Persona Loan Malaysia

Best Personal Loans In Malaysia 2023

Why Should You Choose Our Personal Loan?

A good personal loan should offer more than one reason for you to make a life-changing decision. Our personal loan Malaysia is on par with other providers for immediate relief of money anxiety with great flexibility. Whether you are seeking a solution for medical bills, home renovation, or education costs, our fast approval personal loan can make it happen.

Simple and Fast Application

Nobody likes complicated applications. The extra paperwork is a big deterrent for people needing fast approval. This is why we keep everything simple and straight to the point. We asked for everything needed during the application. Nothing more is requested once approved. The streamlined process is efficient like any other best personal loan Malaysia so you may get the money sooner.

Competitive Interest Rate

Interest rate is a significant factor to evaluate if you are financially capable of the monthly payments. We understand everyone has different commitments in life. Our team of professional advisors is ready to assist you when it comes to the best personal loan rate. 

The rates are adjusted to the most flexible repayment period to reduce the financial anxiety of loans servicing. Personal loans are a long-term commitment but it need not be a source of stress. The competitive interest rates ensure you can still spend on your needs without sacrificing.

High Approval Rates

More than 90% of applications are approved. Our customers range from working professionals to business owners. Each applicant has different goals for the loans and varying income levels too. Our low interest personal loan is designed to be customer-friendly if they can fulfill the minimum conditions and prepare all necessary documents correctly.

Eligibility

The eligible applicants should satisfy these conditions for successful applications.

1. Minimum age of 21 up to 60 years old at the time of the loans maturity.

2. A Malaysian citizen or Permanent Resident (PR) in Malaysia

3. Possess any bank’s credit card/home loan/personal loan/car loans/overdraft for more than 24 months.

Documentation

The applicants are divided into 2 groups – salaried and self-employed. The documents required for respective groups are different as well.

Minimum annual income

RM48,000 p.a

RM48,000 p.a

Documents required

Photocopy of MyKad (both sides) Latest EPF statement OR Latest 2 months' payslip AND/OR Any of the following documents when needed: Latest BE form with a tax receipt 3 months' bank statements Latest EA Form (dated within the last 12 months)

Photocopy of MyKad (both sides) AND Photocopy of the business registration form Latest B form with a tax receipt

Fees and Charges

In general, the charges below apply to all personal loans. In certain instances, the applicants will be notified about the impending costs.

1-time stamp duty

0.5% of the approved loan amount.

Early settlement fee

RM150 or 2% of the outstanding balance, whichever is higher, is imposed if the loan is settled within the first 2 years or before reaching half the tenure, whichever is earlier.

Late payment charge

1% p.a. charged daily on the past due amount.

Sign Up Offers When Applying For Our Personal Loan

For a limited time only, the applicants can enjoy these sign up offers when they register for our personal loans. 

No Stamp Duty

We will subsidize the cost of stamp duty regardless of the loan amount. That means no matter the personal loan rate, all applicants can skip paying for stamp duty. The stamp duty amount can be huge if the borrowed sum is big. However, there is no cap on this offer. Therefore, all loaned amounts will be excluded from stamp duty for more savings.

20% Cashback (up to RM2,000)

This offers allows you to enjoy up to RM2,000 off from the personal loan. This means that you enjoy a 20% deduction from the total loan. You get the full amount of the loan. However, you will pay 20% less at the end of the tenure because we will bear the cost. The lesser payable amount added with personal loan interest rate also means you can save more during your monthly payments. 

Customer Support

Personal loans have multiple tiers of the amount and applicants’ eligibility. Likewise, the minimum repayment amount could vary based on income. If you are unsure about a suitable type of personal financing, personal loan asia customer support team can help you. 

The relationship managers can advise you on the best loan that fits your goal. They will also be responsible to oversee the normalcy of the disbursement. They have helped many working professionals complete their home renovation and launched self-employed businesses. Their expertise can provide all your support for a smooth loan repayment tenure. 

Payment Methods

There are multiple ways to make payments. The applicant is free to use any preferred option as long as the payment is made in a timely manner. 

• Online Transfer. Transfer the money from your account to our banking account.

• MEPS. Repay your loan at MEPS ATMs nationwide.

• Standing Instruction Facility. Talk to our relationship managers to set up an automatic debit from your account.

Types of Personal Loan

A personal financing can take many forms. Every types of personal loan serves a different purpose. If you are unsure which is best for you, aligning the loan that suits your goal would be ideal.

- Traditional Bank Loan

Traditional loans can be divided into secured and unsecured loans. Secured loans require the applicant to provide collateral as an asset or guarantor. Meanwhile, unsecured loans remove all these requirements. 

The amount can be as low as RM3,000 and go up to RM150,000 maximum. The average tenure is one to seven years. Higher amounts usually come with a longer term to repay the total sum of borrowed money. 

- Home Loan

The idea of a home loan is typically associated with purchasing a first-time house. On the other hand, it is not uncommon that it is used for home renovation. Both purposes incur a high sum of expenditure which necessitates a home loan. 

A home loan has a tenure of 20-30 years. It offers arguably the highest sum of money among others and the financial stress of servicing the debt. Applicants should always think carefully before they make this commitment.

- Car Loan

As the name implies, the loan is used to purchase a car. Nowadays the buyer can pay 10% of the selling price or less and bring home the car. The remaining 90% can be paid off with a car loan. The applicant can complete the repayment in an average of 9 years. Although the interest rate is essential, the amount of down payment you can afford is equally crucial. The less you borrow, the less you pay back in the long run.

- Overdraft

An overdraft facility allows the account holder to withdraw more than their deposits. This type of loan is typically offered to business owners when the account zero also hits zero. The fund is typically used for emergencies when there are no better alternatives. 

