Cash woes? A personal loan to the rescue!

    Personal Loans in Sandakan

    Whether you are working or a permanent resident of Sandakan, getting a personal loan in the city is not that difficult. There are plenty of banks that offer personal loan facilities and services in Sandakan.

    About Sandakan

    Known for its eco-friendly destinations, Sandakan is a popular tourist destination in Sabah. The second biggest city of Sabah, Sandakan takes pride in having a vibrant culture cloaked in old world charm.

    Some of the popular must-visit sites in Sandakan include, Sandakan Big Market, Sandakan War Memorial Park, All Angels Cathedral, Agnes Keith House, and Buli Sim Sim, to name a few. The city is surrounded by plenty of eco-friendly destinations, including Turtle Island, Crocodile Farm, Lankayan Island, and more.

    List of Banks Offering Personal Loans in Sandakan

    • Alliance Bank
    • Standard Chartered
    • HSBC
    • CIMB Bank
    • Hong Leong Bank
    • Bank Islam
    • UOB
    • AmBank
    • RHB Bank
    • Maybank

    Eligibility Criteria

    • Nationality: You can get personal loan facilities if you are a permanent employee or resident of Sandakan or Malaysia. Some banks also provide personal loan services to foreigners.
    • Maximum Loan Amount: Most banks offer a maximum loan amount of RM150,000. However, there are banks that offer RM250,000 or more in loans. Generally, the bank decides how much amount can be given out to you. This is based on your credit history, monthly income, etc.
    • Age Limit: You need to at least 18 to 21 years of age to apply for a loan. The maximum age limit is usually fixed at 65 years. However, the maximum and minimum age limit may vary from bank to bank.
    • Collaterals or Guarantors: Usually, banks in Sandakan don’t ask for a guarantor or collateral. There are exceptions, though. If you have a poor credit history or your income is falling short of the bank’s criteria, you may get a loan against collateral or guarantor. Generally, your unit trust funds or term deposits are kept as collateral. A guarantor needs to have a good credit history and should be financially stable to qualify. However, this entire process depends solely on the bank’s discretion.
    • Documents Required: The basic documents required include, MyKad, permanent address proof, income details, age proof, 3 months’ salary slips (latest), EPF contribution statement, etc.
    • Minimum Income Required: This again depends entirely on the bank. Most banks keep the minimum annual income requirement fixed at RM24,000. However, some banks may push the amount further to RM36,000 or more.

    Compare Personal Loans in Sandakan for 2018

    Banks Interest/Profit Rates (p.a.) Loan Tenure Min. Yearly Income Min. – Max. Loan Amount More Info.
    Alliance Cashfirst Personal Loan EIR 14.73% to 24.37% 1 to 7 years RM36,000 RM5,000 to RM150,000  
    Standard Chartered Quick Cash Edge Starts from 6.99% 1 to 7 years RM24,000 Up to RM250,000  
    HSBC Amanah Personal Financing-i 8.75% 2 to 7 years RM36,000 RM6,000 to RM150,000  
    CIMB Cash Plus Personal Loan ELR 14.50% to 24% 1 to 5 years RM24,000 RM2,000 to RM100,000  
    Hong Leong Bank Personal Loan EIR 12.38% to 24.82% 2 to 7 years RM24,000 RM5,000 to RM100,00  
    UOB Personal Loan EIR 17.96% to 21.57% 1 to 5 years
    • RM24,000 (salaried employee) and
    • RM36,000 (self-employed
    RM5,000 to RM100,000  
    AmBank AmMoneyLine EIR 14.13% to 20.30% 1 to 5 years RM24,000 RM100,000  
    RHB Personal Financing 13.45% up to EIR 24% 1 to 7 years RM24,000 RM2,000 to RM150,000  
    Maybank Personal Loan ELR 11.53% to 14.68% 2 to 6 years RM30,000 RM5,000 to RM100,000  
    Bank Islam Personal Financing-i Public Sector 4.99% p.a. 1 to 10 years RM24,000 RM10,000 to RM200,000  

    EIR = Effective Interest Rate

    ELR = Effective Lending Rate


    Q. How can I apply for a personal loan?

    A. You can apply both online or offline. For online application, you need to go to the concerned bank’s page and fill up the required fields. You can also submit all the required documents online. For offline application, you need to pay a visit to the bank to complete all the formalities.

    Q. What are the operating hours for the banks based in Sandakan?

    A. Working hours are similar to any other Malaysian banks. It’s a 5-day workweek for most of the banks located in Sandakan. Some banks may stay open on the Saturdays and Sundays. The daily working hours generally vary between 8 a.m. and 5:30 p.m. Also, some do not operate from 12:45 p.m. to 2:45 p.m. on Fridays due to prayers.

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