Cash woes? A personal loan to the rescue!

Top Banks in Malaysia that Offer Faster Personal Loan Approvals

Usually, a personal loan application process is relatively easy and simple. However, at times, banks can buy considerable amount of time to get your loan approved. To make things simpler for you, we have collated a list of Malaysian banks that offer faster loan approvals.

Top 5 Personal Loan when you need Quick Cash
Bank/Plan Approval Time Loan Amount Tenure Interest Rate Late Payment Penalty For More Info.
RHB Easy-Pinjaman Ekspres 10 minutes From RM2,000 to a maximum of RM150,000 Up to 5 years (60 months) Competitive interest rates 1% p.a. on the amount in arrears
Hong Leong Personal Loan Within 48 hours (5-minute loan approval at am:pm Convenient Banking) Up to RM100,000 Up to 7 years

From 9% p.a. to 13.5% p.a. (flat interest rate)

From 12.38% p.a. to 24.82% p.a. (effective interest rate)

1% p.a. on the amount in arrears
Citi Personal Loan Instant approval Up to RM150,000 or 10x your gross monthly income Up to 60 months Starting from 5.88% p.a. to 9.80% p.a. 1% p.a. on the amount in arrears
CIMB Cash Plus Personal Loan Next day approval From RM2,000 to RM100,000 or up to 8x your gross monthly income Up to 5 years From 6.88% p.a. to 14.88% p.a. 1% p.a. on the unsettled instalment amount
MBSB Personal Financing-i Fast approval Maximum of up to RM300,000 Up to 10 years Ceiling profit rate is 15% p.a. 1% p.a. on the unsettled instalment amount will be charged during the facility tenure

Let’s find out more about these personal loan plans.

RHB Easy-Pinjaman Ekspres

This financing facility by RHB offers spot approval and comes with low repayments without any hidden fees and charges. You can get a flexible financing tenure of up to 5 years.

Key Features

  • You can enjoy on-the-spot loan approval as well as a disbursement.
  • On approval of your loan facility, you can get a Visa Debit Card.
  • Low monthly instalments starting from RM57.54 per month.

Hong Leong Personal Loan

With this scheme, your loan application gets approved within 48 hours. Moreover, if you apply via ‘am:pm Convenient Banking’, you can get the approval within 5 minutes at selected branches. Additionally, you can enjoy a 20% cashback on the interest.

Key Features

  • Monthly instalments starting from as low as RM103.
  • No guarantor or collateral is required to apply for the loan facility.
  • Minimum income requirement is RM24,000 p.a.

Citi Personal Loan

This loan facility offers you instant approval when you apply online. ‘New-to-Bank' customers are eligible for a loan amount of up to RM120,000 whereas, existing customers can get up to RM150,000.

Key Features

  • No processing fee is charged for this scheme of personal loan.
  • No collateral or guarantor is required while applying.
  • The effective interest rate for the new customers starts from 10.9% p.a. to 16.9% p.a.

CIMB Cash Plus Personal Loan

You can get next-day approval if you apply for the CIMB Cash Plus Personal Loan online. This scheme is exclusively for individual applicants aged between 21 and 58 years old. As a part of the latest promotion, you can get a Petronas voucher worth RM150 if you apply before 31 January 2018.

Key Features

  • You will get an insurance coverage for up to RM25,000 in the event of your death during the loan period. It will write-off your loan up to RM25,000 in such scenario.
  • No early settlement fee, processing fee, stamp duty charges, or lock-in period is applied for this facility.
  • You can apply for this loan facility if you earn a minimum monthly income of RM2,000.

MBSB Personal Financing-i

This Shariah-compliant financing facility offers competitive rates and a tenure of up to 10 years. Both public and private sector employees can apply for this scheme which comes with fast approval.

Key Features

  • No guarantor or collateral is necessary while applying.
  • Different packages are offered for the public sector and private sector employees. Applicants from the public sector can apply for ‘Mumtaz-i’ or ‘Afdhal-i’ plan. Private sector employees can access the ‘Private Sector-i’ financing package.
  • No early settlement penalty is charged.
  • Optional takaful coverage is provided.

If you are looking for an instant loan approval you can think of these schemes along with other personal loan plans. Make sure that you are fulfilling all the criteria necessary for your loan approval if you want to access instant funding.

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