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Personal Loan FAQs

A hobby loan is essentially a personal loan tailored to cover the costs associated to your hobbies. Although you are always advised to fund your dreams with your savings, but if you don't have the cash in hand, funding your hobby with a personal loan will still save you money than using your credit card.
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. This means, your monthly repayment is not calculated on a reducing balance. The interest rate you are charged on your loan depends on your credit score and credit history, which varies from person to person.
Yes, a hobby loan is a personal loan which offers you the financial flexibility to use the money as you wish. Many Malaysian banks and lenders can lend from RM1,000 up to RM400,000, depending on the borrower's credit history or rating. You can opt for a lower amount if you do not require such a large sum.
You can repay your hobby loan within six months. 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.
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.
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 RM 3,000 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 wedding 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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