Are you looking for personal loans in Malaysia for your careful financial planning or to solve a shortfall on occasion? We complied a list of best 10 personal loan from banks in Malaysia that you should consider!
Maybank
Product: MayBank Personal Loan
Features:
Recurring monthly payment
Loan Amount: RM5,000.00 Minimum
Borrow up to RM100,000.00 max.
No application charges, no guarantor, no collateral
Advantages of Having Health Insurance for Your Own Care
Min. Financing Tenure : 2 years
Max. Financing Tenure : 6 years
Website: https://www.maybank2u.com.my
Contact: Click Here For More Info
MayBank is aware that loan applicants typically seek instantaneous decisions. For this reason, we recommend MayBank.
MayBank, for one, offers consistent monthly payments at interest rates that vary with loan amounts. In addition, you won’t have to stress over providing a guarantor or collateral.
Your loan application will be processed quickly, and you’ll receive health insurance coverage at no extra cost. As a result, we benefited greatly from the loan from MayBank.
Alliance Islamic Bank
Product: CashVantage Personal Financing-i
Features:
Approval Duration :Up to 24 hours
Min. Financing Tenure : 1 year
Max. Financing Tenure : 7 years
Website: https://www.alliancebank.com.my
Address: Click Here For More Info
Contact: Click Here For More Details
Allied Bank Alliance Islamic Bank, the Islamic division of Alliance Bank Berhad, is home to the appealing CashVantage Personal Financing-i. This shariah-compliant unsecured loan is provided by an Islamic financial institution. So, you may apply without worrying about securing the loan in any way.
Alliance Bank’s CashFirst Personal Lending is a conventional personal loan product.
The interest rate on this personal loan from Alliance Bank is extremely low, starting at only 3.99% per year (p.a.). When it comes to Islamic personal finance in Malaysia, this is one of the best deals you can get. The maximum loan term is 7 years, and the loan amounts range from RM5,000 to RM200,000.
Citizens of Malaysia with permanent jobs in either the public or private sectors and annual salaries of at least RM3,000 are eligible to apply for an Alliance CashVantage loan. To qualify, your age must fall between 21 and 60. This Alliance Bank personal financing is available to company owners who can provide a certificate of incorporation, evidence of ownership, and monthly business transactions totaling more than RM5,000.
Initial loan applications are typically approved within 24 hours if all conditions are met and supporting documentation are submitted. Personal loans with instant approval are offered here. However, the application process for some unsecured loans might take up to three business days.
In addition, there are no origination fees or penalties for paying down your personal loan early with an Alliance Bank loan. However, you must give three months’ written notice if you decide to pay off the whole balance before the conclusion of the term.
Alliance CashVantage can also be used to consolidate debt from credit cards or personal loans. You may combine up to four different forms of consumer debt into one manageable payment with the debt consolidation option.
Al Rajhi Bank
Product: Personal Financing-i
Features:
Approval Duration : Up to 2 business days
Min. Financing Tenure : 1 year
Max. Financing Tenure : 8 years
Website: https://www.alrajhibank.com.my
Address: Click Here For More Info
Contact: Click Here For More Details
All regular and salaried workers at Al Rajhi Bank are eligible for financing between RM10,000 and RM250,000 (or up to 8 times their monthly pay).
Flexible payback terms of 1-8 years with the possibility of early settlement at no cost to you and a profit rate based on your minimal yearly income.
Uses for this interest-free, no-collateral Islamic personal loan include consolidating debt, funding a business venture, or simply treating oneself.
Co-op Bank Pertama
Product: i-Sustainable Private Financing
Features:
Approval Duration : Up to 3 business days
Min. Financing Tenure : 1 year
Max. Financing Tenure : 10 years
Website: https://www.cbp.com.my/en/product/personal-financing-i
Address: Click Here For More Info
Contact: Click Here For More Details
The Co-op Bank Pertama is an alternative you may turn to in times of financial difficulty; it is based on the principle of Murabahah (Tawarruq).
