What is Personal Loans in Malaysia
What is a Personal Loan?
Personal loans are a type of loan issued by banks and financial institutions. This is the perfect solution when you need additional funds to cover personal expenses such as renovating your home, holiday, education, business, medical bills or anything else.
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What is Personal Loans in Malaysia
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Personal loans give you financial flexibility to use the funds according to your needs and requirements. As the name suggests, personal loans are a type of unsecured loan and help meet your current financial needs. You usually do not have to promise any collateral or collateral to apply for a personal loan.
How does a Personal Loan work?
Personal loans work in the same way as other bank loans. You are applying for a certain amount of loan from a bank to pay for what you need or want. If your loan application is approved, you will receive the amount of lump sum you applied and then pay back the bank in a fixed monthly installment. Total monthly repayments include principal amount plus fees and benefits. Personal loans usually have shorter repayment terms than other types of loans, from 6 months to 10 years.
What are the different categories of personal loans in Malaysia?
Debt Consolidation Loans - Debt consolidation loans are a kind of loan you take to consolidate or combine more than one loan under your name.
Quick Approval Loans - These loans can be channeled to your account from as fast as 24 hours to 2-3 business days. Ideal if you need financing and cash requirements, or have to pay emergency.
Islamic Financing Loans - Islamic personal loans are those that follow Islamic banking principles. Islamic personal financing by Islamic banks in Malaysia uses the concept of Bai 'Al-'Inah, and fully complied with Shariah.
Business Lending - For first-time business owners or starting a franchise, getting a personal loan can help you get the seed money to start your business.
Housing Loans - You can use them to finance your home down payment or to finance all the ancillary costs purchased by buying a home including laying duties, processing fees, property taxes, maintenance fees and monthly installment repayments on your mortgage.
Wedding Loans - Personal loans for your wedding day expenses, which will cover all related costs such as decorations, places, food catering and more!
Car Loans - You can use this to place money for advance payment, for your vehicle service, and any vehicle expenses associated with you. Suitable for your next car or motorcycle.
Government Loans - This is an unsecured financing option offered exclusively to civil servants or public sector workers. If you are currently working in the private sector and / or you are a multinational company employee, you are not eligible to apply for this loan. It usually has interest rates on the market or profit rate.
Home Renovation Loans - These are loans to help cover your home renovation or maintenance expenses. It allows you to fund your home renovation project to make your home a home of your dreams.
List of Banks offering personal loans in Malaysia
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