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Are you always tight for cash? Do you struggle to make ends meet every month, living by the month-end salary with is never enough? Are you always calculating how much you need and how much you have to spend and always it seemed to be insufficient? Would a large chunk of money get you on your feet and make things better? Wouldn’t it be nice if you have more money than you usually have, at least for a month or two? That’s what people do when they apply for a personal loan. In most cases, a personal loan is used to clear up the financial tightness so that you can free up some cash flow and which will then makes it easier for you on a monthly basis. Where to apply for personal loans? If you are planning to apply for a personal loan, there are various places to start looking. Here are some of your options. Banks – You can actually get personal loans from most banks. This means that you can literally walk into any bank or call them and ask them about what personal loans they offer. A few banks do not fancy offering such packages like Public Bank while there are some others that encourages a lot of their customers to apply like Bank Rakyat and CIMB Bank. Financial Institutions – Besides the banks, there are certain financial institutions that offer personal loans like MBSB which fundamentally is not a bank. However, they do offer quite competitive personal loan packages with very good interest rates while offering very flexible repayment options. Licensed Moneylenders – This might not be everyone’s cup of tea as many has the misconception that they might be unscrupulous loan sharks. Take note that they are actually legitimate companies which are registered with the Ministry of Urban Wellbeing, Local Government and Housing. You need to check and validate before borrowing. What to look out for? When you apply for a personal loan, there are several factors that you need to consider. Interest rate – This is surely the most important factor that you should consider. Most banks offer similar interest rates because it is very competitive. It should usually be around 4-5% per month. Repayment period – Consider how long you would want to take the loan for. In most cases, you can take between 3 and 10 years. You will by now be aware that banks would usually want to keep you for a longer period of time because that is where they make recurring income Moneylender – It is crucial to select the right moneylender for your personal loan. When you approach a licensed moneylender, it is usually considered as a personal loan because you will be applying for it on your own capacity. Going through a bank is more formal and discussions might not be encouraged. It is either you are eligible or you are not. Convenience – You need to look at how you will repay the loan. Most moneylenders require you to do a direct debit so that they are assured of payback. Online banking would be the most common method for convenience while some need you to have a SI or Standard Instruction to bank in monthly Affordability – Your monthly repayment amount will be very important as it is usually calculated based on your income. You should not be paying more than one-third of what you have to spend. In addition to that, the moneylender might be paying off some of your current debts like your credit card outstanding balance from other banks, personal loans or other commitments. Calculating interest rate of your Personal Loan in Malaysia There are 2 types of personal loans offered in Malaysia. It is very important to know what the differences are among the 2 in order to calculate how the interest rates are applied. Don’t choose the wrong type The 2 types of personal loans you can choose are Secured and Unsecured personal loans. Secured personal loans are those where you use some form of collateral. It could be your home or any other form of assets. Unsecured personal loans are those that do not require any form of collateral. They are based on your credit ratings (checked via CCRIS). Which type is more suitable? In any case, unsecured loans are more suitable if you are not ready to lose your assets in the event of a default. However, unsecured loans have higher interest rates. There are 2 types of interest rates for personal loans. Fixed interest rate – The rate is offered for the entire duration of the loan. This means the market conditions will not affect the rate in any way. If the interest rate is 5% for 9 years, it remains so for the entire 118 installments. Variable interest rate – This rate is based on the market and it changes occasionally. If the market rates are low, you will benefit by paying less but it can be higher as well. Interest rate calculation for personal loans The calculation for personal loans are very