Cash woes? A personal loan to the rescue!
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    Bankbazaar Personal Loans

    We found 11 Personal Loans
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    1-7 Years
    RM50 Tesco Voucher BBAZAAR EXCLUSIVE DEAL
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    BBazaar Exclusive Deal
    From 5.88% p.a. EIR from 10.9% p.a.
    6 months-7 years
    RM50 Tesco Voucher BBAZAAR EXCLUSIVE DEAL
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    BBazaar Exclusive Deal
    From 6.88% p.a.
    6 months-7 years
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    BBazaar Exclusive Deal
    From 9% p.a. EIR from 12.38% p.a.
    1-7 Years
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    From 8.20% p.a. EIR from 14.5% p.a.
    1-5 Years
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    From 8.18% p.a. EIR from 15% p.a.
    1-7 years
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    From 6.5% p.a.
    2-6 Years
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    From 6.5% p.a.
    2-6 Years
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    From 10.5% p.a.
    1-7 Years
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    From 9.99% p.a.
    1-5 Years
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    From 18% p.a.
    0.6-5 Years
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  • Personal Loan BYTES FROM OUR KITCHEN

    Personal Loans

    Compare & get the best personal loan in Malaysia from multiple banks that is best suited for you. Check how much you can borrow and calculate interest rate, monthly loan repayments. We offer you an easy way to find, compare and learn more about personal loans.

    Personal Loan Interest Rate Tenure Min. Income Required Max. Loan Amount

    Standard Chartered Bank Personal Loan

    From 6.99% p.a. 5 years RM2,000 per month RM250,000

    Alliance Bank Personal Loan

    From 8.38% p.a. 1 to 7 years RM3,000 per month RM150,000

    HSBC Personal Loan

    From 5.95% p.a. - - RM5,000,000

    Citibank Personal Loan

    From 5.88% p.a. flat rate 2 to 5 years RM48,000 p.a. RM120,000

    Maybank Personal Loan

    From 6.5% p.a. flat rate 2 to 6 years RM30,000 p.a. RM100,000

    Bank Islam Personal Loan

    From 4.99% p.a. flat rate 6.15% p.a. for floating rate 1 to 10 years RM2,000 per month RM200,000

    Ambank Personal Loan

    From 8% p.a. for fixed rate From 14.13% for floating rate 1 to 5 years RM2,000 per month RM100,000

    AEON Personal Loan

    From 0.8% per month Up to 7 years RM800 per month RM100,000

    BSN Personal Loan

    Flat rate starts from 4.50% p.a. Floating rate is up to 8.95% p.a. Up to 10 years RM800 per month RM200,000

    Bank Rakyat Personal Loan

    EIR starting from 6.41% p.a. Up to 10 years RM1,000 per month. RM200,000

    RHB Personal Loan

    EIR starting from 15% p.a. 1 to 5 years RM2,000 per month RM150,000

    Hong Leong Personal Loan

    EIR starting from 12.38% 1 to 7 years RM24,000 p.a. RM100,000

    Bank Muamalat Personal Loan

    From 5.50% p.a. for fixed rate. Floating rate is capped at 11% p.a. Up to 10 years - RM150,000

    CIMB Personal Loan

    From 10.75% Up to 5 years RM2,000 per month RM100,000

    MBSB Personal Loan

    EIR up to 11.10% p.a. 1 to 10 years - RM400,000

    UOB Personal Loan

    From 9.99% p.a. 1 to 5 years RM24,000 p.a. RM100,000

    Alliance Islamic Personal Loan

    From 8.38% p.a. Up to 7 years RM3,000 per month RM150,000

    What is a personal loan?

    Personal loans are one of the most sought-after loans due to the convenience and benefits they provide and the ease with which one can apply for them. But what exactly are personal loans? Personal loans are unsecured loans offered by banks and financial institutions. These loans do not require any form of collateral or a guarantor to acquire and as such are an ideal option when in need of extra financing.

    Unlike specialised loans such as home loans, renovation loans, car loans etc. A personal loan can be used for any personal requirement a borrower may have. Be it consolidating credit card dues or buying a new appliance, the personal loan may be used in any way deemed fit by a borrower.

