Maybank Personal Loan

 

maybank personal loan

Maybank Personal Loan

Form RM 5,000 to RM 100,000 financing available
Interest varies from 6.5% to 8.0% p.a depending loan amount
As low as RM102.78 installment montly
No guarantor and collateral needed
Minimum income of RM 2,500
Aged from 21 years to to 60 years old
Malaysian Citizens only

Maybank personal loan offers from RM 5,000 to RM 100,000 financing ranging from minimum repayment from 2 to 6 years.  There are no guarantor or collateral needed. There are no processing or stamping fees for the application of this loan. Please take not that this is a conventional personal loan and is not an Islamic compliant loan.

Maybank also states that it will take 48 hour for the approval time of the loan. The funds will be transferred to applicants account upon approval of the loan.  Applicants will be required to have savings or current account with Maybank.

Interest Rates

This interest rate will depends on the amount loan. You will get to enjoy lower interest rates with higher amount loan. The loan amount starts from RM 5,000. Borrowong RM 5,000 to RM 20,00 will give you a 8.00% p.a. , RM 20,000 to RM 50,000 will give you 7.00% p.a. while borrowing RM 50,000 to RM 100,000 will give you 6.50% p.a. Please take not that the published rates are flat rates.

Loan Amount Interest Rate p.a
RM 5,000 to RM 20,000 8.00% Flat Rate
RM 20,000 above to RM 50,000 7.00% Flat Rate
RM 50,000 above to RM 100,000 6.50% Flat Rate

Charges and Fees

Maybank Personal loan requires no processing fees and no stamping fees. This loan comes with personal care protection plan from Maybank. There will be a 1% p.a penalty for any late repayment of the loan.  A standard 6% GST is applicable to any service charge by the bank. There will be a RM 200 charge or outstanding 3% (whichever higher applies)  as for for early settlement of the personal loan.

Eligiblity

Maybank personal loan is available for Malaysian citizens only. You will need to be 21 years old to 60 years old by the end of repayment period.  The minimum monthly salary to be eligible is RM 2,500 per month or RM 30,000 per annum for permanent employment.

Documentations

Employed

  • Photo Copy of Malaysian Identity Card  ( Front and back)
  • Most recent BE Form from LHDN with tax receipts
  • Most recent 3 months salary statements
  • Most recent 6 months bank account statements

Self Employed

  • Photo Copy of Malaysian Identity Card ( Front and back)
  • Copy of Company registration
  • Most recent BE Form from LHDN with tax receipts
  • Most recent 3 months salary statements
  • Most recent 6 months bank account statements

 

Repayment Table

Maybank personal loan monthly repayment table is available on the link below

Maybank Personal Loan Repayment Table

 

Pros

  • As little as RM 102.78 payment per month
  • Compulsory Insurance plan
  • Available to private sectors

Cons

  • Rate is rather high
 

BSN Executive 1 Personal loan

bsn-new-logo-vector-720x340

BSN Executive 1 ( Floating Rate also available)
Form RM 10,000 to RM 200,000 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 21 years to 55 or 60 years old with minimum 3 years working experience.
Malaysian Citizens only

BSN Executive 1 is a private sector personal loan product by Bank Simpanan Nasional. Although BSN Executive 1 is a private sector loan, it is only available to staffs of selected panel of private companies. This is not limited to selected companies such as Premium Developer Panel, Private Hospitals, Telcos, selected Public Listed Companies , Certified Professionals , Plantation Sector, Property Sector, Selected Private Colleges and Universities, Petronas group and Professionals such as Doctors and Lawyers.

BSN Executive 1 will provide you from minimum of RM 10,000 to RM 200,000 of financing which will depends on your gross income. You can borrow up to 5 times your salary if you earn from RM 3,000 to RM 5,000, while 7 times when you earn from RM 5,000 to RM 10,000. The maximum that you can apply would be 10 times your monthly gross income if you are income is over RM 10,000. The repayment period for the loan is 2 to 10 years.

Interest Rates

The interest rates would depends on the applicant income level. Higher income level will give you better rates as there are lower risks to bank.

Salary Interest Rates
RM 3,000 to RM 5,000 8.50% p.a
RM 5,001 to RM 10,000 7.00% p.a
Above RM 10,000 6.00% p.a

Fees and Charge

This loan is subjected to stamp duty as per Stamp Duty Act 1949. Applicants also will have the option to opt for insurance which charges would depends on applicant’s factor such as health and age. All late loan repayment is subjected to penalty of 1% p.a calculated on a daily basis. All service charge are subjected to GST Charges

Eligibility

You will need to have a minimum 3 years working experience and to be a Malaysian citizen to be eligible for the loan, this can be full employment or on contract basis which coming from selected panel of private companies.  Applicants have to be minimum 21 years old while 55 to 60 years old at the end of the loan tenure. Applicant is also required to have a BSN Giro or Giro-i account holder which can be applied before the application of the loan. The minimum monthly salary for the loan application is RM 3,000.

