We found - personal loan(s) for you!

AEON i-Cash Personal Financing

7.92%

Interest Rate

-

Total Repayment

RM 100,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	7.92%
Total Repayment	-
Max Financing Amount	RM 100,000
New Monthly Repayment	-

Agrobank AgroCash-i

5.20%

Interest Rate

-

Total Repayment

RM 200,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	5.20%
Total Repayment	-
Max Financing Amount	RM 200,000
New Monthly Repayment	-

Al Rajhi Bank Personal Financing-i

5.99%

Interest Rate

-

Total Repayment

RM 250,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	5.99%
Total Repayment	-
Max Financing Amount	RM 250,000
New Monthly Repayment	-

Alliance Bank CashFirst Personal Loan

4.99%

Interest Rate

-

Total Repayment

RM 200,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	4.99%
Total Repayment	-
Max Financing Amount	RM 200,000
New Monthly Repayment	-

Alliance Islamic Bank CashVantage Personal Financing-i

4.99%

Interest Rate

-

Total Repayment

RM 200,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	4.99%
Total Repayment	-
Max Financing Amount	RM 200,000
New Monthly Repayment	-

AmBank Islamic AmMoneyLine Facility-i

8.00%

Interest Rate

-

Total Repayment

RM 100,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	8.00%
Total Repayment	-
Max Financing Amount	RM 100,000
New Monthly Repayment	-

AmBank Islamic Personal Financing-i

4.08%

Interest Rate

-

Total Repayment

RM 200,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	4.08%
Total Repayment	-
Max Financing Amount	RM 200,000
New Monthly Repayment	-

BSN MyRinggit-i PRIMA Personal Financing

6.50%

Interest Rate

-

Total Repayment

RM 400,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	6.50%
Total Repayment	-
Max Financing Amount	RM 400,000
New Monthly Repayment	-

Bank Islam Personal Financing-i (Non-Package)

4.50%

Interest Rate

-

Total Repayment

RM 150,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	4.50%
Total Repayment	-
Max Financing Amount	RM 150,000
New Monthly Repayment	-

Bank Islam Personal Financing-i (Package)

4.99%

Interest Rate

-

Total Repayment

RM 300,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	4.99%
Total Repayment	-
Max Financing Amount	RM 300,000
New Monthly Repayment	-

Bank Rakyat Personal Financing-i Public Sector

2.31%

Interest Rate

-

Total Repayment

RM 200,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	2.31%
Total Repayment	-
Max Financing Amount	RM 200,000
New Monthly Repayment	-

CBP Personal Financing-i Al Yasser

2.31%

Interest Rate

-

Total Repayment

RM 200,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	2.31%
Total Repayment	-
Max Financing Amount	RM 200,000
New Monthly Repayment	-

CIMB Bank Cash Plus Personal Loan

6.88%

Interest Rate

-

Total Repayment

RM 100,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	6.88%
Total Repayment	-
Max Financing Amount	RM 100,000
New Monthly Repayment	-

HSBC Amanah Personal Financing-i

4.88%

Interest Rate

-

Total Repayment

RM 250,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	4.88%
Total Repayment	-
Max Financing Amount	RM 250,000
New Monthly Repayment	-

Hong Leong Islamic Personal Financing-i

10.00%

Interest Rate

-

Total Repayment

RM 150,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	10.00%
Total Repayment	-
Max Financing Amount	RM 150,000
New Monthly Repayment	-

Hong Leong Personal Loan

5.00%

Interest Rate

-

Total Repayment

RM 250,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	5.00%
Total Repayment	-
Max Financing Amount	RM 250,000
New Monthly Repayment	-

MBSB Afdhal-i

3.35%

Interest Rate

-

Total Repayment

RM 400,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	3.35%
Total Repayment	-
Max Financing Amount	RM 400,000
New Monthly Repayment	-

MCCM Resources Public Islamic Bank Personal Financing

4.25%

Interest Rate

-

Total Repayment

RM 150,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	4.25%
Total Repayment	-
Max Financing Amount	RM 150,000
New Monthly Repayment	-

Maybank Islamic Personal Financing-i

6.50%

Interest Rate

-

Total Repayment

RM 100,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	6.50%
Total Repayment	-
Max Financing Amount	RM 100,000
New Monthly Repayment	-

