Best Personal Loans Malaysia 2021
Sometimes, life gets difficult and some of us might face financial difficulties at one point or another. This is where personal loans can come in handy.
However, as we all understand, this is different from borrowing money from your friends and family members. Especially if it is not a small sum. Since it is a rather important decision to make, we’re here to help you become more informed in your financial choices. Here are the factors you need to consider before applying for your personal loan in Malaysia.
TL;DR List of Best Personal Loans in Malaysia
| Personal Loan | Interest Rates (% p.a.) | Loan Amount | Tenure | Recommended for | Best known for |
|---|---|---|---|---|---|
| From 8.18% | Up to RM150,000 | Up to 7 years |
| Instant conditional approval in less than 24 Hrs! Now that’s fast! | |
| From 5.88% | Up to 10x of your monthly income | Up to 5 years |
| Get up to 10 times of your gross monthly income! | |
| From 4.99% | Up to RM150,000 | Up to 7 years |
| Lowest rate in town at 4.99% | |
| 5.5% | Up to RM250,000 | Up to 5 years |
| Debt consolidation at low rates from 5.5% |
Personal Loans Demystified
Personal loans can be confusing especially if you are unfamiliar with how they work. Here are some essential knowledge you need to know beforehand.
1. Express Loans
If you require a personal loan urgently, there are several personal loans available in Malaysia that make fast and instant approval through hassle-free online applications.
For example, RHB offers instant conditional approval in less than just 24h! Also, Citibank offers paperless and quick applications. Additional incentives such as potentially lower interest rate apply to existing Citibank credit card owners too.
2. Processing Fees & Other Charges
There are four main fees that you need to look out for.
- Processing fee: Covers establishing personal loans, preparation of documents, as well as reviews. It is typically a percentage of loan amount. Most banks have chosen to forgo this fee entirely.
- Stamp duty: Applies to the majority of personal loan applications. It is typically a percentage of loan amount as well. Pro tip: Standard Chartered does not charge any stamp duty fee!
- Early termination fee: If full payment is made before the duration agreed upon, you’ll be penalised with an early termination fee. Pro tip: Alliance & Standard Chartered does not charge any early termination fee at all!
- Late penalty fee: If full payment is made before the duration agreed upon, you’ll be penalised with an early termination fee.
3. Minimum Requirements for Personal Loans
Requirements for different personal loans can vary. Factors taken into consideration include your annual income, age, nationality, as well as employment status.
Consider Whether You Need A Personal Loan
As we mentioned previously, personal loans might be essential during difficult times. However, it’s also important to consider your options thoroughly beforehand. Make sure that you are able to pay back the loan amount once you’ve decided to commit to one. Otherwise, consider alternative options such as borrowing from those close to you.
Apply For Personal Loans Easily With RinggitPlus
If you’ve finally decided to apply for a personal loan. RinggitPlus has got your back. Many of us find it difficult to make informed decisions when it comes to finance related queries. However, RinggitPlus makes the entire process easily understandable – even for those new to finance products. Here’s an attractive RinggitPlus deal not to be missed – you can get up to RM70 Cashback with ShopBack when you make a personal loan through RinggitPlus!