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Personal Loan FAQs

While you may not use a personal loan to withdraw enough money to buy a property, much like a secured mortgage loan allows you to do, you can use a personal loan to facilitate your property purchase. This includes using it to finance the down payment on your home or even to finance all the fringe costs that come with buying a home including stamping duties, processing fees, property tax, maintenance fees and to repay the monthly instalments on your mortgage.
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.
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, as a personal loan is a flexible financing option, you can choose to do anything you wish with the money you receive. If you initially applied for the personal loan for a property purchase, but decide you also want to use it for home renovations, this is possible.
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.
A property purchase personal loan is an unsecured loan while a mortgage loan is a secured loan. A mortgage loan requires your house to be put up as a collateral when you withdraw the loan. This means that your house acts as a form of security for the bank in case you cannot repay your monthly installments. A property purchase personal loan is not tied to your house. A bank will review your credit score and history, your monthly income and other requirements before approving your loan.

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