Maybank Personal Loan

6.50%

Interest Rate

-

Total Repayment

RM 100,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	6.50%
Total Repayment	-
Max Financing Amount	RM 100,000
New Monthly Repayment	-

Maybank Salary Financing-i

5.20%

Interest Rate

-

Total Repayment

RM 400,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	5.20%
Total Repayment	-
Max Financing Amount	RM 400,000
New Monthly Repayment	-

Public Islamic Bank BAE Personal Financing-i

3.99%

Interest Rate

-

Total Repayment

RM 150,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	3.99%
Total Repayment	-
Max Financing Amount	RM 150,000
New Monthly Repayment	-

RHB Islamic Bank Pensioner Personal Financing-i

5.25%

Interest Rate

-

Total Repayment

RM 100,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	5.25%
Total Repayment	-
Max Financing Amount	RM 100,000
New Monthly Repayment	-

RHB Islamic Personal Financing-i

6.49%

Interest Rate

-

Total Repayment

RM 150,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	6.49%
Total Repayment	-
Max Financing Amount	RM 150,000
New Monthly Repayment	-

RHB Personal Financing

8.18%

Interest Rate

-

Total Repayment

RM 150,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	8.18%
Total Repayment	-
Max Financing Amount	RM 150,000
New Monthly Repayment	-

RHB Personal Financing-i For Civil Sector

4.50%

Interest Rate

-

Total Repayment

RM 200,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	4.50%
Total Repayment	-
Max Financing Amount	RM 200,000
New Monthly Repayment	-

Standard Chartered CashOne

6.99%

Interest Rate

-

Total Repayment

RM 150,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	6.99%
Total Repayment	-
Max Financing Amount	RM 150,000
New Monthly Repayment	-

Standard Chartered Quick Cash EDGE

6.99%

Interest Rate

-

Total Repayment

RM 250,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	6.99%
Total Repayment	-
Max Financing Amount	RM 250,000
New Monthly Repayment	-

UOB Personal Loan

9.99%

Interest Rate

-

Total Repayment

RM 100,000

Max Financing Amount

-

New Monthly Repayment

Interest Rate	9.99%
Total Repayment	-
Max Financing Amount	RM 100,000
New Monthly Repayment	-

{"id":2981,"date":"2022-06-20T13:37:54","date_gmt":"2022-06-20T05:37:54","guid":{"rendered":"http:\/\/loanpanda.com.my\/staging-test\/?page_id=2981"},"modified":"2023-08-16T18:49:23","modified_gmt":"2023-08-16T10:49:23","slug":"personal-loan","status":"publish","type":"page","link":"https:\/\/loanpanda.com.my\/test\/personal-loan\/","title":{"rendered":"Personal Loan"},"content":{"rendered":"

[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1660703375340{background-color: #f5f5f5 !important;}” el_id=”credit-card-page-header”][vc_column]

