RHB Easy Loan

RHB Easy Loan
From 8.00% (flat rate)  p.a. to 11.99%(flat rate)  p.a
Form RM 2,000 to RM 150,000 financing available
1 to 5 years repayment
Aged from 21 years to to 58 years old
Malaysian Citizens and permanent residents only

RHB Banking Group strengthens its service when they introduced easy banking concept called ‘Easy’ for its branches. It could be used for daily banking operation and every operation through this system take at least 8 minutes to process. This is very beneficial for borrowers who need cash urgently. Whereas customers have to manage their activities using application form as usual, the Easy RHB only needs the customers’ MyKad. The Easy concept provides personal loan products, savings and insurance services with an offer for the Amanah Saham Nasional Berhad (ASB) savings and Employees Provident Fund (EPF) kiosk.

 

 

easy-rhb

Easy-Express Loan is a convenience personal loan without any collateral where interest will be charged upfront to the amount of loans approved and interest will be calculated in advanced for the entire tenure based on the “Rule of 78” (Rule 78 is a concept or a method of calculating the principle rate (total amount) and interest where interest will be in a greater percentage at the early stage of monthly instalment payment period).

Moreover, the loan has a maximum tenure up to 5 years for government employees, employees of private sector organizations or self-employed individuals. The minimum installment amount is RM57.74e per month with financing amount of RM 2,000 with 60 months repayment period.

Interest Rates

The interest rates of RHB Easy starts from 8.31% to 13.47% Flat p.a. which translates to around 15% to 24% EIR . The rates vary based on income of the applicant, amount of financing and tenure of financing. Basically you can enjoy better interest rates when you have higher salary and borrow larger amount over longer period of time.

Fees and charges

There is a 6 months lock in period for the loan where you will be sujected a RM 200 termination fees if you settle your loan during the period. There is a Personal Smart Sheild (PSS) insurance which is optional.  This insurance will cover your loan in case of any unfortunate event that happens to you. There is a 1% penalty for late repayment while bank can also gradually increase your interest if you fail to pay consecutively after 3 months.

Eligibility

This loan is available for Malaysian citizen only, aged between 21 to 55 years old, and have a total personal income not less than RM18,000 per year or RM1,500 per month.

Document

For salaried workers;

  1. A copy of MyKad (front and back)
  2. Payslip or salary statements
  3. Updated bank statements
  4. EPF statements

For self-employed workers;

  1. A copy of MyKad (front and back)
  2. Business or company registration certificate
  3. Bank statements for the last 6 months that shown the income of business or company.
  4. Latest B or BE form together with payment or receipt confirmation slip from Domestic Institution (LHDN)

Pro

  • On the spot renewal and disbursement , this comes in hand for those who are in urgent need of cash

Cons

  • Very high interest rates effectively at 24% (EIR) , flat 13% if your loan is little.

Repayment Table

If you are interest, you can download the repayment table at

Easy Pinjaman Ekspres

 

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 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 + 4.1% 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.

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.

 

Bank Islam Personal Loan

bankislam


Bank Islam Personal Financing-i Package
Form RM 10,000 to RM 200,000 financing available
Maximum 10 years repayment period
Stable position with minimum salary of RM 2000
No guarantor needed
Valid Government servant and Government Link Companies (GLC) staffs only.

Options of fixed or floating interest rates and Takaful Coverage

Takaful Coverate

FIXED

1 to 10 years : 4.99% p.a.

FLOAT

1 to 3 years: Base Rate + 2.25% p.a.

4 to 10 years: Base Rate + 3.15% p.a

 

Bank Islam Personal Financing-i is a loan package that is offered for public sectors and selected GLCs only. So the loan is not available for anyone working in the private sector. This product is Shariah compliant and is based on Tawarruq buy and sell concept. There are three interest rates  tiers where you can enjoy better interest if you opt for selected Takaful products. The product includes TakafulWill writing, Banca Takaful or BankIslam Card-i. The loan available is from RM 10,000 to RM 200,000. The loan amount would be subjected to criteria such as monthly income. Applicants can even loan more than RM 200,000 if they provide collateral as security to Bank Islam.

As of personal loans in Malaysia, there are no collateral nor guarantor is needed for the loan. However you may need a collateral or guarantor if you credit score is not strong. One point that differentiate this personal loan is there are options for fixed or floating interest rates. This may not be a good advantage during good economy times but is certainly beneficial during recession period where interest rates can shoot over 10% in Malaysia.

Repayment

The payment for Bank Islam Personal Financing-i  is done via auto salary deduction or salary transfer to Bank Islam. The maximum deductable would be 50% to 60% of salary.

Eligibility

It is clearly stated that this loan is only offered to Malaysian Public Sector employees only. To be eligible for the loan,  you will need to be a Malaysian citizen , 18 years old and above and having a minimum salary of RM 2,000 monthly.

Fees

There are no processing charges when you apply for the loan however there will be a chargeable RM 50 Wakalah fees for this product. A 0.55% Stamp duty is also applicable which is based on the loan amount. A 1% p.a penalty will be charged for any late repayment. Personal Takaful Financing Plan (PTFP) is compulsory with the loan. This is to protect borrowers in the case of any unfortunately incidents.

Insurance

The loan comes with optional Personal Financing Takaful Plan which would protect applicants in the the unfortunate event of death or permanent disabilities. The rate would vary on factors such as age and risk.

Documentations

Applicants will have to bring the followings when applying for this loan

  • Copies of IC  on the front & back
  • Most recent 90 days salary slip
  • Most recent 90 days bank statement with salary credit account
  • Employment confirmation letter, Details such as Name, IC number, Designation and Number of serving years

and any of these documents

  • Most recent income tax submission form
  • Most recent EPF statements

Repayment table

bank islam repayment table

Pros

  • Flexible choices between fixed and floating rates
  • Low effective rates starting from 5.70% to 11.69% EIR

Cons

  • Only available for public sector