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Personal Loan FAQs

Use a holiday personal loan to fund your travels. It could be a dream destination or a honeymoon trip. Depending on the amount you are borrowing, you can use a holiday personal loan to fund all your travel costs or a portion of it, for example, the flights and hotels only.
Holiday personal loans work the same as all other personal loans. You borrow a principal amount from the bank and will need to repay this amount over a period of months or years. Your monthly repayments will include the principal amount and the interest rate charged on your loan. Personal loans offer you the financial flexibility to use the extra money for any purpose you need and with a holiday personal loan you can use it to cover the expenses of your travel.
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 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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