\n

<\/div>\n

\n

\n

\n

\n

Personal Loan<\/h1>
Get Cash Flow to Ease Your Financial Needs<\/p>\n <\/div>\n <\/div>\n
\n
\n $\"\"$ <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n [\/vc_column][\/vc_row][vc_row css=”.vc_custom_1658978621274{margin-top: 58px !important;margin-bottom: 66px !important;}”][vc_column][vc_column_text][\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1675333466957{margin-top: 30px !important;margin-bottom: 30px !important;background-color: #ffffff !important;}”][vc_column css=”.vc_custom_1675333478533{background-color: #ffffff !important;}”][vc_tta_tabs color=”white” active_section=”1″][vc_tta_section title=”Guides” tab_id=”1675326945182-04c5ea33-9c31c4ce-519a”][vc_column_text]<\/p>\n
Guides<\/h2>\n
[\/vc_column_text][vc_column_text]<\/p>\n
\n
Personal Loans<\/h1>\n
$\"\"$ <\/p>\n
So when is the best moment to apply for a personal loan? There’s no perfect moment for getting a personal loan if you don’t know anything about the process.<\/p>\n
Today we’ll share with you all the ins and outs of applying for a personal loan based on the experiences of Malaysians.<\/p>\n
Stick around for a few minutes to learn more about personal loans, how to apply for a loan, how to get the best amount possible, and how to avoid much interest.<\/p>\n<\/div>\n
[\/vc_column_text]
\n
\n
\n
\n
\n \n <\/span>Personal Loan Malaysia Research <\/a>\n <\/h5>\n <\/div>\n
\n
\n This section will discuss how you can learn about the personal loan Malaysia offers and what information you need to make the right decisions. There are countless personal loan offers, but you must recognize what's best for you.\n $\"\"$ <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>How does getting a loan work? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
A personal loan means getting a specific sum of money with added interest from a borrower or a bank. You will have to return this loan for a fixed period and pay monthly instalments until your loan amount is paid off.<\/p>\n\n\n
This is the same for every personal loan. However, many specifics could be different for individual loans. Learning what these terms mean will help you understand loan offers:<\/p>\n\n\n
Loan default<\/b>: When borrowers don't make personal loan payments for more than three months, they \"default.\" Banks usually take legal action when someone defaults or charges additional fees or personal loan interest rates.<\/p>\n\n\nIf this happens, your credit score will be destroyed, and you won't be able to get loans in the future because of your poor credit score. The repayment history stays in the database for over a year.<\/p>\n\n\n
Loan penalty<\/b>: When you are overdue with the monthly repayment<\/a> of your personal loan, the bank will charge you a flat fee. This is called a loan penalty.<\/p>\n\n\n
Instalment<\/b>: Your loan must be paid for every month until the end of your loan tenure. Your instalment is the monthly repayment you will have to pay. It's calculated by dividing the total sum of the loan amount by the number of months you will be repaying it.<\/p>\n\n
Loan tenure<\/b>: Loan tenure is when you will repay your loan. A shorter tenure or loan period means your monthly instalment amount will be higher. But on the other hand, having a longer tenure means your interest rates will be higher, and your repayment amount will be higher overall.<\/p>\n\n\n
Principal<\/b>: The total loan amount you applied for without interest. The interest is calculated based on this amount along with tenure.<\/p>\n\n\n
Per annum<\/b>: Interest is charged per year (per annum). For example, if you get an RM20,000 loan at 5% interest, you will have to pay RM1000 for interest. If your tenure is two years, the total interest will be RM2000.<\/p>\n\n
Personal loan interest rate<\/b>: It's calculated in percentages, which is the amount you have to pay to the bank for their services. You pay for the interest with every monthly payment.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n \n
\n \n <\/span>Top Malaysia Personal Loans in 2023 <\/a>\n <\/h5>\n <\/div>\n
\n
\n
If you're looking for the best personal loans in Malaysia, you've come to the right place. Here is a complete list of the best personal loan offers.<\/p>\n\n
1. Al Rahji Bank<\/h3>\n
\n
GLC & government can apply<\/li>\n
has a 1-8 years borrowing period<\/li>\n
financing amount from RM10,000 - RM250,000<\/li>\n
Required monthly income of RM5,000<\/li>\n
Interest rate ranges from 6.20% - 8.39%<\/li>\n<\/ul>\n\n
2. AmBank<\/h3>\n
\n
GLC & government can apply<\/li>\n
