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.
|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.
- 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.
- 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.
- 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.
- 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.
- 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.