10 Great Personal Loan Options in Malaysia You Must Check Out

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There are plenty of options when it comes to personal loans in Malaysia. As this loan is unsecured in most cases, the interest or profit rates tend to be higher to cover the lending risk.

If you’re on the lookout for a personal loan – conventional or Islamic – here’s a list of 10 great options (in no particular order) you’d do well to consider. Also, don’t forget to check a special subsection on documents required to apply for a personal loan at the bottom of the blog.

1. Bank Rakyat Personal Financing-i

Features and benefits: With flat profit rates starting at 3.26% p.a. (for public sector employees) and 4.95% p.a. (for private employees), this personal loan facility from Bank Rakyat is one of the most attractive options on this list. You can borrow as much as RM200,000 based on your employment details and get highly flexible repayment tenures that go up to 10 years. There’s no need for a guarantor or collateral if you take this loan. You can also choose to have takaful coverage on this financing product.

Eligibility: You need to be a Malaysian citizen with a minimum monthly income of RM1,000 and be at least 18 years of age. You also need to be a confirmed employee with a minimum service duration of 3 months. This loan is available for government pensioners too.

Related7 Common Mistakes You Must Avoid While Applying for a Personal Loan

2. Alliance Bank CashVantage Financing-i

Features and benefits: This personal financing option from Alliance Bank is ideal for consolidating credit card balances or other personal loan commitments. Whether you need money for personal reasons or to develop your business, you can benefit from low monthly payments that start from RM94. You can borrow as much as RM150,000 and get flexible repayment tenures that go up to 7 years. The effective profit rate for this financing product starts at 14.73% p.a.

Eligibility: To apply for this financing option, you either need to be a Malaysian citizen or a Permanent Resident of Malaysia. You also need to have a minimum monthly income of RM3,000 and be at least 21 years of age.

3. Standard Chartered CashOne

Features and benefits: This personal loan from Standard Chartered Bank allows you to work together with your credit card. So every time there’s a repayment, the principal that’s paid will be converted into a credit limit that you can spend. Most importantly, the flat interest rate starts at 6.99% p.a. You also get to benefit from flexible repayment tenures that can go up to 84 months.

Eligibility: Besides being a Malaysian citizen, you need to have a minimum annual income of RM36,000. You should also be at least 21 years old.

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4. Maybank Personal Loan

Features and benefits: This personal loan from Maybank comes with a fixed interest rate starting from 6.5% p.a. You can borrow as much as RM100,000 or as little as RM5,000 without a guarantor or collateral and pay it over a maximum tenure of 6 years. You also get Personal Care Insurance Protection with this 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.

5. Citibank Personal Loan

Features and benefits: This personal loan facility from Citibank Malaysia is defined by its quick approval and hassle-free application process. There’s a chance that your loan could be approved in principle almost instantly. In terms of the maximum financing amount, you could apply for as much as 10 times your monthly income or RM150,000, whichever is lower and pay it over flexible repayment options that go up to five years. You don’t need a guarantor or collateral for this loan. The flat interest rate for this loan can go as low as 5.88%. The effective interest rate for new-to-bank customers ranges between 14.5% p.a. to 21% p.a.

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

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6. RHB Easy-Pinjaman Ekspres

Features and benefits: On-the-spot approval and speedy disbursement make this personal loan from RHB Bank a great option for potential applicants. The maximum financing amount is RM150,000 and the minimum amount is RM2,000. The effective interest rate ranges between 15% p.a. and 21% p.a. The repayment tenure can go up to a maximum of 5 years.

Eligibility: To apply for this loan, you need to be a Malaysian citizen and be at least 21 years old. Your annual income should be RM18,000 or more.

7. Public Islamic Bank BAE Personal Financing-i

Features and benefits: This Islamic financing facility from Public Islamic Bank is another great option if you need quick cash at low rates. You can borrow as much as RM150,000 without the need for a guarantor. You even get takaful cover and a hassle-free repayment option with the loan. The Base Rate for this loan is 3.77% p.a. for individuals while the Base Financing Rate is 6.97% p.a. for non-individuals.

Eligibility: To apply for this loan, you need to be a Malaysian citizen with a minimum monthly income of RM3,000. The loan applicant has to be at least 20 years old and be part of the permanent staff at any of the bank’s approved agencies for a minimum of 2 years.

Related: 4 Key Differences Between Islamic Banking and Conventional Banking

8. CIMB Cash Plus Personal Loan

Features and benefits: You’re assured of 100% disbursement with this conventional loan as there are no additional charges imposed on the loan amount. You can borrow up to RM100,000 and repay the amount at an effective lending rate starting from 14.50% p.a. over a period of up to 5 years.

Eligibility: You need to be a Malaysian citizen with a minimum monthly income of RM2,000 and be at least 21 years of age. 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.

9. BSN MyRinggit-i Eksekutif-1 with Floating Rate

Features and benefits: Based on the Shariah concept of Tawarruq, this personal financing option from Bank Simpanan Nasional comes with profit rates that are based on the latest market conditions. You can borrow up to RM200,000 and repay the amount over flexible tenure options that go up to 10 years. The profit rate for this financing option is the current BSN Base Rate + 5% on a monthly rest basis. The current BSN Base Rate is 4.10%, which is in effect from 7 February 2018.

Eligibility: To be eligible for this financing facility, you need to be a Malaysian citizen or a Permanent Resident. Permanent or contract executive who’ve been employed in Malaysia for more than a year can also apply for this loan. The minimum monthly income requirement for permanent staff is RM3,000 and for contractual staff is RM10,000. You also need to be at least 21 years of age.

10. MBSB Personal Financing-i

Features and benefits: This personal financing facility from MBSB is Shariah-compliant and comes in the form of 3 package options – Mumtaz-i, Afdhal-i, and Private Sector-i. While the first two options are meant for finance seekers from the public sector, the last package is meant for those from the private sector. You can borrow up to RM400,000 depending on the package you choose and repay the amount over flexible repayment periods that go up to 10 years. The profit rate for this financing option starts from Base Rate+2.48% p.a.

Eligibility: To be eligible for either of these personal financing packages, you need to be a Malaysian citizen or a Permanent Resident. You don’t need a guarantor for this loan. The minimum monthly income requirement for public sector financing packages is RM3,000. For the private sector package, the minimum income requirement is RM3,500 for fixed income earners and RM5,000 for variable income earners. There’s also a minimum age requirement wherein you need to be at least 21 years of age.

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Documents required to apply for a personal loan

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.

Here are the main documents you’ll need to apply for any personal loan in Malaysia:

Documents required for salaried employees:

  1. Copy of MyKad/NRIC.
  2. Latest EPF statement.
  3. Latest 6 months’ salary slips.
  4. Latest 6 months’ bank statements.
  5. Latest Form BE with tax payment receipt.

Documents required for self-employed professionals:

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

Documents Required for Commission Earners:

  1. Copy of MyKad/NRIC.
  2. Latest commission statements.
  3. Latest 6 months’ bank statements.
  4. Latest Form BE with tax payment receipt.

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