has a 1-5 years borrowing period<\/li>\n
financing amount from RM2,000 - RM150,000<\/li>\n
Required monthly income of RM3,000<\/li>\n
Interest rate ranges from 8.00% - 11.99%<\/li>\n<\/ul>\n\n\n\n
3. AEON Credit Service<\/h3>\n
\n
GLC & government can apply<\/li>\n
has a 1\/2-7 years borrowing period<\/li>\n
financing amount from RM1,000 - RM100,000<\/li>\n
Required monthly income of RM1,500<\/li>\n
Interest rate ranges from 4.50% - 6.50%<\/li>\n<\/ul>\n\n\n\n
4. Alliance Bank<\/h3>\n
\n
GLC & government can apply<\/li>\n
has a 1-7 years borrowing period<\/li>\n
financing amount from RM5,000 - RM200,000<\/li>\n
Required monthly income of RM3,000<\/li>\n
Interest rate ranges from 4.99% - 15.28%<\/li>\n<\/ul>\n\n\n
5. BSN<\/h3>\n
\n
GLC & government can apply<\/li>\n
has a 2-10 years borrowing period<\/li>\n
financing amount from RM5,000 - RM400,000<\/li>\n
Required monthly income of RM3,000<\/li>\n
Interest rate ranges from 6.00% - 8.50%<\/li>\n<\/ul>\n\n\n
6. Bank Rakyat<\/h3>\n
\n
GLC & government can't apply<\/li>\n
has a 1-10 years borrowing period<\/li>\n
financing amount from RM5,000 - RM150,000<\/li>\n
Required monthly income of RM2,000<\/li>\n
Interest rate ranges from 8.97% - 11.37%<\/li>\n<\/ul>\n\n
7. Bank Islam<\/h3>\n
\n
GLC & government can't apply<\/li>\n
has a 1-10 years borrowing period<\/li>\n
financing amount from RM10,000 - RM300,000<\/li>\n
Required monthly income of RM4,000<\/li>\n
Interest rate ranges from 8.97% - 11.37%<\/li>\n<\/ul>\n\n
8. Citibank<\/h3>\n
\n
GLC & government can't apply<\/li>\n
has a 2-5 years borrowing period<\/li>\n
financing amount from RM5,000 - RM150,000<\/li>\n
Required monthly income of RM4,000<\/li>\n
Interest rate ranges from 5.33% - 9.80%<\/li>\n<\/ul>\n\n\n
9. CIMB<\/h3>\n
\n
GLC & government can't apply<\/li>\n
has a 2-5 years borrowing period<\/li>\n
financing amount from RM2,000 - RM100,000<\/li>\n
Required monthly income of RM2,000<\/li>\n
Interest rate ranges from 6.88% - 14.88%<\/li>\n<\/ul>\n\n\n
10. Hong Leong Islamic Bank<\/h3>\n
\n
GLC & government can't apply<\/li>\n
has a 2-5 years borrowing period<\/li>\n
financing amount from RM5,000 - RM150,000<\/li>\n
Required monthly income of RM2,000<\/li>\n
Interest rate ranges from 9.00% - 12.50%<\/li>\n<\/ul>\n\n
11. HSBC Amanah<\/h3>\n
\n
GLC & government can't apply<\/li>\n
has a 2-7 years borrowing period<\/li>\n
financing amount from RM6,000 - RM250,000<\/li>\n
Required monthly income of RM3,000<\/li>\n
Interest rate ranges from 4.88% - 10.50%<\/li>\n<\/ul>\n\n\n
12. UOB<\/h3>\n
\n
GLC & government can apply<\/li>\n
has a 1-5 years borrowing period<\/li>\n
financing amount from RM5,000 - RM100,000<\/li>\n
Required monthly income of RM2,000<\/li>\n
Interest ranges from 9.99% - 11.99%<\/li>\n<\/ul>\n\n\n\n
13. instaDuit<\/h3>\n
\n
GLC & government can apply<\/li>\n
has a 1-4 years borrowing period<\/li>\n
financing amount from RM1,000 - RM10,000<\/li>\n
Required monthly income of RM1,500<\/li>\n
Interest rate 18.00%<\/li>\n<\/ul>\n\n
14. KFH<\/h3>\n
\n
GLC & government can't apply<\/li>\n
has a 2-8 years borrowing period<\/li>\n
financing amount from RM5,000 - RM150,000<\/li>\n
Required monthly income of RM3,000<\/li>\n
Interest rate 6.88%<\/li>\n<\/ul>\n\n\n\n
15. Maybank<\/h3>\n
\n
GLC & government can apply<\/li>\n
has a 2-6 years borrowing period<\/li>\n
financing amount from RM5,000 - RM100,000<\/li>\n
Required monthly income of RM3,500<\/li>\n
Interest rate 6.50% - 8.00%<\/li>\n<\/ul>\n\n
16. Standard Chartered<\/h3>\n
\n
GLC & government can't apply<\/li>\n
has a 1-5 years borrowing period<\/li>\n
financing amount from RM3,000 - RM200,000<\/li>\n
Required monthly income of RM3,000<\/li>\n
Interest rate 7.20%<\/li>\n<\/ul>\n\n\n
17. RHB<\/h3>\n
\n
GLC & government can't apply<\/li>\n
has a 1-7 years borrowing period<\/li>\n
financing amount from RM2,000 - RM150,000<\/li>\n
Required monthly income of RM1,500<\/li>\n
Interest rate 8.59% - 13.76%<\/li>\n<\/ul>\n\n\n\n <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>Getting Approved for a Personal Loan <\/a>\n <\/h5>\n <\/div>\n
\n
\n $\"\"$ \n\n
Banks give loans in several ways. Some require opening a savings account, while others hand out checks or offer IBG transfers to your bank account. Remember that your credit score, monthly interest rate, credit history, income, and credit rating influence approval.<\/p> <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n \n Choose One Now<\/a>\n \n [\/vc_tta_section][vc_tta_section title=”FAQ’s” tab_id=”1675326945334-11eef09e-af21c4ce-519a”][vc_column_text]<\/p>\n
FAQ<\/h2>\n