We are impressed with the low interest rate as well as the high loan cap of RM200,000.00. The lowest rate you can receive is 3.65%, and the longest term you can finance is 10 years.
Assuming everything is in order, a personal loan can be reviewed and authorized in as little as three business days.
If you can’t pay your monthly installment on time, you’ll have to pay interest at the rate of 1% per year on the total amount of your missed payments.
Keep in mind that although collateral is not required for financing, the Co-op Bank Pertama does demand a guarantor if your financial situation is not enough.
Bank Rakyat
Product: iPersonal Financing- i Public Sector, i Private Sector, i for Pensioner, and i Debt Consolidation
Features:
Approval Duration : Up to 3 business days
Min. Financing Tenure : 1 year
Max. Financing Tenure : 10 years
Website: https://www.bankrakyat.com.my
Address: Menara 1, Menara Kembar Bank Rakyat, No.33, Jalan Rakyat, KL Sentral Kuala Lumpur, Malaysia 50470
Contact: +60 1-300-80-5454
We feel comfortable dealing with well-known financial institutions like Bank Rakyat because we are confident in their stability.
Personal Financing options are available from Bank Rakyat. To help us out financially, Bank Rakyat provides convenient lending options based on the Tawarruq principle.
There are four distinct kinds of Personal Financing available, but we’ll be discussing only the Public and Private personal Financing options.
As opposed to Co-op Bank Pertama, Personal Financing-i Public does not require a guarantor for loans up to RM200,000.00.
The same holds true for Takaful insurance. But you may choose between a set rate and a variable rate.
Alternatively, the maximum loanable amount for Personal Financing-i Private is RM150,000.00, and the repayment period is either five or 10 years. The lack of a guarantor and the discretionary nature of Takaful insurance both mean that you can avoid them.
Ambank Group
Product: Personal Financing
Features:
The minimum amount is RM6,000 and the maximum is RM150,000.
Rate of return is proportional to total funding.
Anyone, Muslim or not, is welcome to join.
Min. Financing Tenure : 2 years
Max. Financing Tenure : 7 years
Website: https://www.ambank.com.my
Contact: Click Here For More Info
Another bank that offers affordable personal loans is AMBANK.
In planning for the future, financing education, starting a business, preparing for future medical needs, home renovation, or even for basic needs in practicing a healthy lifestyle, a strong financial position is essential for your dreams to come true. AmBank Islamic is ready to help you in fulfilling your dreams and achieving the success you desire with Personal Financing-i, a shariah-compliant Ambank Islamic product based on the concept of Murabahah tawarruq (MTQ).
Public Islamic Bank
Product: Plus BAE Personal Financing-i
Features:
Participation is available to all current House/Term Financing-i or Cash Line Facility-i borrowers.
Profitable financing margin
Quick loans between RM10,000 and RM150,000
Coverage in a Group through Takaful Is Available As An Add-On
Min. Financing Tenure : 1 year
Max. Financing Tenure : 10 years
Website: https://www.publicislamicbank.com.my
Contact:Click Here For More Info
Personal loans like Plus BAE Personal Financing-i might be a great option if you have a solid credit history and repayment history.
If your credit history is strong, you can get a loan without a guarantor or collateral, just as with other choices. Furthermore, Takaful insurance is not required.
The only drawback of this personal loan is that it may take up to two weeks to get authorized.
HSBC
Product: HSBC Amanah Personal Financing-i
Features:
Participation is available to all current House/Term Financing-i or Cash Line Facility-i borrowers.
Profitable financing margin
Quick loans between RM10,000 and RM150,000
Coverage in a Group through Takaful Is Available As An Add-On
Min. Financing Tenure : 1 year
Max. Financing Tenure : 10 years
Website: https://www.hsbcamanah.com.my
Contact:Click Here For More Info
Another bank that offers affordable personal loans is HSBC.
