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Personal Loan FAQs

Using a personal loan to jumpstart your investments can be a good option provided you know what you are doing and are able to manage the risks. An investment purposed personal loan will give you the financial boost you need to start investing.

You need to consider the interest rates that you will need to pay on the loan from the banks. Earning high returns on your investments won?t do any good if you have to hand a big chunk of it back to the bank. If the loan?s interest rate is more than half of the investment?s average return rate, you won?t be earning much money.

You also need to ensure you can afford to make the loan repayments given that your investments will not prove returns so quickly to finance the loan you have taken. This is particularly important if you have other loans to finance such as student loans or property 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.
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, including your gains from your investments.
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 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 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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