When you are looking for a personal finance option that is not only convenient but flexible at the same time, with reasonably lower interest rates, you may want to check out RHB Personal loan. Not only are the interest rates lower, but the bank also does not charge any processing fees for the loan. This is an option that is rarely found in personal finance products because processing fees are often made high to while keeping the interest rates low, by many banks. RHB Bank being one of the most reliable options in Malaysia when it comes to banking and personal as well as commercial financial products makes sure that you are not overwhelmed when making repayments for their product. To add to the advantage this option also comes with a reducing balance which means that the interest rates reduce with every monthly payment that has been made on time.
If you do not have a collateral, you can also apply for this loan with the help of a guarantor. This is a Pinjaman Peribadi loan which means that the turnaround time for loan approvals is quick and easy. The maximum loan amount is also high, keeping in mind the requisites of a personal loan at RM1,50,000. However the minimum annual income is not made high for applicants, hence being set at RM 24,000. Also, there is flexibility in loan tenure with the bracket at 12-84 months but based on the loan amount. The interest rates are also anywhere between 13.45% - 8.18%. If you pay up the loan, you are charged a prepayment fees of only RM 100. Also, since RHB follows Islamic banking, the loan is made to conforms to all the Sharia laws.
You’re probably eligible for an RHB Bank Personal Loan if you are
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your RHB Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 200,000
Installments of other loans lower
Increase your eligible RHB Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 7 years
Documentation needed to apply for RHB Bank Personal Loan
- 1.Copy of NRIC
- 2. Copy of latest three (3) months pay slip
- 3. Latest EPF statement
- 4. Employment Confirmation Letter
- 5.Other related documents
RHB Bank Personal Loan Interest RatesUpdated on 24 Apr 2017
|Interest Rate||13.45% - 8.18%|
|Minimum Income||RM 2,000|
One of Malaysia’s oldest banks, RHB was set up in 1913 and has grown over the years to emerge as a leading financial institute not just in Malaysia but the surrounding regions as well. RHB has grown its portfolio of products and expertise and caters to a wide range of consumers providing services such as personal banking, investment banking, and corporate banking. Among the more popular products available in their personal banking services are their personal loans. These loans come with attractive features and competitive rates allowing borrowers to fulfil their financial requirements. The features of RHB personal loan is as follows.
Features of RHB Personal Loan
- The loan is an unsecured loan and does not require a guarantor.
- There is no processing fee levied against approved loans.
- The loan does not charge a disbursement fee.
- The loan offers flexible tenure options based on the loan amount availed. The tenures range from a minimum of 1 year to a maximum of 7 years.
- The minimum loan amount available is RM2,000 and the maximum loan amount can go up to RM150,000.
RHB Personal Loan Interest Rates
The personal loan offers interest rates in the form of tiers. These tiers are dependent on the loan amount availed. Loan amounts ranging from RM2,000 to RM15,000 fall under the first tier and so on.
The interest rates of the loan are as follows:
|Tier||Loan amount||Interest Rate p.a.||Effective Interest Rate p.a.|
|Tier 1||RM2,000 to RM15,000||13.45%||24%|
|Tier 2||RM16,000 to RM50,000||11.66%||21%|
|Tier 3||RM51,000 to RM99,000||9.91%||18%|
|Tier 4||RM100,000 to RM150,000||8.18%||15%|
How to Apply for RHB Personal Loans
You can apply for a RHB Personal loan through the following ways:
- Applying online: New or existing RHB customers can get a personal loan by submitting the online application forms available on the RHB website. This paperless process involves the borrower having to fill out the application form and submit it along with the supporting documents required. Supporting documents may range from documents pertaining to identity and income of the borrower.
- Applying through a RHB branch: Borrowers can also get a personal loan by visiting any of the banks’ participating branches and filling out the necessary application forms. The borrower will have to carry with them any supporting documents pertaining to their identity proof or income criteria.
Documents Required for RHB Personal Loans
The supporting documents required at the time of application are as follows
For salaried applicants:
- A copy of the applicant’s MyKad.
- A copy of the applicant’s latest payslip.
- A copy of the applicant’s latest EPF Statement showing contributions dating back at least 6 months.
- A copy of the most recent current or savings account statement.
For self-employed applicants:
- A copy of the applicant’s MyKad.
- A copy of the most recent current or savings account statement dating back at last 6 months.
- A copy of the applicant’s Business Registration Certificate that has been valid for a minimum period of 2 years.
- A copy of the applicant’s most recent Form B/BE.
RHB Personal Loan FAQs
Q. What are the charges associated with the RHB personal loans?
A.The RHB Personal loan carries certain charges although most of these are waived. The processing fees and disbursement fee for the loan is waived but the loan does charge a stamp duty fee. This fee however is free from any additional GST charge levied against it.
Q. What happens when a borrower cannot make the monthly payment?
A. The borrower has an obligation to repay the loan through monthly instalments. If they fail to fulfil this obligation, not only will it reflect poorly on their credit score but borrowers will be liable to pay a late payment fee of 1% of the outstanding amount calculated on a daily basis till such a time the arrear has been paid. In certain cases, borrowers may even face legal action taken against them.
Q. Is there a penalty for settling the loan prior to end of tenure?
A. Yes. The fee charged for early settlement of the loan is dependent on the lock-in period of the loan. If the loan is repaid after the lock in period of 6 months but before the end of its tenure, the fee charged is based on the interest rate of the loan recomputed as a flat interest rate and charged upfront at the time of settling the loan. If the loan is cleared before the lock-in period of 6 months, the fee charged is RM100 or 1% of the loan amount, whichever is higher.
Other Products offered by RHB
Apart from offering personal loan, RHB offers other products and services which includes:
News About RHB Personal Loan
RHB Loan growth to be flattish for next year
At the launch of RHB Now Mobile Banking App, the Group’s executive Director, U Chen Hock said that the market will be challenging for the loan growth next year. He also mentioned that the growth for the retail side will be driven by mortgages. RHB’s loan growth was revised to between 4-5% this year. All the local banks have lowered their loan growth forecast for the year. For the first 9 months, RHB’s gross loan was recorded at 1.4% annualised growth. The growth came from mortgages and small and medium enterprises. There has been a decline in the corporate loans.
21st December 2016
RHB Bank Approves Personal Loans
RHB Bank has given a nod for personal loans. Malaysians can now easily apply for loans online and get approvals in 10 minutes.
The applicants should have a minimum monthly income of RM2,000 in order to avail the loan. When it comes to applying for personal loans in Malaysia, RHB Bank is the best in terms of fastest and seamless transaction process.
In a statement released by the RHB Banking group, the bank executive said it has collaborated with Malaysia’s leading website for consumer transactions, RinggitPlus.com, in the Drive Easy Sweepstakes Contest. Approved loan applicants can win prizes up to RM600,000.
29th October 2015
Low rights price may impact RHB Capital’s equity generation
RHB Capital Bhd has decided upon a new rights issue price of RM 4.82 which is lower than the earlier price of RM 6.03. This price is a result of the 20.3% discount which has resulted in MIDF reducing the target price of the stocks from RM 8.5 to RM 6.6 and lowering the stock to neutral status. Once the rights are issued, the earnings per share will drop from 81 sen to 67 sen and the return on equity is expected to come down from 10.5% to 9.8%.
The group has also been planning a corporate restructuring exercise that is going to be taking place along with the issuance of about 518 million new rights. As a result of this, the dilution in the earnings from shares in the financial year 2015-16 are expected to go down by as much as 32%.
10th September 2015