    Features of a Personal Loan

    • Personal loans are usually unsecured and don’t require a guarantor or any form of collateral.
    • Repayment tenures start from 1 year and can go up to a maximum of 10 years.
    • The loan can be acquired in both, Islamic and conventional banking formats.
    • Renowned for their hassle-free application process and quick disbursal times.
    • Choose between a fixed rate of interest and a floating rate of interest.
    • Borrow anywhere between RM1,000 and a maximum of RM400,000.

    Find the Personal Loan, Compare and Apply Instantly on BBazaar.my

    Eligibility Criteria

    The eligibility criteria for personal loans are as follows:

    • Nationality: Most banks in Malaysia offer personal loans to Malaysian citizens and permanent residents only. There are a few banks that offer personal loans to foreign applicants as well.
    • Type of applicant: Unlike larger loans such as a home loan, a personal loan is available only to single applicants. The loan can only be acquired by one person who will be responsible for full repayment of the amount.
    • Age of the borrower: The minimum age of a borrower can range from 18 to 21 years and the maximum age of the borrower will depend on the tenure chosen. The maximum age of the borrower must not exceed 65 years by the end of the loan tenure.
    • Minimum income: Most loans require the borrower to earn at least RM2,000 on a monthly basis. This however depends on the bank. Certain banks require a minimum monthly income of RM3,000 or upwards.
    • Nature of employment: The borrower must have a source of income and can either be a salaried applicant or self-employed applicant. For salaried applicants, most loans require that they be in the service of the current employer for a minimum period of 6 consecutive months. Self-employed applicants are required to have been in business for at least a period of 24 months.

    Top Benefits of Applying for a Personal Loans

    Fast approval loan Fast approval loan
    When you apply for a personal loan, not only is it approved easily, the loan amount is disbursed instantly, usually within 2 to 3 working days.
    Lower interest rates Lower interest rates
    The interest rate charged is much lesser than that of a credit card. While a personal loan is generally offered at 8% p.a. to 11% p.a., credit cards charge 15% p.a. to 18% p.a.
    Hassle-free Hassle-free
    Unlike other loans, you don’t have to submit too many documents when you apply for a personal loan. Moreover, the application process is also smooth and hassle-free.
    Flexibility in use Flexibility in use
    A personal loan can be used in any way deemed fit by the borrower and is not limited in its use to any specific purpose.
    Fixed monthly payments Fixed monthly payments
    Personal loans can be repaid in fixed monthly instalments. So the borrower can plan their expenses in advance and pay off the loan amount easily.
    Debt Consolidation Consolidation
    You can apply for a personal loan and use the amount to consolidate your debt, especially if you have taken a loan or have credit card debt with a high-interest rate.
    Flexible tenures Flexible tenures
    Personal loans come with flexible loan tenures that can even go up to 10 years. The borrower can opt for the tenure they want as per their preference.
    Personal Loan for wedding Planning a wedding
    A personal loan can also provide you with financial support when it comes to planning your dream wedding. You can use the funds received from a personal loan for wedding related expenses.
    Home renovation Home renovation
    With funds available at low interest rates, a personal loan is one of the best financial tools for home renovation and reconstruction.
    Paying for medical expenses Paying for medical expenses
    A personal loan can also be financially helpful during medical emergencies. You can utilise the funds obtained through a personal loan to pay your medical bills.
    Planning a holiday trip Planning a holiday trip
    When you need quick funds for a vacation or a holiday, a personal loan can help you financially. There are multiple loan packages that have processing times going as low as 24 hours.
    Credit score Credit score
    When the borrower pays the monthly instalments on time, it improves their credit score and their overall creditworthiness. This will help them get financial products easily.