Documentations

In order to apply for this loan, the following documentations are required

  • Most recent 3 months salary slip
  • Copy of Identity Card ( Front and back)
  • Most recent KWSP statements
  • Confirmation Letter of Employment with the following details ( Name , MyKad Number, Designation , Employment status, Salary, Employment date)

Or

  • Latest EA form and income tax submission to LHDN.

Other things that you might be interested to know

There are no lock in period for the loan while applicant can fully settle the loan by writing in advance to the bank.

Pros

  • This loan is available to private sector
  • This loan is good if you have high income as you can enjoy lower interest rates and higher financing amount

Cons

  • Very high minimum income requirement at RM 3,000 per month
  • Application limited to select number of private companies, please check in advance

 

 

Cimb Personal Loan

 

cimb_personal_loan

CIMB Personal loan is one of the most popular personal loan in Malaysia. At the moment CIMB offers may type of personal loan ranging from Syariah compliant loan, public sector loan to secured loan. Here are some of the loans from CIMB Bank and CIMB Islamic bank.

cashpluspersonalloan

CIMB Cash Plus Personal Loan ( Swasta) 

Cash Plus Personal Loan

From 8.20% p.a. to 14.66% p.a. (Flat Rate)
No guarantor and collateral needed
From RM 2,000 to RM 100,000 of financing
Loan tenure from 1 year to 5 years
From 21 to 58 years old
Compulsory insurance and stamp duty
Malaysian Citizens only

Cash Plus personal Loan is an unsecured loan where no collateral and guarantor is needed.  You can loan from RM 2,000 to RM 100,000 however that would depends on your gross income.  You can only loan up to 8 times your gross income with CIMB Cash Plus personal loan.

Cash Plus personal Loan interest starts from 8.20% p.a. to 14.66% p.a. The interest would depends very much on the loan amount and your employment type. Typically you can enjoy better interest rates with the higher loan amount and better employment terms.

Interest

The interest that you can get varies from your loan amount and tenure. Generally you can enjoy better interest rates if you are employed and your loan amount is higher.

Charges and fees

There is a 0.5% stamp duty and insurance which is required for taking up this personal loan. Any late repayment will be subjected to 1% p.a penalty on a daily basis.  Applicants can fully settle the loan without any penalty fees with a 1 month in advance writing.

Eligibility

To be eligible for the loan, you need will a MyKad while having a RM 2,000 basic income.  Loan is only for applicant aged from 21 years old to 60 years old.

Documents required

Employement

  • Photocopy Identity Card both sides
  • Most recent 3 months  payslip
  • EFP statement/Income tax form/Employment letter

Self business

  • Photocopy Identify Card both sides
  • Business registration certificate
  • Most recent 3 month bank statement/ EA form

 

If you are keen, you have can a look at the repayment table on the link below

Cash Plus repayment table

Pro

  • No early settlement fees for this loan

Cons

  • Very high interest rates especially if you are self employed

 

 

Xpress Cash Financing-i

 

Xpresss Cash Financing-i
From 5.55%  to 5.25% p.a (flat rate)
No guarantor and collateral needed
From RM 3,000 to RM 50,000 of financing
6 months to maximum 5 years financing
Aged from 21 years to 59 years old
Public sector (Government) staffs, related GLCs and MNCs only
Minimum income of RM 800

CIMB Xpress Cash Financing-i is personal financing that is catered for selected Multinationals , GLCs and Malaysian public sector employees. The profit rate starts at 24.00% p.a flat rate. There are no collateral and guarantor needed for the loan application. The loan tenure ranges from 6 months to 5 years.

The maximum you can finance would be RM 50,000 with 10 years repayment period. However this will also depends very much on amount deducted from your salary. Borrower can enjoy up to 8 times their gross salary.

The standard figure is 60% of the auto salary deduction. As of all government loans, payments for this loan is done automatically via Biro Angkasa. This loan comes with Takaful coverage that will protect you in case of accidents.

Charges and fees

There is a stamp duty of 0.5% based on the financing amount.

Eligibility

You will have to be employed with selected MNCs , GLCs or Public sector.  One has to be from 21 to 60 years old to be eligible for the loan while with a minimum earning of RM 800. This loan is open to Permanent Residents and Malaysian Citizens.

Documents required

  • Photocopy IC both sides
  • Most recent  3 months  payslip  (Certified true copy)
  • Bank statement of salary credit
  • Income Statements

Pros

  • This loan features a 24 hours speedy processing
  • Very low RM 800 minimum salary requirement

Cons

  • Extremely high interest rates at 36.82% p.a.