November 4, 2019
Updated 4th November 2019
During times when you need some extra cash you would want to get it at the best possible rate. Look no further, because we’ve done the work for you. Here is a list of personal loans with the lowest interest rates for you to consider.
Those looking for Shariah-compliant financing are in luck as MBSB has options for both the government sector and private sector financing. Both have very attractive profit rates starting from as low as 3.34%. However, it might be important to note that MBSB appears to be more favorable for the government sector in terms of lower profit rates.
Financing for those in the government sector can be paid through salary deduction via Biro Angkasa, Accountant General, or employer salary deduction. Regardless, all financing has a tenure of up to 10 years, require no guarantor or early settlement charges, and Takaful coverage is optional. MBSB offers 3 different packages as listed below:
Yet another Shariah-compliant personal financing as approved by Al Rajhi Bank Malaysia Shariah Board. Al Rajhi’s interest rates start from as low as 4.99% per annum with a financing tenure of up to 8 years (Terms & Conditions apply). The financing requires no guarantor and eligibility requirements are as follows:
This is another Shariah compliant personal financing based on the concept of Tawarruq with profit rates starting from 4.95%. The amount of financing available is up to RM150,000 and you don’t need a guarantor. Takaful coverage is optional for this personal financing but do take note that you will be charged more if you do not opt for Takaful coverage. Nonetheless, this financing offers one of the best rates for those working in the government sector with rates starting from as low as 3.26%.
Negotiable rates will be offered to employees of selected companies or cooperatives with certain conditions as determined by the bank. Ibra’ will also be provided if the financing repayment is settled before its maturity. Financing tenure is dependent on your financing amount, up to 10 years for both private and public sectors.
The profit rate for this financing will be based on a floating rate, Base Rate + profit rate and varies depending on your repayment methods. It starts from 4.54%. You can read more about it on their website: Personal Financing-i Private Sector Rates.
The repayment can be done via the methods shown below:
Whether it is for personal or business use, you can get flexibility when you need cash with the CashFirst loan from Alliance Bank. It has an interest rate of 3.99%* p.a. on a flat rate basis, and there are no processing fees nor an early settlement penalty for this loan. With regards to the lowest interest rates for private sector personal loans, Alliance Bank’s CashFirst Personal Loan ranks at the top 5 on our list with an interest rate of 3.99%.
The maximum loan tenure is up to 7 years, and no guarantor or collateral is required to apply. For your convenience, Alliance Bank is also able to consolidate up to a maximum of four Credit Cards and/or Personal Loans commitments into ONE single monthly repayment.
Need a really large sum of cash? Perhaps Citibank’s personal loan will be up your alley. Offering a personal loan of up to RM150,000 with interest rates starting from as low as 5.88% per annum, it’s not hard to see why this loan made it on our list. Not only do you get low flat interest rates, but there is absolutely no processing fee, nor are collaterals or guarantors required.
However, do note that the loan tenure is only from 2 years up to 5 years, which is comparatively short when pitted against the other personal loans on our list.
If you are interested in any of these personal loans, do check out our personal loans comparison page.
You can contact our Customer Heroes too if you have any questions regarding the personal loans mentioned above (Facebook Messenger):
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