Personal loan is one of the most convenient way to secure money in Malaysia.Various banks and financial institutions are giving out personal loans. Most of the personal loans in Malaysia are in form of unsecured loans where no collateral and guarantor is needed. You will need to have a MyKad. Some personal loans are also offered to permanent resident in Malaysia.
As of 2013, personal loan tenure is now limited to a maximum of 5 years with accordance to new guidelines from Bank Negara.
Government servants do have benefits when applying for personal loan as there are many special loans with much lower interest rates offered specially to them. Loans for public sector can be deducted automatically via Biro Angkasa.
Flat rate interest will be used when securing a personal loans in Malaysia. To make things simple, flat rate is also used when obtaining a car loan where the interest rate is based on the full amount loaned throughout the whole tenure. Thus, do take note that the effective interest may be much higher compared with reducing balance loans. Most packages will list out their effective rate in product brochures.
The competition may be stiff with many banks and financial institution are giving out personal loan packages. Find out more about personal loans in Malaysia through our website.
