Standard Chartered Personal Loan

 

standard-chartered-logo

Standard Chartered CashOne , Pinjaman Peribadi
No guarantor and collateral needed
Quick approval
RM 1,000 to RM 150,000 of financing available
Maximum 5 years repayment
Lowest 0.75% monthly interest rate

CashOne

CashOne is unsecured where it does not require any any collateral or guarantor. This loan is not Shariah compliant. CashOne gives finance up to 4 times the customer’s monthly salary. Repayment period of the installment is from 12 months (1 year) to 60 months (5 years) and the interest rates are as low as 0.75% per month. This would amount to 9% p.a. flat rate. 

Applicant will also have the choice to link their CashOne to their credit card limit. For any repayment that is repaid will be converted into credit card limit. Successful applicants will also get to enjoy up to 5 years free annual fees for their Platinum Credit Card.

Fees

There are no processing fees required while late repayment are charge 1% p.a. on a daily basis. Applicant can fully settle the loan before the end of loan tenure based on certain terms and conditions.

Eligibility

An applicant can be a Malaysian citizen or foreigners aged 21 to 65 years old with a minimum monthly salary of at least RM2,000 per month.

Repayment

An applicant must open account with the bank before they could done their repayment. Monthly repayment is via a standing instruction.

Document

Employed

  1. A copy of MyKad (front and back)
  2. Most recent payment slip
  3. Most recent bank statement
  4. Most recent EPF statement
  5. Most recent BE form (income tax)

Self-employed

  1. A copy of MyKad (front and back)
  2. Company registration form
  3. Most recent 6 months bank statements
  4. Most recent BE form (income tax) with receipt to IRB

Repayment Table

SC Personal Loan repayment table

Pros

Among the privileges that a customer could get from this loan package includes

  • Customers don’t have to pay their Platinum credit card annual fee.
  • No lock in period (can overlap) but customers have to send a notice prior a month for the bank to release a settlement letter.
  • Every time a customer paid their monthly installments, their credit card limit will increased according to the amount that they have paid. This could help if they needed some emergency cash or they have out of money in any months albeit it may also be a double edge sword.

 

Quick Cash EDGE

Standard Chartered Quick Cash Edge 
No guarantor and collateral needed
Quick approval
RM 1,000 to RM 250,000 of financing available
Maximum 5 years repayment
Lowest 0.583% monthly interest rate

 

Personal loan scheme called Quick Cash is for employee working for the government or private sector as well as self-employed workers. Minimum amount for the finance for the loan is RM2,000 while the maximum amount is RM150,000 or 5 times the customer’s monthly salary. Minimum tenure for the loan is 12 month (or a minimum of 24 months if the loan amount is less than RM15,000) while the maximum tenure is 60 months (5 years). The interest rate is based on the flat rate up to 0.88% per month, according to the salary, amount and duration of the finance. Customers will be charged a late payment penalty up to 1% from the outstanding amount. This loan package doesn’t need any collateral or guarantor.

Fees

There are no processing fees and early settlement penalties for Quick Cash Edge. There is a 1%p.a. penalty fees for late repayments.

Personal Financing-i

Standard Chartered Personal Financing-i is a fully Islamic compliant loan that is based on Shariah concept. It operates on commodity trading concept. This loan is also requires no collateral and guarantor.

History

Standard Chartered is an international banking group with an extensive network of over 1700 branches and also branches in more than 70 countries in Asian Pacific, South Asia, Middle East, Africa, United Kingdom and America regions. Standard Chartered started its operation in Malaysia in 1875 when its first branch is opened for business in Beach Street, Pulau Pinang. The bank has been incorporated locally as Standard Chartered Bank Malaysia Berhad on 29 February 1984. As the first and oldest bank in this country with over 140 years of history, Standard Chartered up to this day has over 40 branches with 7,000 workers throughout the country.

Today, customers are seeking the personal loan offered by the bank as a deposit for new home, chances, business investment, pursuing studies, settling credit card debt or home renovation. No matter the reasons, the personal financing gives the customers additional finance and freedom to do more than they could think with the loan.

