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    Personal Loans in Ipoh

    Are you looking for a personal loan in Ipoh? Check out and compare the best personal loan offers in the Ipoh area. But first, let’s get to know what the city has to offer to visitors and its indigenous people.

    About Ipoh

    Ipoh, the capital city of Perak (Malaysia), is surrounded by scenic landscapes and cultural delights. The city is home to around 750,000 people and is best known for its street art, markets, historical buildings, temples, and local cuisines.

    Some of the well-known tourist spots in Ipoh include, Muzium Darul Ridzuan, Kong Heng Square, Padang Ipoh, Ipoh Wall Art Murals, and Kek Lok Tong Cave Temple, to name a few. The city offers visitors the best of both worlds – a modern, vibrant culture cloaked under the old world heritage that the city still possesses.

    List of Banks Offering Personal Loans in Ipoh

    There are quite a few banks in and around Ipoh offering personal loans with attractive interest rates. Here are some of the banks that offer personal financing to individuals:

    • CIMB Bank
    • UOB
    • Standard Chartered
    • Al Rajhi Bank
    • RHB Bank
    • HSBC Bank
    • Hong Leong Bank
    • AmBank
    • Alliance Bank
    • Standard Chartered Bank

    Personal Loan Eligibility Criteria

    Do you want to know whether you are eligible for a personal loan? Banks have certain criteria set that you have to meet in order to qualify for a loan. Here are some of them:

    • 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 Malaysia and reside in Ipoh. 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 in Ipoh 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. However, due to poor credit rating or low annual income, some banks might consider giving you a loan against collateral. Banks might ask you to put up your unit trust funds or term deposits as security. In the case of a guarantor, he or she has to be financially stable with a good credit rating to qualify as one. In case you fail to repay the sum, banks will use the collateral or resort to the guarantor to extract the amount.
    • 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 qualify 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 Ipoh for 2018

    Banks Interest Rate or Profit Rate (p.a.) Loan Tenure Mini. Annual Income Min. to Max. Loan Amount More Info.
    AmBank AmMoneyLine Personal Loan EIR 14.13% to 20.30% 1 to 5 years RM24,000 RM2,000 to RM100,000
    CIMB Cash Plus Personal Loan ELR 14.50% to 24% 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
    RHB Personal Financing 13.45% up to EIR 24% 1 to 7 years RM24,000 RM2,000 to RM150,000
    Hong Leong Bank Personal Loan EIR 12.38% to 24.82% 2 to 7 years RM24,000 RM5,000 to RM100,000
    Alliance Bank CashVantage Personal Financing-i EPR 14.73% to 24.37% 1 to 7 years RM36,000 RM5,000 to RM150,000
    UOB Personal Loan EIR 17.96% to 21.57% 1 to 5 years
    • RM24,000 for salaried employee
    • RM36,000 for self-employed individuals
    RM5,000 to RM100,000
    Al Rajhi Bank Personal Financing-i 6.99% to 8.25% 2 to 8 years RM60,000 RM10,000 to RM150,000

    ELR = Effective Lending Rate

    EIR = Effective Interest Rate

    Are you staying in Ipoh 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. In Ipoh, for most banks it’s usually a 5-day work week. However, some banks operate 6 days a week. The working hours usually vary between 8 a.m. and 5:30 p.m. Some local banks don’t operate every Friday from 12:45 p.m. to 2:45 p.m. due to prayers.

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

    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. You can also submit the required documents online. The bank will get in touch with 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. You need to physically present all the required documents for offline application. 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 in Ipoh?

    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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