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The key difference between Islamic financing and conventional loans is the method by which the bank makes its profit. With conventional loans, banks tend to make their profit by charging interest on the loan amount, also known as the principal amount. The monthly repayments made by the borrower goes to servicing the interested, but also to pay down the principal amount.
However, Islamic financing is prohibited from structuring their product with interest rates (riba). Instead, the Islamic banking principles revolved around the buying of a commodity on the borrower's behalf, and selling it back to the borrorwer at profit. This profit rate replaces the interest rate that conventional loans charge.
Most banks will require you to be a Malaysia Citizen or Permanent Resident, at the age of 21 and above (but not over 60), with a monthly gross income of RM3,000 or more. Proof of identification, income, and residence must also be submitted to be approved for a personal loan.
CompareHero.my lets you compare Fast Approval Loans, Islamic Loans, and Civil Servant/GLC Employee loans from various Malaysian banks and lenders.
You will usually need to produce your EPF statements or pay slips dating back three months (or six months if you are self-employed).
Banks will also look at your credit rating before approving or rejecting your loan application.
Many Malaysian banks and lenders provide loans 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 6 to 10 times the amount of their current salary, or a fixed amount. Whichever amount is lower will be the highest amount the borrower can have.