 

Public Bank Personal Loan

publicbank

BAE Personal Financing-I (Public Sector only) 

Form RM 5,000 to RM 150,000 financing available
Interest starts from 6.0% to 8.5%
No guarantor and collateral needed
Only available for selected panel companies, Telcos, Universities , Petronas group and panel of public listed companies
Aged from 20 years to 60 years old with minimum 3 years working experience.
Malaysian Citizens only

BAE Personal Financing-I is based on the concept of Bai Al-Inah which means  a financing facility with the underlying buy and sell transactions between the financier and the customer. The concept is based on Shariah where the financier buys an asset from the customer on spot basis. The price paid by the financier constitutes the disbursement under the facility. Subsequently the asset is sold to the customer on a deferred-payment basis and the price is payable in installments.

The minimum loan tenure is 2 years and the maximum will be 10 years. Based on the eligibility, customers who apply for the loan will be eligible to get loans from RM 5, 000 to RM 150, 000.To ease customers payment method, Public Bank will deduct the loan monthly payment from the customers salary.

Customers enjoy great benefits as Public Bank offers quick cash up to RM 150,000 and a hassle-free payment from 2 to 10 Years, as it is automatically deducted from customers’ salary with special arrangement with the employer. Another important factor, no guarantor required for loan application. Also if customers plan to terminate the loan by paying back the full amount, there is no early termination fee (please double check during the period of your loan application).

Here is a simple calculation when you borrow basing on the loan period, income and interest rate:

RM5000 – 150000                  24 to 36 months                      min. RM24000                       3.4%

RM5000 – 150000                  48 to 120 months                    min. RM24000                       4.99%

(Interest Rate / APRfrom 3.4% to 4.88%, depending loan amount and period)

 

Once the loan is approved, normally after a few working days, the borrowed funds will be transferred to the Public Bank account of your choice.

Fees

Once the loan is approved there is some additional cost customers must keep in mind such as processing fee RM100, stamp duty 0.5% of borrowed amount and late Penalty fee 1% of amount in arrears mode of payment. Further administration charges can vary according to the amount that you are borrowing and the type of Security Documents you need to provide. The loan includes Takaful Insurance policy which is linked to the loan when customers apply. Takaful is encouraged although not compulsory

Requirements

In order to cater to customers convenience of personal financing with BAE Personal Financing-I, Public Bank has a very transparent method in loan application. Customers who apply for the loan must be Malaysian citizen aged 20 years above and below 60 years with a permanent job of at least 3 years in service in any one of Public Bank’s approved agencies. Applicant must also have a minimum salary of RM 1,500 per month.

Documentations

To apply for the loan, customers need to make a copy of NRIC (front and back), latest 3 month’s salary slips or EPF statements, letter from employer confirming position and salary. Any additional documents; Public Bank representative will guide you during the application.

Repayment Table

Repayment for the loan is done via Biro Angkasa method.

Public Bank BAE Repayment table

 

Pros

  • Low income requirements of RM 1,500

Cons

  • Available to public sector only

 

BAE AG Personal Financing-i 

Form RM 11,000 to RM 150,000 financing available
Interest starts from 6.0% to 8.5%
No guarantor and collateral needed
Only available for selected Public sector employees
Aged from 20 years to 58 ears old with minimum 3 years working experience.
Malaysian Citizens only

BAE AG Personal Financing is catered for selected government agencies.  One has to be at least 1 year permanent staffs to be eligible for the personal loan.

 

Public Bank 

Public Bank is the biggest domestic bank in Malaysia by shareholders’ funds. It focuses on retail customers and small to medium sized enterprises. The bank was founded in 1966 by Teh Hong Piow, the then general manager of Malayan Banking. The bank was listed on the Malaysian Stock Exchange in 1967.Public Bank offers loans to customers to purchase a home, car and business venture. Currently there are many types of loans promoted by Public Bank. However BAE Personal Financing-I under Public Bank Islamic got my attention.

