instaDuit Personal Loan
Personal loan up to RM10,000 for KL and Selangor people with a minimum income of RM1,500 per month.
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Fees and Charges
Eligibility
- Salaried employee
- 21 to 55 years of age
- Minimum salary of RM1,500
- Working in Kuala Lumpur and Selangor
- Not declared bankrupt
- Not under AKPK's debt management program
- A copy of your IC (both sides)
- Latest 3 months salary slip
- Latest 12 months EPF statement
- Latest 3 months bank statement (with salary being credited)
- Original utility bill receipts such as electricity, water bills, etc.
- A copy of your IC (both sides)
- Latest 3 months bank statements
- Original utility bill receipts such as electricity, water bills, etc.
- Latest 6 months EPF statement
Loan Repayment Table
| Financing Amount | Financing Tenure | Min. Income | Interest Rate |
|---|---|---|---|
| RM 1,000 - RM 10,000 | 6 - 48 months | min. RM 18,000 | 18.00% p.a. |
Product Review by CompareHero
What is instaDuit Personal Loan?
instaDuit Personal Loan is offered by BB Capital Sdn Bhd, a company licensed and registered with the Ministry of Local Government Development (KPKT), registration number WL6540/10/01-4/151122. As a KPKT-registered lender, instaDuit operates under the Moneylenders Act 1951, which sets rules around interest rates, fees, and late payment charges.
The loan is aimed at borrowers who need a smaller amount over a shorter period. Applications are processed digitally, using machine learning to assess applications and reduce the paperwork required.
Who is eligible to apply?
Eligibility is based on citizenship, age, income, employment status, and work location.
- Malaysian citizen aged 21 to 55
- Salaried employee
- Minimum monthly income of RM1,500, or RM18,000 annually
- Working in Kuala Lumpur, Selangor, or Putrajaya
- Not declared bankrupt
- Not currently enrolled in AKPK's debt management program
Applicants working outside Kuala Lumpur, Selangor, or Putrajaya don't qualify, regardless of income or other criteria.
How much can be borrowed, and at what rate?
Loan amounts range from RM1,000 to RM10,000, with tenures from 6 to 48 months.
The interest rate depends on whether the loan is secured or unsecured. Borrowers who provide collateral can access a rate as low as 12% per annum, while those who don't pledge any assets pay up to 18% per annum.
If a repayment is missed, a late penalty fee may apply. This fee is limited to compensation for the actual loss incurred, as penalty fees on default are restricted under the Moneylenders Act 1951.
What fees or charges apply?
Legal fees and stamp duty apply once the loan is approved and the agreement is signed. Stamp duty is 0.5% of the total loan amount.
A loan pre-payment fee also applies for early settlement, as set out in the Loan Agreement.
What documents are required to apply?
A standard set of documents needs to be submitted with the application.
- Copy of IC (front and back)
- A photo or selfie for identity verification
- Latest 3 months' salary slips
- Latest 3 months' bank statement of the salary-crediting account
- Latest EPF statement
- Utility bill (electricity, water, etc.)
How does the application process work?
instaDuit uses machine learning to assess applications, which reduces the paperwork required compared to a conventional loan application. The process is completed entirely online, without visiting a branch.
How long does approval take?
Approval and disbursement can happen within 1 to 2 days, once all required documents have been submitted.
How is repayment made?
Repayment can be made through several different channels.
- Internet banking, via Instant Transfer or Interbank GIRO (IBG)
- DuitNow
- Cash deposit
- MEPS ATM fund transfer
What happens if a payment is missed?
A late penalty fee may apply, limited to compensation for the actual loss incurred. This limit is set under the Moneylenders Act 1951, which governs how licensed moneylenders in Malaysia can charge for late or missed payments.