Need a Personal Loan? Check out These 5 Great Options

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Need a Personal Loan? Check out These 5 Great Options

Personal loans come to the urgent rescue of the cash-strapped, possibly explaining their popularity accross the world. It’s easy to apply for one and you don’t have to submit any asset as a collateral in order to get the loan. Most importantly, a personal loan can be used to finance any requirement  — be it to renovate your home or to fund a wedding in the absence of adequate savings or to consolidate your credit card debt.

Having said that, because of the absence of any collateral, the interest rates attached to a personal loan are higher than a car loan or a home loan. As such, it’s very important to get complete clarity on the interest payable (taking into account the applicable effective interest rate and not the flat rate) and gauge the affordability of the monthly repayment instalments before going for any personal loan.

So if you’re on the lookout for a personal loan, here’s a list of 5 great options (in no particular order) that you can consider. We’ve also included a special subsection on the documents you’ll need to apply for a loan right at the bottom of this blog.

1. Standard Chartered CashOne

Need a Personal Loan? Check out These 5 Great Options

Screenshot of the product website. Image source: Standard Chartered Bank Malaysia

Features and benefits: The Standard Chartered CashOne is Malaysia’s first personal loan that works with your credit card. So, the principal amount you clear with your monthly repayment is converted into a credit limit you can use on your card.

Most importantly, the flat interest rate starts at 0.583% per month or 6.99% per annum. Besides this, you’ll get flexible repayment tenures ranging from 12 to 84 months.

Eligibility: You have to be a Malaysian citizen or a Permanent Resident with a minimum annual income of RM36,000 and above to apply for this loan. You should also be at least 21 years old.

Exclusive deal: You can apply for this loan on BBazaar Malaysia and get a Tesco voucher worth RM50 on loan disbursal. Click HERE to apply. T&Cs apply.

Also read: VIDEO: How to Apply for a Personal Loan on BBazaar Malaysia in Easy Steps

2. Citibank Personal Loan

Need a Personal Loan? Check out These 5 Great Options

Screenshot of the product website. Image source: Citibank Malaysia

Features and benefits: The Citibank Personal Loan offers flat interest rates starting from 5.88% p.a. to 9.80% p.a. (equivalent to effective interest rate of 10.90% p.a. to 16.90% p.a.) for loans ranging from RM5,000 to RM150,000. The repayment tenures range from 24 months to 60 months.

That being said, while existing Citibank customers can get a loan of up to RM150,000, new to bank customers can apply for up to RM120,000.

Eligibility: You need to be a Malaysian citizen or a Permanent Resident with a minimum monthly income of RM4,000 to apply for this loan. The minimum age requirement is 21 years.

Exclusive deal: You can apply for this loan on BBazaar Malaysia and get a Tesco voucher worth RM50 on loan disbursal. Click HERE to apply. T&Cs apply.

Also read: 5 Common Personal Loan Myths Busted: What’s True and What’s Not

3. Alliance Cashfirst Personal Loan

Need a Personal Loan? Check out These 5 Great Options

Screenshot of the product website. Image source: Alliance Bank

Features and benefits: The Alliance Cashfirst Personal Loan can be used for consolidating credit card balances or fulfilling other financial needs. The flat interest rates range from 8.38% to 14.78% p.a. (equivalent to effective rates of 14.73% to 24.37% p.a. based on a 5-year loan tenure). You don’t need a guarantor or collateral, and you can choose a repayment period up to 84 months.

Other highlights of this financing facility are that you won’t be charged any processing fees and early settlement fees.

Eligibility: To apply for this financing option, you either need to be a Malaysian citizen or a Permanent Resident of Malaysia. Malaysians working in Singapore, but residing in Malaysia, will be considered as well. You also need to have a minimum monthly income of RM3,000 and be at least 21 years of age.

Exclusive deal: You can apply for this loan on BBazaar Malaysia and get a Tesco voucher worth RM50 on loan disbursal. Click HERE to apply. T&Cs apply.

Also read: 4 Common Reasons Why Personal Loan Applications Get Rejected

4. Maybank Personal Loan

Need a Personal Loan? Check out These 5 Great Options

Screenshot of the product website. Image source: Maybank

Features and benefits: The Maybank Personal Loan offers fixed interest rates that start from 6.5% p.a. You can borrow as little as RM5,000 or as much RM100,000 without a guarantor or collateral. The tenure provided with this loan goes up to 72 months.

No document stamping, no processing fee, and Personal Care Insurance Protection—these are other benefits you’ll get with the Maybank Personal Loan.

Eligibility: To apply for this loan, you need to be a Malaysian citizen and have a minimum annual income of RM30,000. The minimum age requirement is 21 years.

Also read: 6 Smart Ways to Stay Safe When Applying for a Personal Loan Online

5. CIMB Cash Plus Personal Loan

Need a Personal Loan? Check out These 5 Great Options

Screenshot of the product website. Image source: CIMB

Features and benefits: You’re assured of 100% disbursement with the CIMB Cash Plus Personal Loan as there are no additional charges imposed on the loan amount. The financing amount offered goes up to RM100,00 and the flat interest rate starts at 8.20% p.a. (effective lending rate starts from 14.50% p.a.)  You can choose a repayment tenure of up to 60 months. The bank also offers insurance coverage of up to RM25,000 of the loan amount in the unfortunate event of the customer’s death during the loan period.

Eligibility: You need to be a Malaysian citizen with a minimum monthly income of RM2,000 and be at least 21 years of age to apply for this loan. You also need to be a confirmed employee with a minimum service duration of 6 months or own a business that’s been active for at least 24 months.

Documents required to apply for a personal loan

Need a Personal Loan? Check out These 5 Great Options

If you’re interested in applying for any personal loan in Malaysia, you’ll need to furnish an important set of documents. Based on your citizenship and employment status, the kind of documents you’ll need can vary. That being said, not all personal loan facilities are extended to all kinds of applicants. While some are only offered to salaried employees, there are other facilities for which even business owners and commission earners are considered. Check with your chosen loan provider for more clarity.

Here is a general list of main documents you’ll need to apply for any personal loan in Malaysia.

Documents required for salaried employees:

  • Copy of MyKad/NRIC
  • Latest EPF statement
  • Latest 6 months’ salary slips
  • Latest 6 months’ bank statements
  • Latest Form BE with tax payment receipt

Documents required for self-employed professionals

  • Copy of MyKad/NRIC
  • Business Registration Certificate (ROC & ROB)
  • Latest 6 months’ bank statements
  • Latest Form BE with tax payment receipt

Documents Required for commission earners

  • Copy of MyKad/NRIC
  • Latest commission statements
  • Latest 6 months’ bank statements
  • Latest Form BE with tax payment receipt

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All information provided in this article/blog, published on this website is strictly for general information purpose only. BBazaar does not provide any warranty about the authenticity and accuracy of such information. BBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Please visit the websites of respective banks/financial institutions for more details about products.

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