[\/vc_column_text][vc_row_inner css=”.vc_custom_1675331836289{margin-bottom: 30px !important;padding-top: 46px !important;padding-right: 70px !important;padding-bottom: 46px !important;padding-left: 70px !important;background-color: #fef6f5 !important;border-radius: 25px !important;}”][vc_column_inner width=”4\/12″][vc_column_text] $\"\"$ [\/vc_column_text][\/vc_column_inner][vc_column_inner width=”8\/12″][vc_column_text css=”.vc_custom_1660704463008{margin-bottom: 16px !important;}”]A credit card is a convenient tool for people to pay for purchases today, offering many perks and rewards that can add up to more savings for the cardholders.[\/vc_column_text][vc_column_text css=”.vc_custom_1673589066597{margin-bottom: 16px !important;}”]Today, consumers often use credit cards as payment for their purchases since they are convenient and often come with benefits and incentives that can result in additional discounts for cardholders.<\/span> With a wide variety of these cards with various advantages, you might ask how to pick the ideal one for your financial needs.<\/span> We have collected the following FAQ to enable you to understand the most relevant questions regards credit cards, including user conditions,<\/span> interest rates,<\/span><\/a> and primary payment terms.<\/span>[\/vc_column_text][vc_column_text]Here\u2019s a short guide LOANPANDA has compiled to help you understand the credit card requirements, interest rates and basic payment terms.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner]
\n
\n
\n
\n
\n \n <\/span>How can I check eligibility? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
To qualify for fast approval loans, you will have to meet specific criteria set by the banks, including:<\/p>\n\n
\n
Having permanent residence<\/li>\n
Being at least 21 years old<\/li>\n
Be employed<\/li>\n
Offer income-type information<\/li>\n
Residential status<\/li>\n<\/ul>\n
Bonus tip: Your lifestyle affects approval rates. If you change places of residence offer, have turbulent employment history, or don't have a stable salary, the bank might not look at your application favourably.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>What is credit history? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
Credit histories include records of all debt and bill payments. These records show your ability to meet financial obligations. By looking at the CCRIS<\/a> reports, banks can learn about your payment habits.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>What is a credit score, and how is it different from credit history? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
Credit scores are 3-digit numbers that show your overall score of credit history based on your financial habits. A good credit score can help you get loan approval. A bad credit score signals you aren't financially responsible and present a liability to the bank.<\/p>\n
Poor credit: 300 - 528<\/p>\n
Low credit: 529 - 650<\/p>\n
Fair credit: 651 - 696<\/p>\n
Good credit: 697 - 743<\/p>\n
Excellent credit: 744 - 850<\/p>\n
You can quickly check your credit score with the CTOS credit agency. Getting a credit report is an important step before a loan application.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>What is my monthly due date? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
Your first monthly repayment will arrive one month after approval. Depending on the bank's terms and conditions, your payment will be due on the first or in the middle of the month.<\/p>\n\n
Banks set minimal amounts you have to cover to avoid penalties, but this affects your charges.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>What if I'm late with my monthly repayment? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
After loan approval, you must meet your obligations to avoid additional expenses and ensure future lenders will look at your applications favourably.<\/p>\n\n
Try to make full payments on time to avoid being penalized. Not only that you will have additional expenses, but you will also damage your credit.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>Can I make outstanding payments earlier? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
You can settle your remaining balances and loan repayments before your tenure ends. However, most banks won't reduce your interest payments even if you make payments in advance. Inform the bank of your advanced payment to avoid the early settlement fee.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>How to make my monthly repayment? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
