Comparing 5 Personal Loans in Malaysia - Which Is Best?

If you're already going to be paying so much in interest fees, then you might as well utilise these promotions.

A comparison of personal loans in Malaysia:

1. CIMB Cash Plus Personal Loan

Saving up money for a rainy day is a great way to stay prepared for unexpected financial emergencies. But being prepared for different kinds of emergencies at all times isn’t always possible. For those times of need when you don’t have the money, a personal loan can be an extremely useful financial tool.

The best part about a personal loan is the fact that your eligibility for it isn’t governed by why you need it. You could take a loan for any reason – home renovation, debt consolidation, a vacation, educational expenses, auto repairs or maybe even for your wedding expenses if your savings fall short - not that we encourage this!

personal loans in malaysia
With a number of personal loan options on offer, choosing one may be decided by a stand-out factor, feature, or benefit. So we're here to help you decide which personal loan suits you best with a list of personal loans in Malaysia to check out.

personal loans in malaysia

Source: Screenshot of CIMB Malaysia’s Cash Plus Personal Loan homepage

The CIMB Cash Plus Personal Loan is popular for not having any additional charges imposed on the loan amount. This means that the entire loan amount you’ve applied for will be disbursed to your account without any deductions.

Features and benefits of the personal loan:

  • Borrow up to RM100,000 or 8x gross monthly income, whichever is lower
  • 100% of the approved loan amount is disbursed
  • No collateral or guarantor is required
  • Flexible repayment tenures that go up to 60 months
  • Get death coverage up to RM25,000

Promotion: Win A Drive

When you apply for a CIMB Cash Plus Personal Loan, you stand a chance to win a Perodua Myvi or Petronas Gift Cards worth RM200. In fact, there are 3 Perodua Myvi and 300 Petronas cards to be won.

Each RM1,000 that’s disbursed to your account qualifies you for a 1x ENTRY to the promotion, and each RM1,000 disbursed for complete online submission by self-serve gets you 3x ENTRY.

The offer is valid until 31 July 2018.

Interest rates

Type of employment Financing amount Effective Interest Rate
Salaried RM50,000 – RM100,000 14.50% p.a.
Salaried RM20,000 – <RM50,000 18.62% p.a.
Salaried RM2,000 – <RM20,000 24% p.a.
Self-employed RM2,000 – RM100,000 24% p.a.

Keep in mind

  • Late payment fee of 1% p.a. on outstanding arrears
  • Salaried professionals should be employed for more than 6 consecutive months
  • Business has to be active for more than 24 months in case you’re self-employed
  • This loan promotion is also available with the CIMB Xpress Cash Financing-i facility

2. Citi Personal Loan Transfer Promotion

personal loans in malaysia

Source: Screenshot of Citi PL promo’s homepage

If you have an existing high-interest personal loan with another bank, you can transfer it to Citibank Malaysia and enjoy a lower interest rate along with more flexible repayment periods.

Features and benefits of the personal loan:

  • Borrow up to 8x gross monthly income
  • Save on high-interest charges and settle outstanding dues
  • Flexible tenure options that can go up to five years

Promotion: Loan Transfer

Enjoy interest savings of up to 2.5% p.a. when you transfer your outstanding personal loan to Citibank Malaysia.

Keep in mind

  • Existing Citi credit cardholders can enjoy interest savings of up to 2.5% p.a
  • New Citibank members can enjoy interest savings of up to 1.9% p.a

3. Hong Leong Personal Loan Flexi-Pay Campaign

personal loans in malaysia

Source: Screenshot of Hong Leong PL Flexi-Pay Campaign homepage

With technological advancements beings made every day, it’s little wonder that gadgets and electronics become outdated in a very short period of time. With the Hong Leong personal loan flexi-pay campaign, you can own the latest gadgets without having to pay for it all in one go - at least, this is what they're selling point is all about.

Interest rates

Repayment Tenure Flat Interest Rate
1 year 6% p.a.
2 – 3 years 8% p.a.
4 – 5 years 10% p.a.

Promotion: Flexi-Pay Campaign

Head over to a Switch/Urban Republic outlet. Choose the gadgets you wish to buy and remember to provide your contact details. A Hong Leong Bank representative will get in touch with you. Thereafter, your loan application and your eligibility for instalments will be assessed.

If your application is approved, the loan amount will be disbursed to the merchant directly. This offer is valid until 31 October 2018.

Keep in mind

  • In case of early settlement, you’ll have to provide 3 months’ notice
  • 3 months’ notice is required for loan cancellation
  • Stamp duty – 0.5% of the approved loan amount

4. UOB Personal Loan 25% Interest Rebate Campaign

personal loans in malaysia

Source: Screenshot of UOB PL campaign’s homepage

The UOB Personal Loan rewards you for making your loan payments on time. With each prompt loan payment, you stand to get 25% of the interest paid as cashback.

Features and benefits of the personal loan:

  • Borrow up to RM100,000
  • Monthly repayments starting from RM125
  • Hassle-free application process
  • Flexible loan repayment tenure of up to five years

Promotion: 25% Interest Rebate Campaign

Get a rebate of 25% on the interest paid when you repay your UOB Personal Loan on time every month. This offer is valid for all new UOB Personal Loan applications that are approved and disbursed on or before 31 October 2018.

Keep in mind

  • Any late payments will lead to interest rebate being forfeited for the entire tenure
  • The rebate will be credited on an annual basis into your UOB CASA account
  • If no such account is available, the rebate will be used to offset the principal loan amount that you owe the bank

5. Hong Leong Personal Loan Travel Happy Campaign

personal loans in malaysia

Source: Screenshot of HLB’s PL Travel Happy Campaign’s homepage

Stop putting off your travel plans every other year for want of cash. Get a personal loan from Hong Leong Bank to travel around the world and pay for it all in affordable monthly instalments.

Promotion mechanics

Choose a package from 15 all-inclusive luxury packages with a participating travel partner – Malaysian Harmony Tour & Travel Sdn Bhd. Pick the right repayment period that suits your individual needs and apply for the loan.

If your application is approved, the loan amount will be disbursed to the merchant directly. This offer is valid until 31 August 2018.

Interest rates

Repayment period Flat Interest Rate
1 year 5% p.a.
2 – 3 years 6% p.a.
4 – 5 years 8% p.a.

Keep in mind

  • 3 months’ notice must be provided in case of early settlement or cancellation.
  • Stamp duty – 0.5% of the approved loan amount.
  • The minimum loan amount you can apply for is RM5,000

Before you apply

Although promotions can entice you to pick a particular personal loan offer over another, it should never be the sole reason to choose a product. You’ll be well-advised to compare multiple loan offers from different banks before signing up for one that best suits your interests.

Interest charges take precedence over pretty much everything else when you’re choosing a loan offer. However, it’s also important that you pay attention to the fine print.

 

 

 

This article was written by BankBazaar.my.

BankBazaar.my is a leading online marketplace in Malaysia that helps consumers compare and apply for a credit card, personal loan, home loan, car loan and insurance.

 

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