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  • Personal Loan BYTES FROM OUR KITCHEN

    Personal Loans in Malacca

    Banks in Malacca City offer a variety of options when it comes to personal loans. Compare interest/profit rates and apply as per your convenience.

    About Malacca City

    The city of Malacca is one of the most popular tourist destinations in Malaysia. Recognised by UNESCO as a World Heritage Site, the city is replete with historical buildings and monuments. Malacca is also home to quite a few fun attractions where you can go to have a good time. You can take a boat ride from St. Francis Xavier's Church and explore Malacca as well.

    Other major attractions in Malacca include, Jonker Street, St. Paul’s Church, Cheng Hoon Teng Temple, Bukit China, and Kampung Keling Mosque, to name a few.

    List of Banks Offering Personal Loans in Malacca City

    There are plenty of banks offering personal loan facilities in and around Malacca. Here are some of them:

    • Citibank
    • Hong Leong Bank
    • Hong Kong Bank
    • Bank Muamalat
    • Alliance Bank
    • Standard Chartered
    • RHB Bank
    • CIMB Bank
    • Affin Bank
    • AmBank
    • Al Rajhi Bank
    • BSN
    • UOB
    • Maybank

    Eligibility Criteria

    Here are some the basic criteria you need to meet in order to eligible for a personal loan:

    • Nationality: Permanent residents of Malacca or Malaysia are eligible for a personal loan. However, there are banks that entertain foreign applicants as well.
    • Minimum Income Required: Generally, minimum income required is capped at RM2,000 monthly or RM24,000 annually. However, this may differ from bank to bank. Some banks can ask for a minimum annual income of RM36,000 or more.
    • Age Limit: The minimum age limit generally ranges from 18 years to 21 years. The maximum age limit is usually 65 years. However, this again depends on the bank’s rules and regulations.
    • Documents Required: Some of the essential documents you will need to provide include, MyKad, permanent address proof, income proof, age proof, income tax details, 3 months’ salary slips (latest), EPF contribution statement, etc.
    • Collateral/Guarantor: Banks usually don’t ask for a collateral or guarantor unless you have a poor credit history or low annual income. Also, there are only few banks that offer a loan against security
    • Maximum Loan Amount: Maximum loan amount usually varies between RM100,000 and RM150,000. However, some banks may offer RM200,000 or more.

    Compare Personal Loans in Malacca for 2018

    Banks Interest/Profit Rates (p.a.) Loan Tenure Min. Annual Income Min. to Max. Loan Amount More Info.
    Citibank Personal Loan 7.9% to 12.5% 2 to 5 years RM48,000 RM5,000 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
    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
    Maybank Personal Loan ELR 11.53% to 14.68% 2 to 6 years RM30,000 RM5,000 to RM100,000
    CIMB Cash Plus Personal Loan ELR 14.50% to 24% 1 to 5 years RM24,000 RM2,000 to RM100,000
    Bank Muamalat Personal Financing-i - 3 to 10 years - RM5,000 to RM150,000
    AmBank AmMoneyLine EIR 14.13% to 20.30% 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
    Al Rajhi Bank Personal Financing-i 6.99% to 8.25% 2 to 8 years RM60,000 M10,000 to RM150,000
    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

    ELR = Effective Lending Rate

    EIR = Effective Interest Rate

    So, if you are in Malacca and on the lookout for a personal loan, you might want to compare the aforementioned interest/profit rates and apply as per your convenience.

    FAQs

    Q. What are the working hours for the banks in Malacca City?

    A. Like most Malaysian banks, Malacca also follows a 5-day workweek system. However, some banks may remain open on the weekends. The working hours are usually between 8 a.m. and 5:30 p.m. Also, keep in mind that some banks don’t operate on Fridays from 12:45 p.m. to 2:45 p.m. due to prayers.

    Q. What are the different modes of loan application available?

    A. You can apply both online or offline. Online application is an easier mode to go with than its counterpart because you can apply at the convenience of your home. Just fill in the required fields and submit scanned copy of your documents. Applying online helps you save a lot of time and paperwork.

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

    A. Most banks usually take 2 to 3 business days to approve and disburse the loan amount. It might take some more time in case of discrepancies in documentation.

    Q. When can a bank reject my application?

    A. Banks can reject your application if:

    • You don’t meet the eligibility criteria.
    • You have a poor credit rating
    • There are discrepancies in your document.
    • You are not a permanent resident of Johor Bahru or Malaysia. However, some banks do give out loans to foreigners.
    • If you are not financially stable.
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