You can make your monthly repayment with the following:<\/p>\n
\n
Cash deposits<\/li>\n
Auto deductions<\/li>\n
Online banking<\/li>\n
Over the counter<\/li>\n<\/ul>\n\n\n\n <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>How much time will I need to pay for my loan amount? <\/a>\n <\/h5>\n <\/div>\n
\n
\n $\"\"$ \n\n
Loan tenure determines how many years or months you will need to repay the loan. Your personal loan requires you to make monthly payments until the end of your term.<\/p>\n\n
In most cases, the repayment term ranges from 1 to 7 years. Remember that your interest and monthly payment are determined by the repayment method.<\/p>\n\n
Here's a personal loan calculator example to show how tenure affects your monthly instalment.<\/p>\n\n
Personal loan calculator example<\/h4>\n\n
If you get a personal loan for a shorter period (1 year)<\/a>, you can expect an interest look something like this: RM15,000 x5% x1 year = RM750. At the same time, the monthly instalment will look like this: RM15,750 \u00f7 12 months = RM1312.5.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>How much does interest cost? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
Several factors affect your interest, including:<\/p>\n
\n
Tenure<\/li>\n
Loan amount<\/li>\n
Credit score<\/li>\n
Credit history<\/li>\n\n
If you want your interest to be as low as possible, you will have to get your credit score in shape and find a loan term with a short repayment period.<\/p>\n $\"\"$ \n
At the same time, you will also have to consider multiple banks and see their loan offers. Sometimes the banks push rates too high, and it's best to look for a better offer.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>What kind of personal loans should I get? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
Now that we've gone through personal loan basics, let's look at potential loan preferences. It's essential to compare several offers to find the personal loan that works best for you.<\/p>\n\n
It would help if you considered interest, tenure, repayment alternatives, monthly repayments, etc. Still, personal loans in Malaysia involve several other assets, including:<\/p>\n
\n
Insurance coverage or Takaful?<\/li>\n
Islamic loans or conventional loans?<\/li>\n
Secured and unsecured loans<\/li>\n<\/ul>\n
Loans with coverage or Takaful:<\/h4>\n\n
This is an optional choice, and you get liability coverage which covers all unpaid balances in case of disability or death of the borrower. It's a slightly more expensive offer as the coverage is included in monthly repayments.<\/p>\n\n
Personal loan without insurance:<\/h4>\n\n
Borrowers and loan beneficiaries must cover all balances in case of disability or death. Borrowers get 100% of the borrowing amount.<\/p>\n\n
Islamic loans:<\/h4>\n $\"\"$ \n\n
These Shariah financing contracts avoid exploitative gains. These loans can be used for all halal purposes, and borrowers get charged a profit rate on the amount borrowed. The bank also bears risks of earning returns, and the profits aren't compounded in case of overdue payments.<\/p>\n\n
Conventional personal loan:<\/h4>\n\n
These are typical loans where banks gain money by borrowing through interest on the total amount. Conventional loans can be used for any legal activity, and borrowers bear all the risk.<\/p>\n\n
Unsecured loans:<\/h4>\n\n
An unsecured loan doesn't require security or collateral and has no guarantors. You can even get an unsecured loan when you're not eligible by finding a guarantor.<\/p>\n\n
Secured loans:<\/h4>\n\n
A secured loan requires a security or collateral like a unit trust, property, or fixed deposit. You must have a guarantor when getting secured loans.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>Is it a good idea to get a personal loan? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
We all want to achieve our goals; in many cases, we need money to kickstart our ideas or start the journey. People can earn capital in many ways, but some don't have any options.<\/p>\n\n
In other words, getting a personal loan is a good option<\/a> if it will help you invest in your future. Here are some of the good reasons for getting a personal loan:<\/p>\n
\n
Investing in education<\/li>\n
Business investment<\/li>\n
Emergency<\/li>\n
Property acquisition<\/li>\n
Debt consolidation<\/li> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>What are debt consolidation loans? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
