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CompareHero.my is your go-to website for finding Credit Cards, Personal Loans or Broadband products in Malaysia. Our service is free, easy and completely unbiased. With our online comparison platform, you can find the most up-to-date information on personal finance products, best value internet plans and much, much more!

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Personal Loan FAQs

Personal loans work in the same way any other bank loan works. You apply for a specific loan amount from the bank to pay for things you need or want. You will have an agreement with the bank to make monthly repayments until the loan amount is fully repaid. This loan tenure can stretch over a number of months or up to a few years.
Personal loans are unsecured loans. This means that you do not need to offer any collateral or assets (like your house or car) to the bank when you borrow money. You also don't need to put a downpayment. Banks will review your financial background, such as your minimum salary and credit score, to determine whether to approve your personal loan application and at what interest rate. Because the loan isn't secured to any asset or collateral, the interest rates tend to be higher.
Taking out a personal loan in itelf does not affect your credit score. However, there are factors that come with taking a loan that can hurt or help your credit score. This includes your payment history, the amount of debt you owe, the length of your credit history, and the number of credit lines you have recently opened under your name. When you apply for a personal loan, the two factors that are immeditely impacted would be the amount of debt you owe, and the number of credit lines you have recently opened. However, if you make timely payments and have a long history of managing debt, then the introduction of a new loan is less likely to have an effect.
Yes, but each bank has different criterias that need to be met, including minimum income, as it currently is not standardised. For instance, Alliance Bank requires Malaysians working in Singapore to earn a minimum income of SGD2,000 per month; AmBank requires the equivalent of RM5,000 per month; HSBC requires the equivalent of RM10,000 per month; Citibank requires the same amount in SGD and in RM; and Standard Chartered and Maybank requires the equivalent of RM3,000 per month, to name a few. These requirements are as of April 2017.
Almost all of the trusted banks in Malaysia offer personal loans to its customers. Every bank offers unique products and services, so it's always best to compare the personal loans available across the market before deciding on the one that suits your needs best. Head over to the provider page for a full list of banks.
On the CompareHero.my website, you will notice a column titled "Annual Rate". This is the interest rate that is advertised however, you should be looking at the EIR - the Effective Interest Rate. The EIR is a more accurate picture as it takes into consideration the compounding interest, processing and handling fees, which comes up to what you actually pay on your loan.
A personal loan application might be rejected because you have a bad credit score, do not meet the minimum income requirements, have inconsistencies in your personal details and application form, have an unstable employment history, hold too many loans, or have overly high credit card debt.

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