straightforward. For example, you are borrowing RM10,000 at an interest rate of 5% for 5 years. Principal amount: RM10,000 Interest rate: 5% Duration: 5 years or 60 months (instalments) First, you need to calculate the interest amount for 5 years. Hence, it will be: (10,000 x 5/100) x 5 = RM2,500 Then, add the interest with the principal amount and divide by 60 (instalments). (10,000 + 2,500) / 60 = RM208.33 per month. To calculate personal loans for variable rates, it would be: For variable rates, it is based on the market’s BLR (Base Lending Rate). In most cases, there is a principal interest (for example, 2%) and it is added to the BLR of the current condition. Using the same example: Principal amount: RM10,000 Interest rate: 2% + 5% (BLR) = 7% Duration: 5 years This means that the first calculation is on 7% interest. However, should the BLR change in the second year to 7%, then the calculation will then be based on 9% (2% principal + 7% BLR). This means you will have to pay more in instalments starting the second year. In most cases, the change in BLR will be communicated to you beforehand. Personal Loans offered by Malaysian Banks Alliance Bank CashFirst Personal Loans – Low interest and High benefits Alliance Bank has one of the very attractive personal loans in the market. Whether you are getting this loan for renovation or to pay your debts, the Alliance Bank CashFirst Personal Loan is one which you can seriously consider as it comes with an annual interest rate from as low as 3.99%.. What makes this package so interesting is: Maximum amount loanable: RM150,000 Duration: up to 7 years Minimum salary required: RM3,000 per month Al Rajhi Personal Financing-I – Liberate you from other debts This is among the easy-to-apply personal loans in the market. There is no need for any guarantor to apply for this as long as you fulfill the requirements. You get to enjoy low-interest rate in this personal financing plan which is Syariah compliant. You will also enjoy the flexible repayment schedule apart from: Amount: From as low as RM10,000 to RM150,000 Term: 2 to 8 years Interest Rate: from 6.99% per annum KFH Murabahah Personal Financing-I – Perfect loan for salaried workers Not many people has heard of KFH or Kuwait Finance House but it offers an exciting package which comes with a 6% yearly interest. Apart from that, you can apply for up to RM250,000 for a maximum of 10 years. RHB Easy-Pinjaman Ekspres – Quick and easy application As the name implies, the RHB Easy-Pinjaman Ekspres is what you want if you need almost instant approval when you need quick cash. You can apply for a loan of up to RM150,000 for a maximum of 5 years. You will enjoy almost instant processing with this one but the interest is slightly higher which could be at around 15% depending on the amount and term. Citibank Personal Loan – Borrow from this prestigious bank The Citibank Personal Loan is a package for you if you would like some extra cash for whatever reason you might have. From Citibank, you will enjoy a prestigious name which is stable and very established. Loan amount can be as low as RM5,000 up to RM150,000. Payback can be up to 5 years and you get to enjoy a flat interest rate at 5.88% per year. Alliance Bank CashVantage Personal Financing-I – Unsecured loan with benefits The Alliance Bank CashVantage Personal Financing-I will be an interesting loan to apply if you are looking for one with a flat interest rate. It usually take about 2 working days to process this application which comes with a flat 3.99% interest rate. The maximum term you can go for is up to 7 years. HSBC Amanah Personal Financing-I – Loan package with exclusive benefits HSBC Amanah Personal Financing-I is a great option if you are looking for a package that complies with the Islamic financing principles. This package only requires you to have a monthly salary of at least RM5,000 per month with no hidden charges. Besides that, no guarantor would be required and the interest starts from 8.45%. RHB Personal Financing-i Civil Sector – Ideal package for government staff If you are a government staff in any of the departments, then this personal loan package is what you need. This package is designed specifically for government employees considering their monthly income and ability to service the loan. From an interest rate from as low as 4.5% per year, you can enjoy this Syariah-compliant loan which means there will be fluctuations to the instalment amount. If eligible, you can borrow up to RM200,000 for up to 10 years. CIMB Cash Plus – Enjoy exemplary benefits with this loan The CIMB Cash Plus is a personal loan offered by one of the top 3 largest banks in Malaysia. The interest rate for this loan is between 8.2% to 14.66% per year. You need to have at least RM2,000 monthly