When someone has multiple debts, they can get a debt consolidation loan to simplify the payment process and consolidate all of those loans into one.<\/p>\n\n
Tracking multiple loans, interests, tenures, due dates, and banks can be overwhelming. A debt consolidation loan lets you repay all of these loans at a lower rate in the longer term while making the process easier.<\/p>\n $\"\"$ \n
Some of Malaysia's best debt consolidation loans are Al Rajhi Personal Financing-i and Alliance Bank CashFirst Personal Loan.<\/p>\n\n\n <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>How does debt consolidation look in practice? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
Let's look at some debt consolidation examples to show you how this works.<\/p>\n\n
Suppose a borrower has a loan agreement and two credits with monthly instalments and balances with a total of RM2,000 monthly and RM50,000 outstanding balances. In that case, they might find it challenging to pay RM2,000 monthly.<\/p>\n\n
An approximate consolidation from the Alliance Bank CashFirst Personal Loan calculator for a total loan amount of RM50,000 can be stretched to 60 months with a monthly instalment of RM1,250.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>How Do I Apply for a Personal Loan? <\/a>\n <\/h5>\n <\/div>\n
\n
\n $\"\"$ \n
When applying for a personal loan, you must consider several things<\/a> like the amount you should apply for, finding the best personal loan, interest rate, allowed credit card debt, loan repayment period, monthly instalment amount, etc.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>What loan amount can I get when I apply for a personal loan? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
Generally, you can get a loan for a minimum of RM2,000 and over RM250,000. When you've determined your principal amount, you must find the right tenure for your financial abilities.<\/p>\n\n
Loanpanda has a personal loan calculator that lets you calculate monthly payments by adding borrowed amounts, tenure, and monthly income. But the calculator doesn't consider your other financial commitment like other loans, credit cards, bills, car loans, home loans, credit scores, etc.<\/p>\n\n
If you want your personal loan application approved, make sure you can pay your monthly commitments quickly.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>How can I calculate the loan amount? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
Banks use a simple calculation to see how much money you can afford to pay with your monthly instalment.<\/p>\n\n
They sum up all your monthly commitments and divide them with monthly income and then multiply by 100%.<\/p>\n $\"\"$ \n
For example: RM3,000 \u00f7 RM6,000 x 100% = 50%<\/p>\n\n
If you want your loan approved, your monthly commitments shouldn't be over 50% of your income. In other words, the borrower should be able to spend 50% of their monthly income on the monthly repayment and use the rest for other expenses.<\/p>\n\n
But ideally, the number should be lower than 50%. The lower the number is, the higher the loan amount. When you apply for a personal loan, do the math on your own and improve the numbers to secure a better loan.<\/p>\n <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>What documents do I need when applying for a personal loan? <\/a>\n <\/h5>\n <\/div>\n
\n
\n <
>To get your loan approved, prepare all the necessary documents. Banks can ask for different documents depending on your type of employment, but here is some of the general information you can expect:<\/p>\n
\n
Application form<\/li>\n
Proof of identity (passport\/IC)<\/li>\n
Recent photo<\/li>\n
Proof of residence<\/li>\n
Income statement<\/li>\n
Salary statements<\/li>\n
Business registration copy<\/li>\n
Proof of office address<\/li>\n
Proof of business ownership<\/li> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>How can I apply for a personal loan? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
You can apply for a loan online or offline. Online applications are made via websites; you can compare loans, check your credit score, calculate affordability, etc.<\/p>\n\n
The alternative is to go directly to a local branch to fill out an application or call a bank via phone. At Loanpanda, you can check a wide range of personal loans and submit personal loan applications quickly.<\/p> <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>How can I apply for a loan on Loanpanda? <\/a>\n <\/h5>\n <\/div>\n
\n
\n
Loandpanda lets you apply in just a couple of minutes. Just go through the application process and check loan terms on our site before applying.<\/p>\n\n
