Find The Best Personal Loan For You
Let us help you find the right personal loan with clear, straightforward interest rate comparisons.
What is a Personal Loan?
A Personal Loan in Malaysia, as offered by a bank, is a type of unsecured loan where no collateral (such as property or a car) is required. It allows individuals to borrow a lump sum of money for various purposes, such as consolidating debt, funding education, medical expenses, or even home renovations. The loan is repaid over time with interest in fixed monthly installments.
How does a Personal Loan work?
A personal loan in Malaysia is an unsecured loan where banks offer a specific amount based on your income and creditworthiness. Interest rates, typically between 3.5% and 18% per annum, can be calculated using either a flat or reducing balance rate. Loan tenures range from 1 to 10 years, with monthly repayments automatically debited from your account. After approval, funds are disbursed within 1–5 days. Missing payments results in late fees and potential harm to your credit score. No collateral is required, as the loan is based on your credit profile.
How to get a Personal Loan?
To get a personal loan from a bank in Malaysia, you typically need to meet the bank's eligibility criteria, which include being a Malaysian citizen or permanent resident, aged 21 and above, with a steady source of income. You'll need to provide documentation such as proof of identity (IC), recent pay slips, bank statements, and proof of employment. Some banks may also require a minimum income level. Once you submit the application, the bank will assess your creditworthiness based on your credit score, debt-to-income ratio, and financial history before approving the loan.