If you are in a financial crunch then taking a personal loan or personal financing would be a practical solution. Personal loans can help you bridge the gap between your finances and expenses.
Top 5 Personal Loans for Quick Cash
Here is a list of personal loans that offer you quick access to cash:
RHB Easy-Pinjaman Ekspres
This loan comes with instant approval provided you meet the eligibility criteria set forth by the bank. The loan has a flexible repayment time period of 60 months. The maximum loan amount is RM150,000 and the minimum is RM2,000. The interest is charged on the approved loan amount upfront and it is pre-computed for the entire time period.
Mach IOU Personal Loan
You can get an approved loan amount up to RM50,000 credited to your account within an hour when you meet the eligibility criteria of the loan. You can also enjoy up to 20% cashback on interest paid when you make prompt repayments.
Hong Leong Personal Loan
This loan gives you 20% cashback on interest and the monthly instalments starts from as low as RM103. This loan has an easy application process and is usually approved within two days. In order to apply for this loan, you need to be a Malaysian citizen and you should be between 21 to 60 years of age. Your annual income should be at least RM24,000 p.a. The interest rate ranges from 9.0% to 13.5% p.a.
Alliance Cashfirst Personal Loan
This loan from Alliance Bank offers interest rates starting as low as 8.38% p.a. The monthly instalments starts from RM94 and the loan tenure goes up to 7 years. The loan also boasts of value-added features such as no processing fees and no early settlement fees You can apply for this loan provided you are a Malaysian citizen or a permanent resident. Your age should be between 21-60 years and your income should be a minimum of RM36,000 p.a. Once you fit the eligibility criteria, your loan will be approved and disbursed quickly.
HSBC Amanah Personal Financing-i
This Shariah-compliant personal financing product provides financing amounts of up to RM150,000 at a profit rate of 10.5% p.a. The monthly instalment starts from RM134 and the loan tenure is up to 7 years. Once the loan is approved, the cash is disbursed instantly to your account. In order to apply for this loan, you should be a Malaysian citizen and your age should be between 21-60 years. Your monthly salary should be RM3,000 and above.
What documents do I need to prepare for Quick Cash Personal Loan
For Salaried Employee
- Photocopy of NRIC/MyKad (both sides).
- The latest EA Form.
- Consecutive three months bank statements.
- Last six months’ payslips to show salary credit.
- Photocopy of NRIC (both front and back).
- Latest six months’ salary slip.
- Last 6 months EPF statement.
- Photocopy of the Business Registration form.
How to apply for Personal Loans?
You can apply for the personal loans in the following ways:
- Visit the bank’s nearest branch and submit the application form with the necessary documents.
- Apply Personal Loan Online: Go through the official website of the bank and apply for the loan online. You’d be required to complete the online application form and submit it along with the required supporting documents.
With the quick approval personal loans, you can acquire the needed funds to meet pressing expenses but make sure you choose a loan amount that is not only affordable but has the right tenure as well. This will ensure you get affordable instalments that you can repay on time.