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Personal Loan FAQs

If a business loan is not available to you, getting a personal loan is the next best thing. If you?re a first-time business owner or starting up a franchise, getting a personal loan can help you get the seed money for you to start up your business. Personal loans are unsecured loans so you won?t have to list your business as collateral.
A personal loan is a great solution for you and your business if you are not eligible for a business loan. Most banks are skeptical to provide funding to a business that has not proven its success for at least 5 years. It is also a good option if you don?t have enough collateral to offer the bank as a form of security.
Yes, a business personal loan is unsecured so you do not have to put up your business as collateral. Most of the personal loans in the market allow you to borrow up to RM150,000, depending on your income level. For example, HSBC Amanah Personal Financing-I offers a monthly repayment from as low as RM134 at a flat rate of 7% and for a repayment period of up to 7 years.
Yes, this is a good financial solution if you do not qualify for other business loans.
The maximum loan tenure as set by Bank Negara Malaysia is 10 years. However, banks will determine the repayment period based on your credit profile and amount borrowed ? which can range between 6 months to 10 years. On average, most banks offer a loan tenure of 7 to 8 years.
If you have a good credit score and earn enough mothly income to cover the expenses for both loans, a business loan should not affect your mortgage loan approval. A mortgage loan is a secured loan so the house will be used as collateral as a form of security. Banks will review your credit score and history before approving any new application.
No, a business personal loan is not filed in your income tax.
Find the right personal loan for you based on your borrowing amount and the reason you are applying for a personal loan. By visiting financial comparison sites like CompareHero.my, we do the hard work for you. With our free comparison tool, all you need to do is key in important details to help us narrow down the best personal loans for you. Within 30 seconds, we?ll be able to offer you a range of personal loans that work for you based on the products that are available in the market. Be sure to review the borrowing limit, approval times, interest rates, and minimum requirement for a successful personal loan application.
Many Malaysian banks and lenders can lend from RM1,000 up to RM400,000, depending on the borrower's credit history or rating. Most banks and lenders set an upper limit on how much applicants can borrow, which can range from three to four times the amount of their current salary, or a fixed amount, to ensure you don?t overextend your finances. Whichever amount is lower will be the highest amount the borrower can have.
Most banks will require you to be a Malaysia Citizen or Permanent Resident, aged 21 and above (but not over 60 years old) and earn a monthly gross income of at least RM3,000 or more. Proof of identification, income, and residence must also be submitted to be approved for a personal loan. Banks will also look at your credit rating before approving or rejecting the loan application.
Your business personal loan processing time depends on the bank or lender. Some banks send an approval-in-principle as quickly as an hour; others may take a day. Depending on the lender, the loans may be disbursed as soon as a day after approval.

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