- Syariah Compliant Loans

Commercial and Islamic banks offer this loan to Muslim customers. The loan complies with Islamic principles of profit sharing. For instance, instead of lending money to you to purchase a car, the bank will acquire the vehicle and lease it to you for some time.

Non-Muslims may also apply for this loan from providers such as Bank Islam Malaysia despite the popular misconception that only Muslims are eligible.

How To Apply For Personal Loans?

The application procedure is straightforward; you can complete everything online in less than 10 minutes. 

1. Pick a loan from our website and select “Apply Now“.

2. Fill out the form with your personal particulars and select ‘Submit’

3. When you have applied, the bank will process it and contact you.

4. When the bank contacts you, you will be asked to submit the documents

5. The bank notifies you if the application is successful

6. Receive your disbursement within the stipulated time (1-3 working days)

Personal Loan Calculator

Some banks offer online personal calculators to help you check how much loan you can apply for based on your income. In addition, it can also be used to determine the amount of monthly repayments.

A personal financing calculator is good for assessing your financial feasibility to service a loan. If the bank finds your monthly repayment amount to be ‘realistic’ and in line with your average income, you are more likely to get the loan. Unfortunately, you are less likely to get approved if your paycheck is insufficient for monthly repayments. 

Hence, a personal’s loan calculator provides a good indicator of the appropriate loan you can apply for increased chances of approval.

Popular Loan Providers in Malaysia

Majority of loan providers are banking providers. These are some of the notable banks that offer various personal loans.

CIMB

The CIMB personal loan is well-known for offering collateral-free loans, meaning almost anyone can apply without risking their assets or needing a guarantor. It provides a loan amount of up to RM 100,000 max with a 5-year tenure. Another significant pull factor is the zero-fee application where costs such as stamp duty, processing fee, and early settlement fees are fully subsidized. The Cash Plus Personal Financing application can be completed online in 10 minutes.

Maybank

The personal loan Maybank offers an excellent repayment plan starting from RM102.78. The bank stands out for providing loan amounts up to RM 400,000 with no guarantor. Some loans require no document stamping, meaning a shorter waiting period and faster approval. The relatively low barrier for approval makes the Maybank personal loan quite popular for business owners to raise capital.

RHB

The RHB personal loan is desirable for low-income applicants because the monthly repayments start from RM46.85 per month. In comparison to its peers, the bank offers on-the-spot approval if you visit its physical branch office. Moreover, the disbursement is also immediate. Any cash-strapped applicants would find this feature a massive relief if they need immediate cash flow. 

Aeon

Aeon personal loan is as competitive as RHB with a low monthly repayment at RM55. The financing loans appeals to the B40 group because the minimum income eligibility starts at RM1000. Although the maximum loan amount is capped at RM100,000, it offers sufficient relief for anyone seeking to purchase a car or start a small business. In addition, they also provide immediate disbursement on Sunday which is handy for busy professionals.

Public Bank

Alliance Bank personal loan offers a modest loan amount starting from RM5,000. The bank’s offering is somewhat similar to personal loan Bank Rakyat, which is slightly mediocre. A redeeming quality is the loan amount that goes up to RM 200,000 maximum. In addition, the loan does not require a guarantor, and the minimum income is only RM1,500. For aspiring business owners, this loan is great to help them to get started.

Beginner Tips When Choosing the Best Personal Loans in Malaysia

Before taking out a personal’s loan, it is wise to do your homework and decide if it suits you. It is not as simple as returning a purchase you did not like. 

i. Compare Interest Rates

Nearly all banks offer different interest rates for their loans. Some offer a flat rate while others have eyebrow-raising rates for even the smallest loans. The applicant bears the responsibility to compare the interest rates among the banks. Next, a calculation on total payable loans plus interest rates can be made with online calculators to see which is more feasible. 

ii. Compare Fees and Charges

The banks make money beyond interest rates only. They also charge processing fees, late payment fees, loan cancellations, service tax, and more. The banks typically charge the customers a percentage based on the borrowed money. If the sum is high, the customer can expect a substantial amount for unavoidable processing fees.

iii. Consider Repayment Period

You must also consider the repayment period of the loan. A shorter period has a higher monthly repayment but it costs less overall. In contrast, a more extended period has a smaller monthly repayment but it costs more because you pay the interest longer. One must consider their own financial feasibility on their ability to service the loan on top of their other obligations. 

Sign Up For Our Personal Loan Application Right Now!​

Despite the long drawn-out process, applying for a loan can be much easier than it sounds. Our personal’s loan application simplifies the lengthy flow and does the legwork. Now you just sit back, relax, and wait for the result. No matter your goal for getting the loan, personal loan asia are optimistic to make a difference and ensure you get the desired loan.

Loan Approval Process

Although some providers boast 24-hour approval, the disbursement may not occur on the same day. The applicant typically receives the money in the next 3-7 working days. However, some providers promise immediate credit for loans. While it is entirely possible, it also helps if some factors are in favour of the applicants.

Credit history

A good history of repaying your credit card or loan indicates a safe applicant. If there is an observable behaviour of delayed payments, it impacts the applicants negatively.

Work experience

The banks generally desire stable employment and good employer background. This ensures timely payment of salary to sustain the loan. Employers such as government institutions or multinational companies can be perceived as safe.

Age

A person in the younger age group is more likely able to continue working longer in the next 20-30 years and service the loan. In contrast, a person closer to retirement is unlikely to get loan approval.

Income

The bank considers more than just take-home pay. The applicant’s debts, dependents, duration, and more are also considered. If there is a surplus of money after all obligations are fulfilled, the applicant is considered financially healthy.