The principle of Commodity Murabahah serves as the foundation for the HSBC Amanah Personal Financing-i. We also like that everyone who qualifies can apply for this personal loan, not just Muslims.
We also appreciate that the bank’s profit percentage varies with the size of the loan you request. Rapid approval in as little as three business days is possible, up to a maximum loan amount of RM150,000.00.
East Plate Sdn Bhd
Product: East Plate’s Home Loan Option
Features:
Allows for Refinancing; Terms and Interest
Rates Are Negotiable
Advice on managing your finances is readily accessible.
Min. Financing Tenure : –
Max. Financing Tenure : –
Website: https://www.eastplate.com.my/home-loan/
Contact: Click Here For More Info
At its inception, East Plate was a financial consulting organization that focused on assisting customers in securing mortgages and commercial loans. Education loans were just recently added to the mix.
Their dedication to provide outstanding service to each and every one of their customers is what ultimately led to their inclusion here. Experts on their team tailor their service to each client, making it possible to get a mortgage with terms and rates that are affordable over the long term.
Their assurance of achievement? All of their employees are paid on commission, so they have a vested interest in satisfying their clientele.
iPinjaman Peribadi
Product: Credit Leasing Directory
Features:
Users are able to: Conduct a location-based search for businesses
Research and compare businesses with respect to their lending rates and customer feedback
Free of charge to use and submit an application to the chosen business
Min. Financing Tenure : Upon Enquiries.
Max. Financing Tenure : Upon Enquiries.
Website: https://ipinjamanperibadi.com.my/
Social Media: Facebook
Users may quickly and easily locate Licensed Money Lenders in their area using iPinjaman Peribadi. Unlike other online directories on the market, all of the businesses included on iPinjaman Peribadi have been checked out and are licensed by the KPKT.
Through their online presence, which includes a website, blog, social media, and email newsletters, they have attracted a sizable user base. You can find out about upcoming events, contests, and news on their Facebook page. You may safeguard yourself from Malaysian scammers by joining the Awas Scam Malaysia group, where members exchange the most up-to-date information they’ve gathered.
Use iPinjaman Peribadi to get the finest personal loan rates and terms right now.
In any case, these financial institutions are the most dependable sources in Malaysia for personal loans. Even if you decide to go with one of them, though, you should make it a point to study the tiny print and inquire about anything that is unclear to you.
Have you obtained a loan via any of the financial institutions offering personal loans that are included on this list? We would appreciate it if you could tell us about your experience in the comments section below. We hope that you will get in touch with us.
Things to consider before Applying Personal Loans in Malaysia:
- Maintain a good credit history.
- Compare the interest rates in the market.
- Assess all costs. (Handling Fees, Processing Fees & Stamp Duty)
- Consider your needs to choose the right loan amount.
- Evaluate your ability to repay the loan.
- Avoid falling for gimmicky offers and plans.
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Common FAQ For Personal Loan Malaysia
How much can I borrow with a personal loan?
First, you need to learn how to calculate your debt service ratio and see whether you can afford it! Here’s how:
Total Monthly Commitments / Total Net Monthly Income X 100% = Debt Service Ratio
What documents do I need for my personal loan?
Banks are required to do due diligence when approving personal loans, which is why you will need to have all your personal documents in order.
This will help to show that you can easily comply with all of their requirements and cut down the back and forth between you and the bank.
Here are some documents you will need to submit to get a loan, and the exact list will vary between banks.
1. Your NRIC (MyKad)
2. Your latest EPF Statement or
3. Your latest 3 months’ salary slips
Is it possible to take out a loan to pay off my credit card debt or existing loan?
Many banks may offer the option of consolidating your debts. It’s a great way of paying down your credit card bills and other debts quickly and easily.
You’ll will need to recalculating your monthly income by using a loan calculator to estimate your savings, repayments and interest over the life of the loan.
