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Personal Loan FAQs

When a student loan like a PTPTN loan is no longer applicable, a personal loan can be a great solution for Malaysians seeking to further their education. An education personal loan in Malaysia is a financial solution to give you immediate cash flow to achieve your further education goals. With an education personal loan you can use it to cover the expenses for your application for a second degree or a Master's and fulfill your dreams.
An education personal loan is a type of instalment loan. If your personal loan application is approved, you will receive the lump sum amount that you applied for and then pay the bank back in regular monthly instalments. The monthly repayment amount includes the principal amount plus fees and interest. The interest rate you are charged on your loan depends on your credit score and credit history, which varies from person to person.
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.
Yes, personal loans are not considered taxable income and you do not have to report it in your annual tax returns. You will only have to pay taxes on the money that you earn through your work or your assets.
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.
The interest rate you are charged on your loan depends on your credit score and credit history, which varies from person to person. An education personal loan is a great solution when you no longer apply for a student loan, when the course you are applying for is not covered by the student loan, or you have maximised the limit on your student loan.
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 holiday 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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We compare loans that can be paid back over terms of between 6 months and 20 years. The flat interest rate you'll be charged depends on your personal circumstances, and will be between 1.51% and 24%. This is a representative example of what it may cost: a Loan of RM5,000 over 24 months at 7.5% (13.80% Effective Interest Rate) would equate to monthly repayments of RM239.58, and the total cost of the loan that you pay back would be RM5,750.00. The Effective Interest Rate (or EIR) of a loan reflects the true cost of taking that loan, by taking into account the frequency of repayments.

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