Looking for best personal loan deals and offers in Kuala Lumpur? Here are some of the banks you can reach out to apply for a personal loan. Just compare the interest rates and see which one works for you best!
Supported by a strong economy, Kuala Lumpur – the capital city of Malaysia is recognised as one of the prime business hubs in Asia. With a population of over 8 million, Kuala Lumpur is considered as one of the busiest cities in Malaysia. A haven for tourists, every year millions flock into the city to immerse in its vast cultural landscape.
Some of the must-visit attractions in Kuala Lumpur include Petronas Twin Towers, Masjid Negara, National Museum, and Kampong Bharu, to name a few.
Personal loans available in Kuala Lumpur can be classified based on three attributes mentioned below:
Here are the different types of personal loans you can apply for:
Here are some of the banks that offer personal loans in Kuala Lumpur:
You are still eligible for a Personal Loan In Kuala Lumpur when you have bad credit or blacklisted. If you want to apply for a personal loan today, you will get a response in a matter of minutes. There are various criteria for borrowers in kuala lumpur to qualify for these loans, including credit scores and whether they put up any collateral.
|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|
|Alliance Cashfirst Personal Loan||EIR 14.73% to 24.37%||1 to 7 years||RM36,000||RM5,000 to RM150,000|
|HSBC Amanah Personal Financing-i||8.75%||2 to 7 years||RM36,000||RM6,000 to RM150,000|
|Maybank Personal Loan||ELR 11.53% to 14.68%||2 to 6 years||RM30,000||RM5,000 to RM100,000|
|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||
||RM5,000 to RM100,000|
|AmBank AmMoneyLine||EIR 14.13% to 20.30%||1 to 5 years||RM24,000||RM2,000 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|
|Standard Chartered Quick Cash Edge||Starts from 6.99%||1 to 7 years||RM24,000||Up to RM250,000|
|Citibank Personal Loan||7.9% to 12.5%||2 to 5 years||RM48,000||RM5,000 to RM150,000|
ELR = Effective Lending Rate
EIR = Effective Interest Rate
Q. I am a foreigner. Am I eligible to get a personal loan in Kuala Lumpur?
A. Yes, some banks do offer personal loans to foreigners. However, you have to provide certain documents validating the fact that you are a permanent worker in Malaysia such as a valid work permit and an employment confirmation letter.
Q. What are the modes of personal loan application?
A. You can apply both online and offline. Either you can visit the bank’s website and fill up the required forms or directly go the bank along with all the supporting documents and apply. You can also call the bank’s customer care number and put in your request telephonically.
Q. How easy it is to get a personal loan in Kuala Lumpur?
A. Though it’s not difficult to apply for personal financing and get a loan approved, it again depends entirely on your credit score as a borrower and the bank’s loan approval process. Different banks in the city have different eligibility criteria. Also, certain banks are quite stringent when it comes to loan approval. So, always make sure that you have a decent credit history and valid documents in place.
Q. What are the working hours for the banks in Kuala Lumpur?
A. It’s usually a 5-day work week for the banks located in Kuala Lumpur. However, some banks operate 6 days a week to meet customer demands. The working hours usually vary between 8 a.m. and 5:30 p.m. Also, note that 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 Kuala Lumpur - 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. What’s the minimum income requirement for a personal loan?
A. This depends entirely on the bank’s eligibility criteria. However, in most cases, banks will see if you have a minimum annual income of RM24,000. Some banks ask for an annual income of RM36,000.