We will check eligibility and help you find fast approval loans. In other words, we won't send your application unless you can approve the loan amount.<\/p>\n\n
First step:<\/h4>\n
Please go through our website and find a loan you like. Apply for the loan or look for additional recommendations.<\/p>\n
Second step:<\/h4>\n
You will be redirected to a chat conversation, and after answering some basic questions, your application will start.<\/p>\n
Third step:<\/h4>\n
After you've answered all questions, your application will be sent, and we will get back to you once the bank replies.<\/p>\n <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n \n <\/span>Secure your financial future now! <\/a>\n <\/h5>\n <\/div>\n
\n
\n
Check out the offers at Loanpanda<\/a> and get the perfect loan for your needs. Before making an application learn about all the risks, obligations, and requirements for getting a loan so you can safely repay your loan while getting the most out of it.<\/p> <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n [\/vc_tta_section][\/vc_tta_tabs][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1662354133900{background-color: #f5f5f5 !important;}”][vc_column width=”1\/12″][\/vc_column][vc_column width=”6\/12″ css=”.vc_custom_1658198808293{margin-top: 86px !important;margin-bottom: 86px !important;}” el_id=”footer-on-top”][vc_column_text css=”.vc_custom_1663400130590{margin-bottom: 8px !important;}”]<\/p>\n
We Are Here to Help<\/h1>\n
[\/vc_column_text][vc_column_text css=”.vc_custom_1663400216839{margin-bottom: 24px !important;}” el_id=”footer-on-top-subtitle”]Our mission is to deliver reliable, up-to-date tips & advice[\/vc_column_text][vc_column_text css=”.vc_custom_1684986498798{margin-bottom: 8px !important;}” el_id=”footer-on-top-contact-info”] $\"\"$ 011-7074 4194[\/vc_column_text][vc_column_text css=”.vc_custom_1661765868059{margin-bottom: 36px !important;}” el_id=”footer-on-top-contact-info”] $\"\"$ official@loanpanda.com.my<\/p>\n
\n
\n
\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
[\/vc_column_text][vc_row_inner][vc_column_inner el_id=”footer-on-top-btn-left” css=”.vc_custom_1663400583680{margin-bottom: 16px !important;padding-left: 0px !important;}”]\n Meet The Consultant<\/a>\n \n [\/vc_column_inner][\/vc_row_inner][\/vc_column][vc_column width=”4\/12″ el_id=”footer-on-top-img” offset=”vc_hidden-xs”][vc_single_image image=”4634″ img_size=”full”][\/vc_column][vc_column width=”1\/12″][\/vc_column][\/vc_row][vc_row][vc_column][vc_raw_js]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[\/vc_raw_js][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"
[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1660703375340{background-color: #f5f5f5 !important;}” el_id=”credit-card-page-header”][vc_column][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1658978621274{margin-top: 58px !important;margin-bottom: 66px !important;}”][vc_column][vc_column_text][\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1675333466957{margin-top: 30px !important;margin-bottom: 30px !important;background-color: #ffffff !important;}”][vc_column css=”.vc_custom_1675333478533{background-color: #ffffff !important;}”][vc_tta_tabs color=”white” active_section=”1″][vc_tta_section title=”Guides” tab_id=”1675326945182-04c5ea33-9c31c4ce-519a”][vc_column_text] Guides [\/vc_column_text][vc_column_text] Personal Loans So when is the best moment to apply for a personal loan? There’s no perfect moment for getting a personal loan if you don’t know anything […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_seopress_robots_primary_cat":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"class_list":["post-2981","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/loanpanda.com.my\/test\/wp-json\/wp\/v2\/pages\/2981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/loanpanda.com.my\/test\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/loanpanda.com.my\/test\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/loanpanda.com.my\/test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/loanpanda.com.my\/test\/wp-json\/wp\/v2\/comments?post=2981"}],"version-history":[{"count":18,"href":"https:\/\/loanpanda.com.my\/test\/wp-json\/wp\/v2\/pages\/2981\/revisions"}],"predecessor-version":[{"id":14941,"href":"https:\/\/loanpanda.com.my\/test\/wp-json\/wp\/v2\/pages\/2981\/revisions\/14941"}],"wp:attachment":[{"href":"https:\/\/loanpanda.com.my\/test\/wp-json\/wp\/v2\/media?parent=2981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}