    Fees and Charges

    Fee type Fee details
    Processing fee Processing fees may go up to 4% of the total approved loan amount. Some banks don’t charge you any processing fees. The maximum limit for processing fees is RM400.
    Late payment charges (During the tenure) 1% of the total outstanding instalment amount.
    Late payment charges {After the tenure (Only for Islamic banking)} After the maturity of loan facility, the late payment charges are calculated based on IIMM (Islamic Interbank Money Market) rate on a daily basis.
    Wakalah or agency fee Up to RM53.
    Early settlement fee Plenty of banks don’t charge an early settlement fee. In other cases, the maximum amount you need to pay for early settlement of your loan is RM200 or 3% of the total outstanding amount.
    Stamp duty 0.5% of the total amount approved as per the Stamp Duty Act, 1949.
    Takaful or insurance contribution Takaful or insurance contribution depends on the borrower’s age, the approved loan amount, and the loan tenure.
    Advance payment Most banks don’t charge an advance payment. In other cases, you may have to pay an advance fee that’s equivalent to up to 2 months’ instalment amount.
    Will fee (optional) You can get an optional written will or wasiat with your loan. This fee can go up to RM530.
    Interbank GIRO fee An interbank GIRO fee of RM2.12 will be charged per transfer.

    What documents do i need to get a personal loan?

    The following documents are required at the time of applying for a personal loan:

    Salaried applicants:

    • A copy of the most recent computerised salary slip of the applicant
    • A copy of the most recent bank statement which can vary from 1 month to the past 3 months depending on the bank
    • A copy of the latest EPF contribution statement
    • A copy of the most recent EA Form or the most recent Form BE with tax receipt

    Variable salaried applicants:

    • A copy of the latest salary slips for the past 3 months
    • A copy of the latest bank statements ranging from the last 3 to 6 months
    • A copy of the latest EPF contribution statement
    • A copy of the most recent EA Form or the most recent Form BE with LHDN payment receipt

    Full commission earners:

    • A copy of the commission statement for the last 6 months
    • A copy of the bank statement showing the crediting of commission earned
    • A copy of the most recent Form B with LHDN payment receipt

    Self-employed applicants (Private Ltd, Sole proprietorship, Partnership):

    • A copy of the Business Registration Certificate
    • A copy of the latest 6 months’ company bank statement
    • A copy of the latest Form B with LHDN payment receipt

    How to calculate the personal loan monthly repayments?

    Any amount borrowed under a personal loan must be repaid through monthly instalments. Having a vague idea about these instalments prior to applying for a loan is not good enough. When undertaking large financial commitments, it is imperative to get as close to an informed guess as possible as to how much the instalment would amount to.

    In order to calculate the instalment amount and figure out if the desired loan amount can be repaid or not, we can make use of a personal loan calculator. These calculators give borrowers an idea of the payments they would be facing by calculating various parameters such as the loan amount, the tenure, the interest rate charged by the bank, and any additional charges imposed by a bank such as processing fees.

    Borrowers must enter the parameters and click on calculate in order to view their monthly instalments.

    How to Apply for a Personal Loan?

    One should apply for the loan only after carrying out thorough research and comparing personal loans offered by various banks. Once a borrower has decided on the personal loan of their choice, they can apply for it through the following ways:

    • Apply Personal Loan Online: Most banks offer an option of applying for a personal loan online. Borrowers can click on the apply option on the bank’s website and will be redirected to an application form which then has to be duly filled and submitted to the bank along with the required supporting documents.
    • Netbanking: When applying for a loan with a bank that a borrower is already a customer with, they can apply for the personal loan by logging on to their netbanking facility.
    • Leaving contact details with the bank: Many bank websites provide borrowers with the option of leaving their contact details with the bank. The bank will then have a representative reach out to the borrower within 1 or 2 working days and initiate the application process.
    • Offline: Borrowers can also choose to visit the nearest branch of the bank they wish to apply the loan from and request for an application.

