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  • Personal Loan BYTES FROM OUR KITCHEN

    Personal Loans in Kuala Lumpur

    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!

    About Kuala Lumpur

    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.

    Types of Personal Loans Available in Kuala Lumpur

    Personal loans available in Kuala Lumpur can be classified based on three attributes mentioned below:

    • Interest rate they offer.
    • Whether it’s conventional or Islamic.
    • Whether it requires a collateral or not.

    Here are the different types of personal loans you can apply for:

    Based on Collateral or Guarantor

    • Unsecured Personal Loans: Personal loans are generally unsecured loans, where you don’t have to put up a collateral against the borrowed sum. Most of the banks in Malaysia offer unsecured personal loans to their customers. You just need to apply and meet the eligibility criteria to get this loan.
    • Secured Personal Loans: It requires you to put up a collateral or have a guarantor against the borrowed sum. The interest rates are usually lower than unsecured loans as there is little risk involved in lending the amount. The logic is simple – if you fail to repay the borrowed amount, the concerned bank has every right to seize the collateral or get the amount repaid by your guarantor. A secured loan is granted when the bank recognises the borrower’s poor credit history or low income.

    Based on Conventional or Islamic Banking

    • Conventional Personal Loans: It’s probably the most common variant of personal financing. In conventional financing, the lender gets to earn profit by imposing a certain interest rate on the principal amount. You are required to pay off the debt under a fixed loan tenure. The payment is usually made through instalments.
    • Islamic Personal Loans: Islamic personal financing is based on Shariah principles. These type of loans follow the concept of Bai’ Al-‘Inah, where the bank sells and buys back transaction on a deferred payment basis. According to Shariah law, charging an interest rate is prohibited. Hence, the banks charge a profit rate for providing you with personal financing facilities. You will find the details of the profit rate in the personal financing contract.

    Based on Rate of Interest

    • Fixed Interest Rate Personal Loans: These loans come with a fixed rate of interest. The good part is that you can go on making fixed repayments irrespective of the market condition. The only pitfall is that in case you want to pay a bigger instalment amount, banks will levy additional charges on you.
    • Variable Interest Rate Personal Loans: You will be charged a rate of interest based on where the current market rate stands. If the market rate shoots up, the interest rate will automatically go up. However, if the market rate is low, you get to enjoy lower rates of interest.

    Banks Offering Personal Loans in Kuala Lumpur

    Here are some of the banks that offer personal loans in Kuala Lumpur:

    • MayBank
    • Standard Chartered Malaysia
    • RHB Bank
    • HSBC Amanah
    • AmBank
    • CIMB Bank
    • Citibank Malaysia
    • Alliance Bank
    • Public Bank
    • UOB
    • Al Rajhi Bank

    Personal Loan Eligibility Criteria

    • Nationality: Most banks in Kuala Lumpur offer personal loans to Malaysian citizens and permanent residents. However, there are banks that offer personal loans to foreigners based on the submission of certain additional documents.
    • Age: You need to be between 18 and 21 years of age or above to apply for a loan. The maximum age limit shouldn’t exceed beyond 65 years at the end of the loan tenure.
    • Maximum Loan Amount: Most banks offer a maximum loan amount of RM150,000. However, some banks in Kuala Lumpur do offer loans up to RM250,000. The loan amount offered also depends on your credit history.
    • Collateral/Guarantors: Most secured personal loans hold your term deposit or unit trust funds as a collateral. A guarantor qualifies only if he is a Malaysian citizen or a permanent resident and has a good credit history.
    • Documents: You need to submit your MyKad, permanent address proof, income proof, age proof, income tax details, 3 months’ salary slips (latest), EPF contribution statement, etc.
    • Minimum Income Required: You need to have a minimum annual income of RM24,000 to qualify for a loan. However, this may vary from bank to bank. Some banks often keep the minimum annual income capped at RM36,000 or more.

    Loans for Blacklisted 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.

    Compare Personal Loans in Kuala Lumpur 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  
    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
    • RM24,000 for salaried employee
    • RM36,000 for self-employed individuals
    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

    Are you looking for a personal loan in Kuala Lumpur? Compare the interest rates and other details, and apply for a personal loan in Kuala Lumpur.

    FAQs

    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.

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