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.
|Bank Name||Interest Rate||Tenure||Processing Fees||Minimum Income Required||Max Loan Amount|
|Starting from 6.5% p.a. flat rate||2 to 6 years||Nil||RM30,000 p.a.||RM100,000|
|Starting from 6% p.a. flat rate and 7% p.a. for floating rate||1 to 10 years||Nil||RM3,500 per month||RM150,000|
|8% p.a. to 11.99% p.a. for fixed rate 14.13% to 20.30% for floating rate||1 to 5 years||Nil||RM2,000 per month||RM100,000|
|Flat rate starting from 4.75% p.a. to 8.5% p.a. depending on the loan Floating rate starts from BR + 0.70% where BR is 3.95% p.a.||2 to 10 years||Nil||RM800 or RM2,500 or RM3,000 per month depending on the type of loan applied||RM200,000|
|EIR of 15% p.a. to 24% p.a.||1 to 10 years||Nil||RM2,000 per month||RM150,000|
|Starting from 0.8% per month to 1.50% per month||1 to 7 years||4% fee for loan amounts between RM1,000 to RM10,000 2% processing fee for loan amounts between RM10,100 to RM100,000||Minimum net income of RM800||RM100,000|
|EIR starting from 9.22% p.a. to 11.37% p.a.||1 to 10 years||Nil||Minimum gross income of RM2,000 for permanent employees and minimum gross income of RM8,000 and above for contract employees||RM150,000|
|EIR starting from 12.38% to 24.82% p.a.||1 to 7 years||Nil||RM24,000 p.a.||RM100,000|
|Starting from ECOF-i -0.20% p.a. where ECOF-i is 6.75%||1 to 10 years||Nil||RM24,000 p.a.||Up to RM400,000 depending on the type of loan acquired|
|Starting from 4.99% p.a.||1 to 10 years||Nil||RM1,500 per month||RM150,000|
|Starting from 14.5% p.a.to 24% p.a. for Cash Plus Personal Loan EIR of 28.88% to 41.70% p.a. for Xpress Cash Financing-i||1 to 5 years||Nil||RM2,000 per month RM800 per month for Xpress Cash Financing-i||RM100,000 RM50,000 for Xpress Cash Financing-i|
|Interest rates start from 9.99% p.a.||1 to 5 years||Nil||RM24,000 p.a. for salaried applicants RM36,000 p.a. for self-employed applicants||RM100,000|
|Starting from 5.60% p.a. for fixed rate Floating rate is Base rate + Spread capped to 11% p.a.||1 to 10 years||Nil||Repayment capability determined by NDI & DSR||RM150,000|
|Starting at 8.38% p.a.||1 to 7 years||Nil||RM3,000 per month||RM150,000|
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.
Personal loans have a myriad of benefits that make them an ideal choice when in need of additional funds. The below points describe the benefits of a personal loan and why they are the right choice:
The eligibility criteria for personal loans are as follows:
The following documents are required at the time of applying for a personal loan:
Variable salaried applicants:
Full commission earners:
Self-employed applicants (Private Ltd, Sole proprietorship, Partnership):
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.
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:
Personal loans can be classified on the basis of the interest rate offered, whether the loan is conventional or Islamic and whether a collateral is required or not. The following are the main types of personal loans available in Malaysia:
Here are a few points to consider before applying for a personal loan.
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.
Hengyuan Refining Company Berhad has secured RM1.7 billion (US$430 million) financing facilities from three major banks for scheduled upgrades and pending maintenance work for the refinery.
The financing facilities include a term loan and a revolving credit line. While the former will be used to refinance the existing term loan of the company, the latter will be used to cater to the refinery’s working capital needs. Hengyuan has signed bilateral agreements with Ambank (Malaysia) Berhad., China Construction Bank (Malaysia) Berhad and Maybank International Labuan branch.
Hengyuan chairman, Wang YouDe said that going forward, the company will continue its endeavour to analyse the aspects of the company’s operations in order to increase efficiencies and manage costs.
24 January 2018
PTPTN or The National Higher Education Fund Corporation saw an increase in its loan repayment collections which stood at RM3.4 billion up to October of this year. The loan repayment collection for the same period in 2015 stood only at RM1.5 billion.
Datuk Dr Mary Yap Kain Ching, the Deputy Minister of Higher Education has attributed the increase in loan repayments largely to the success of PTPTN’s #BolehBincang campaign.
With loan repayments coming in, the Deputy Minister also said that 4,545 PTPTN borrowers which comprised of 2,733 Public Institution students and 1,812 Private Institution students, had obtained first class degrees and were exempt from paying back their loans.
The minister also stated that the ministry has not only been promoting the welfare of students but also that of the lecturers by offering merit-based promotions and grants for high-impact research.
13th December 2017