    Types of personal loans in Malaysia

    The following are the main types of personal loans available in Malaysia:

    • Unsecured personal loans: Personal loans, by their very nature are unsecured loans and as such, this type of personal loan is the most common variant offered to almost anyone who applies for a loan and meets the eligibility criteria. Typically, a borrower can apply for a personal loan just as they would for a credit card. There is no need of putting up any assets or have a guarantor when applying for the loan.
    • Secured personal loans: There are personal loans available that require borrowers to put up collateral or have a guarantor. Such loans tend to offer lower interest rates since the risk is lower for the bank. Personal loans often require collateral when the borrower does not meet a certain income criteria. This might include a poor credit score, a low salary or a combination of both. In some cases, banks offer secured personal loans when the requested loan amount is higher than what the bank has on offer.
    • Islamic personal loans: These Islamic loans are basically the same as conventional loans but are based on the principles of Shariah. The loans work a little differently as compared to conventional personal loans. These loans work most commonly on the principle of Bai Al-Inah which basically involves a selling and buying back transaction by a bank using a deferred payment basis. As such, these loans are commonly referred to as personal financing rather than personal loans. Since Shariah laws prevent them from charging any interest rates, banks charge borrowers a profit rate for providing them with the personal financing facility.
    • Instalment Loan: An instalment loan is a kind of loan that has a pre-decided repayment tenure. The loan comes with a fixed amount of funds obtainable and is scheduled to be repaid fully on or before the set tenure of the loan. Most of the traditional personal loans fall under this category. The maximum repayment tenure associated with an instalment personal loan ranges between 7-10 years.
    • Revolving Loan: A revolving loan is a flexible type of loan. This facility lets you withdraw, repay, and redraw funds until the arrangement expires. The loan facility includes redrawing and repaying at any time during the tenure unlike a traditional personal loan. This allows you to enjoy financial flexibility during the loan tenure.
    • Overdraft Loan: An overdraft loan lets you extract funds over your designated credit limit. An overdraft facility on your credit line is an extension of your loan. You can continue obtaining funds from your account with this facility even after you’ve reached the maximum allowed limit of credit assigned to the loan. You may have to deal with higher interest rates in such cases.

    Points to consider before applying for a Personal Loan

    Here are a few points to consider before applying for a personal loan.

    • Have a good credit score: This goes without saying but having a good credit score can be the deciding factor in having a loan approved. Late payments on credit card bills and recently acquired lines of credit can hamper one’s score. Borrowers must check their credit score before putting in an application. If the score is in bad shape, further applications will only lower chances of approval. A borrower must ensure they continue making prompt payments on their other open lines of credit and apply for a loan when their score is in a better standing.
    • Income requirements: Borrowers should make sure they meet the required income criteria set forth by respective banks in order to have their loan applications successfully approved. The higher the applicant’s income, the easier it is to repay the loan.
    • Nature of employment: Many banks consider the nature of employment when reviewing a loan application. For self-employed borrowers, the business must be in operation for a prescribed number of years and should be profitable. For salaried applicants, the monthly salary along with the designation and number of years worked in a company can be a deciding factor. Those who constantly change jobs or have recently joined a company might find it harder to have their loan applications approved.
    • Repayment capability: Regardless of the loan amount borrowed, a borrower must first ensure that they have the capability of making the payment. Borrowers should ensure monthly payments are made on time and that they should go in for a loan only after taking into account their current financial limits.
    • Affordability: This includes the interest rates charged by the bank, the fees and charges of the loan, and other commitments of the borrower. If the borrower has other loans or instalments to pay, it reduces the amount of disposable income left to repay a new personal loan. Borrowers who have a high TDSR also have lower chances of new loan applications being approved.
    • Loan amount: One of the contributing factors of affordability, it is important for borrowers to not only settle on a loan amount that they can utilise correctly but also choose an amount that can be paid off as early as possible.
    • Interest rates: A cornerstone of affordability, the interest rates of a loan can decide how affordable a loan is. Personal loans with longer tenures are especially susceptible to higher interest rates. The lower the rates of interest, the more affordable a loan is.
    • Select the right tenure: Selecting the right tenure can not only help with the repayment capability but can also save the borrower a ton of money. Borrowers should aim to pay off their loan as soon as possible. Shorter tenures will result in higher instalments but the total interest paid will be much lower. On the other hand, borrowers who go in for longer tenures will face lower monthly instalments and while the lower amounts can easily be paid, the overall interest paid throughout the tenure will be much higher. Borrowers should take into consideration their financial constraints and other commitments and expenses and choose an appropriate tenure
    • Avoid multiple applications: When looking for a personal loan, borrowers must steer clear of making multiple applications across different banks. Doing so will send a message of being credit hungry but can hamper chances of successful application.
    • Do the research: When going in for a loan, borrowers should shop around. They must carry out research and take into account not just the interest rates charged but other fees and charges of a loan as well. These additional charges can change the affordability of a loan quite drastically especially when two or more loans offer similar rates of interest.

