 RM5,000 to RM100,000 Click Here
    Bank Islam Personal Financing-i Up to 5.99% 1 to 10 years RM24,000 RM10,000 to RM200,000 Click Here
    HSBC Amanah Personal Financing-i 8.75% 2 to 7 years RM36,000 RM6,000 to RM150,000 Click Here
    Maybank Personal Loan ELR 11.53% to 14.68% 2 to 6 years RM30,000 RM5,000 to RM100,000 Click Here
    RHB Personal Financing 13.45% up to EIR 24% 1 to 7 years RM24,000 RM2,000 to RM150,000 Click Here
    CIMB Cash Plus Personal Loan ELR 14.50% to 24% 1 to 5 years RM24,000 RM2,000 to RM100,000 Click Here
    AmBank AmMoneyLine Personal Loan EIR 14.13% to 20.30% 1 to 5 years RM24,000 RM2,000 to RM100,000 Click Here
    Al Rajhi Bank Personal Financing-i 6.99% to 8.25% 2 to 8 years RM60,000 RM10,000 to RM150,000 Click Here
    Standard Chartered Quick Cash Edge Personal Loan Starts from 6.99% 1 to 7 years RM24,000 Up to RM250,000 Click Here

    EIR = Effective Interest Rate

    ELR = Effective Lending Rate

    Are you looking to apply for a personal loan in the George Town area? Check out the interest rates and eligibility criteria across banks, compare and apply as per your convenience.

    FAQs

    Q. Is it difficult to get a personal loan in George Town?

    A. No, it’s not that difficult. If you have a good credit score and have all the documents in place, it shouldn’t be difficult to get a loan from the bank.

    Q. What are the usual working hours for George Town-based banks?

    A. It’s generally a 5-day work week for most of the banks. However, there are banks that remain open 6 days in a week. The working hours usually fall somewhere between 8:00 a.m. and 5:30 p.m. Most local banks stay closed from 12:45 p.m. to 2:45 p.m. on Fridays due to prayers.

    Q. Which one will be better to choose in George Town - conventional personal loans or Islamic personal financing?

    A. Both the variants come with their own set of benefits. Conventional personal loans charge an interest rate on the principal amount, whereas Islamic personal financing charge a profit rate for providing the facility.

    Q. Is it necessary to apply online for a loan?

    A. It’s not mandatory as you always have the option of applying offline, but the latter will save you a lot of time and paperwork.

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