income to apply where you must repay the loan only through your salary deductions. Amount loanable is up to RM100,000 up to 5 years and it takes about 24 hours to have your application approved. Standard Chartered CashOne – Revolutionary loan package The Standard Chartered CashOne is perhaps one of the most interesting loan packages you will ever come across. This is actually a package which consolidates your loans into one. In fact, it comes with a Platinum credit card where you can enjoy financing up to RM250,000 for up to 5 years. Interest rate is fixed and you get to enjoy a flexible repayment schedule as well. RHB Personal Financing – Guaranteed stability RHB’s personal loans have been very much demanded by consumers as the process is known to be quite quick. The RHB Personal Financing loan is a great option if you are looking for a basic and no-frills loan for your own reasons. The interest rate for this package is at 13.75% where you can borrow for a maximum of 7 years up to RM150,000. Bank Islam Flat Rate Personal Financing-i – Syariah compliant and stress-free The loan package from Bank Islam is catered for those working in the public sector. It is called the Bank Islam Flat Rate Personal Financing-i where you can borrow up to RM200,000 for up to 10 years. You can be an employee with the government, government-linked companies as well as from public-listed companies to apply. Bank Rakyat Personal Financing-i Private – No-frills and stable loan The Bank Rakyat Personal Financing-i Private loan is one of the most popular and basic personal loans offered to Malaysians from all walks of life. You can borrow from RM5,000 up to RM150,000 depending on your eligibility and monthly income. The minimum income required is RM2,000 per month where you can go up to 10 years. Affin Islamic Personal Financing-I – Islamic principles personal loan The Affin Islamic Personal Financing-I loan provides you with the cash facility where you can use it for your own personal reasons. This package comes with a low profit rate which is fixed where you can borrow up to a maximum of 10 years. The rate is at 5.5% and you can borrow up to RM150,000 depending on your eligibility. Standard Chartered Quick Cash EDGE – Flexible and Beneficial The Standard Chartered Quick Cash EDGE is a revolutionary personal loan package where you get to enjoy low interest rate. The amount that you can borrow starts from RM3,000 up to RM250,000. To apply, you only need to have at least RM24,000 yearly income and the relevant documents. What makes this loan so interesting is that you will not be charged any penalty if you make an early settlement and there is no processing fee too. Maybank Islamic Personal Financing-I – Firm interest and profit rate The Maybank Islamic Personal Financing-I is offered by the top Malaysian bank. There is no hidden or processing fee to apply for this loan. It is an unsecured Islamic Finanicing product where you can borrow up to RM100,000 for up to 6 years. The interest rate is at 8%. Maybank Personal Loan – a Simple loan with exclusive rewards If you are looking for a simple and straightforward personal loan from Maybank. It allows you to borrow for up to a maximum of 6 years and the amount is up to RM100,000. There are no additional costs to the processing where the interest rate is between 6.5% to 8%. Standard Chartered Personal Financing-I – Offering from Leading bank The Standard Chartered Personal Financing-I loan can be used for your business or for personal reasons. This package is Syariah-compliant which comes with a profit rate of 8.99% per annum. You can borrow up to RM250,000 and for a maximum of 5 years. AmBank AmMoneyLine – Specialists in personal loans If you like a basic personal loan with special privileges, then the AmBank AmMoneyLine will be for you. It takes about 2 working days to get your application processed and you can borrow up to RM100,000 for a maximum of 5 years. In fact, they even give you a 5% rebate if you pay your instalments on time. Hong Leong Personal Loan – Efficient processing and fast approval To apply for this loan you only need to have a monthly income of RM2,000 and the relevant documents. Malaysians between 21 and 60 years of age would be eligible to apply. The interest rate is between 9 and 13.5% per year where you can borrow up to RM250,000 for a maximum of 7 years. If all the documents are complete and your credit health is good, the loan can be approved within 2 days. Public Bank BAE Personal Financing-I – Loan from Malaysia’s No.1 banker This is the personal loan offered by Public Bank based on Islamic Banking principles. BAE stands for Bai Al-Einah which is flat rate and offered to government workers. Borrow up to RM150,000 for a maximum of 10 years depending on your income and eligibility.