 

MBSB Personal Loan

mbsb

MBSB personal loan has been long catered for Malaysian public servant with very competitive rates. It has also recently opened it’s personal loan application to private sector as well although with higher interest rates. For a start this loan is also a Shariah compliant loan. The interest of the loan is defined by Current Islamic Effective Cost of Fund (ECOF-i) .  *Base Rate not being used for MBSB

Here are some of the loan packages that are offered by MBSB.

 

MBSB Personal Financing-I Private

MBSB Personal Financing-i for private sector ( Pembiayaan Peribadi-i Sektor Swasta )
Interest at  ECOF-i + 4.10%  which is 6.43% p.a flat rate for around 10 years
Maximum RM 300,00 Financing available
Maximum 10 years repayment
Selected Private sectors , Public Listed Companies, Certified Professionals
No guarantor needed
Fast approval
Minimum 2 years permanent employment

*ECOF is MBSB terms for Base Rate

Finally, MBSB has decided to have personal loan for private sectors as well. This personal loan is shariah compliant while it is an unsecured loan where no guarantor and collateral is required. MBSB Personal loan provides up to RM 300,000 of financing with a maximum repayment of 10 years with a fast approval process.

It comes with an attractive ECOF-i + 4.10% p.a with monthly reducing balance. At the time of writing BLR 6.43, you will be getting 11.1% p.a. How is this different from other banks who are offering 8.8% p.a. (flat rate) ?  The effective interest rate of flat rate is actually near double while with monthly reducing balance, you are probably getting the same interest rates as advertised.  So the effective interest rate for 8.8% p.a. would probably be somewhere 16% to 17% p.a. EIR.

Charge and Cost

Takaful insurance is optional for this loan. There is a 1% p.a penalty for any late repayment. Standard 0.5% Stamp Duty is applicable.

Eligibility

This loan is only available for Malaysian citizens. The minimum age requirements is 21 years old while not more than 60 years old (or retirement age) at the end of loan tenure. This loan is available to private sector however to limited selected Public Listed Companies, Government Link Companies, Multinational companies, Private Education companies and Certified Professionals. The list is defined by MBSB. You will need to have at least 2 years permanently employed to be eligible for the loan.  The minimum salary for the loan application is RM 3,000.

Repayment table

MBSB Personal Loan repayment table

Pros

  • Very high financing amount at RM 300,000. Also dependent on factors such as borrower’s income

Cons

  • Limited to selected private companies

 

 

MBSB Mumtaz-i Public

 

MBSB Mumtaz-i for Public Sector
Interest at  ECOF-i – 2.0%  which is 3.66% p.a flat rate for around 10 years
Maximum RM 250,00 Financing available
Maximum 10 years repayment
Government servants only

MBSB Mumtaz-i is a personal loan that is catered for borrowers from Public servant which consists of selected permanent GCLS, and Government servants. This personal loan is Shariah complaint with no requirements for guarantor and collateral. One can loan a maximum of RM 250,000 for Mumtaz-i.  The interest rates of this loan is much lower as repayment is done via salary deduction schemes such as Biro Angkasa and Auto Salary Deduction.

This package offers one of the lowest interest rates for MBSB Personal loans.

Charge and Cost

Takaful is optional with this loan.

Eligibility

MBSB Mumtaz-i is only available for public servants only. This loan is available for anyone from 19 years old until 60 years no exceeding retirement age.

 

 

MBSB Afdal-i

MBSB Mumtaz-i for Public Sector
Interest at  ECOF-i + 1.0%  which is 4.40% p.a flat rate for around 10 years
Maximum RM 400,00 Financing available
Maximum 10 years repayment
Government Contract servants only

MBSB Afdal-i is offered to contractual Government staffs and selected GLCs. This loan offers as high as RM 400,000 financing. Repayment of the loan can be done with Biro Angkasa or Salary deduction

 

Documents needed 

  • Copy of IC ( Back and Front)
  • Most recent 3 months salary statement
  • Most recent bank account statements

About MBSB

MBSB stands for Malaysian Building Society Berhad has been around for over 50 years and is providing financial services to Malaysia. Although not being a bank, MBSB is an Exempt Finance company allowing it to operate finance based business ranging from savings account to student loans while not operating under Bank Negara’s policy. MBSB  is actually very much owned by EPF and Malaysian government.