    Why to apply for a personal loan on www.bbazaar.my?

    BBazaar is a premier financial marketplace in Malaysia. Various top-notch banks have collaborated with BBazaar to offer customised personal loan offers to customers. You can apply for a personal loan effortlessly online on their website. Besides experiencing a hassle-free loan application process, you can also win attractive prizes when you apply on the website.

    Here are some advantages of applying for a personal loan on www.bbazaar.my:

    • You Will Get To Compare
    • Applying for a personal loan can be confusing at times. There are multiple schemes offered by many banks. The ‘Compare Quote’ tool on www.bbazaar.my will give you a good idea of what each loan is all about. From interest rates and repayment tenures to fees and charges, you can get all the loan information you need on a single platform.

    • Eligibility Factor
    • There are different eligibility criteria associated with each loan offer. On BBazaar’s website, you can check your eligibility for a personal loan instantly with just a few clicks. All you have to do is enter your personal and income-related details to know if you’re eligible. Keep in mind that your eligibility will depend on your financial credit history and other associated factors too.

    • You Will Get An Instant Quote
    • To get a personalised quote, you can use the ‘Custom Quote’ tool where you’ll need to type in your personal information and income details. This way, you can choose the ideal offer that suits your needs from different loan schemes offered by various banks in Malaysia.

    • You Will Find All Details in One Place
    • Applying for a personal loan scheme on www.bbazaar.my is simple and convenient because you get to see multiple loan schemes offered by several top banks at one place. With a few clicks, you can compare these schemes in real time and choose the best suitable loan option.

    • Assured Privacy
    • All personal loan applications submitted on www.bbazaar.my are sent to the corresponding bank electronically. This ensures complete privacy and transparency when it comes to important personal data submitted by customers.

      How to Apply For a Personal Loan on BBazaar.my?

      Applying for a personal loan scheme on www.bbazaar.com involves a few simple steps:

      Step 1: Visit the official website of BBazaar. (www.bbazaar.my)

      Step 2: Click on the ‘Personal Loans’ tab.

      Step 3: You will find plans offered by multiple banks on this page. Choose any suitable plan and click on ‘Check Eligibility’.

      Step 4: Insert all required personal details to check your eligibility online for the scheme.

      Step 5: You’ll need to provide your monthly income here.

      Step 6: In this step, you’ll need to mention if you have a credit card or a loan with any bank. Click on ‘None’ if you do not have any other credit accounts.

      Step 7: Give the amount of your outstanding debt on existing loans/cards if applicable here. You can also choose to skip this step.

      Step 8: Provide your personal details (optional) to view various exciting offers from different banks.

      Step 9: Apply directly for the scheme of your choice with our partnering bank. You will have to submit your contact number, personal information, and loan details here. Click on ‘Save and Validate’ to apply.

      Currently, BBazaar accepts applications for personal loan offers from Citibank, Standard Chartered Bank, and Alliance Bank.


      FAQs

      Q. Does a personal loan require any form of collateral?

      A. No. A personal loan is an unsecured product and as such does not require the borrower to put down any form of collateral or have the loan co-signed by a guarantor. Some banks do however provide the borrower with the option of doing so in case the loan amount requested is much higher than the available amount offered by the bank.

      Q. Are there any restrictions on the use of a personal loan?

      A. No. Unlike home loans meant specifically for a home, car loans for purchasing a car and education loans meant for pursuing further studies, a personal loan does not require any specific purpose and can be used in any way deemed fit by a borrower. If the borrower meets all the requirements and credit checks set forth by a bank, they are free to use the loan amount anyway way they please, whether it is to consolidate credit card debt or whether it is for more frivolous pursuits.

      Q. What are the income requirements for a personal loan?

      A. Most personal loans come with an income requirement of RM2,000 per month or RM24,000 annually. The annual income requirements can change depending on the bank the applicant is borrowing from.

      Q. Can one apply for a personal loan when they do not meet the income requirements?

      A. The income requirements for a personal loan are a major factor in the success of approval of the loan application. These requirements are set forth by banks to ensure that a borrower can repay the loan amount. When a borrower does not meet the income requirements, they will either have their loan application rejected or based on how much they actually earn, will receive a loan with a lower loan amount and a higher interest rate.

      Q. Is there a limit to how much one can borrow?

      A. Yes. Depending on which bank is offering the personal loan, there are maximum and minimum loan amounts that one can borrow. These limits are based on a number of factors such as the salary of an applicant, the occupation, and other factors of their credit score such as repayment history and existing debt.

      Q. What factors decide the approval of a loan application?

      A. There are a myriad of factors that go into the approval or rejection of a loan application. Even with a very high salary, an applicant can stand to have their applications rejected solely based on the fact that they have a high number of existing debts or a poor payment record. Instances of late payments on credit cards can tarnish an applicant’s payment record. The credit utilisation of an applicant can also decide whether an application is approved or not.

      Even multiple applications for a personal loan or credit card can hamper chances of having the application approved as it sends out a message that the applicant is credit hungry and can result in the application being treated as a risk. Chances of approval are higher when borrowers apply for a loan from a bank where they are already a customer.

      Q. Upon successful approval, will a borrower receive the loan amount they requested?

      A. Not necessarily. When an application is approved, a bank has rated the borrower either as a high-risk or a low-risk candidate. The loan amount approved will be based off this rating. Assume an applicant who is an existing customer of a bank applies for a loan and has the application approved. If this applicant has maintained a good record of making payments on credit cards or other lines of credit, meets the income requirements, and has applied for and successfully repaid loans from the same bank numerous times in the past, then the chances of the requested loan amount being granted are quite high.

      On the other hand, if the same applicant applies for a loan from the bank but has an ongoing long-term loan such as a mortgage loan with the bank, then the applicant might only be granted 80% of the desired loan amount as opposed to 100%. Even though the applicant might meet income requirements and has a decent credit score and a good record of repayments, the bank would have deemed the applicant as slightly riskier since a portion of the applicant’s income will go towards servicing existing loans.

      And if the applicant is deemed as high risk then an even lower sum of say, 50% of the requested loan amount might be offered.

      Q. What is the maximum tenure of a personal loan?

      A. Personal loans have a limit of 10 years. However, many banks offer personal loans with tenures ranging from 1 year up to 7 to 8 years. As a good rule of practice, a borrower must aim to repay the loan amount as quickly as possible. This will not only allow them to get over the commitment or burden of debt but can also help them save a lot on interest charges.

      Longer tenures can result in lower monthly instalments but it also means that by the end of the tenure, the borrower would have ended paying a much higher amount due to the interest rate charged. Thus, it is important for a borrower to also take into consideration the affordability of a loan rather than just focus on their repayment capability

      Q. Can one apply for a personal loan if they have been blacklisted by the CCRIS?

      A. Chances of having loan applications approved are quite difficult. Depending on the nature of the blacklist, an application may or may not be approved. If the applicant was blacklisted for having defaulted on a loan a long time ago but has since made significant improvements on their score, the chances of having an application approved are slightly higher. But if the applicant has been blacklisted or filed for bankruptcy recently then it is highly unlikely that their application will be approved. Making multiple applications across different banks can further damage the chances of approval.

      Q. How long will it take for the loan amount to be disbursed?

      A. Disbursal times range from bank to bank. Approval of an application take anywhere between 2 to 5 working days and the loan amount will be disbursed within one working day from date of approval. There are loans that offer faster approval times as well.

      Q. How many personal loans can a borrower have?

      A. While there is no limit to the number of loans one can have, the chances of having new loan applications approved when a borrower already has an open personal loan are quite low. This is because until the loan has been fully repaid, the borrower’s debt servicing ratio will be quite high. Taking on a loan at such times might signal a bank that the borrower is credit hungry and is a high risk candidate.

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