1. KTA Bank BCA — Personal Loan BCA
Sebagai bank swasta terbesar dengan jaringan terluas di Indonesia, BCA sudah pasti memiliki produk pinjaman tanpa agunan yang bernama Personal Loan BCA. Bahkan dibandingkan produk KTA lainnya yang ada di tanah air, Personal Loan BCA memiliki keunggulan bunga yang begitu kompetitif. Sekadar informasi, Personal Loan BCA adalah salah satu KTA dengan bunga terendah di pasaran.
Tenor dan bunga Personal Loan BCA:
- Pinjaman minimal Rp5 juta dan maksimal Rp100 juta
- Tenor pinjaman mulai dari 1-3 tahun
- Suku bunga tetap (flat) 12% sampai 12,84% per tahun
- Untuk produk KTA BCA Tenor 1 tahun suku bunganya 1% per bulan, untuk KTA BCA Tenor 2 tahun suku bunganya 1,03% per bulan, dan KTA BCA Tenor 3 tahun suku bunganya 1,07% per bulan
Syarat mengajukan Personal Loan BCA:
- WNI berusia calon debitur 21-55 tahun dan bekerja serta tinggal di Indonesia
- Penghasilan minimal Rp2 juta per bulan (wilayah Jabodetabek, Medan, Bandung, Batam)
- Merupakan nasabah BCA yang dibuktikan dengan penyaluran penghasilan (rekening payroll) lewat BCA atau kartu kredit BCA. Untuk kartu kredit BCA harus berusia minimal 1 tahun dengan riwayat kredit lancar
- Menyertakan fotokopi KTP, kartu kredit dan ATM BCA, SPT, mutasi rekening tiga bulan terakhir dan NPWP bila mengajukan KTA BCA di atas Rp50 juta
2. Bank Mandiri — KTA Mandiri
Pinjaman KTA bunga rendah selanjutnya, ada dari Bank Mandiri yang berstatus bank terbesar di Indonesia. Mandiri memiliki pinjaman tanpa agunan yang banyak diminati masyarakat lewat KTA Mandiri dan berubah nama menjadi Kredit Serbaguna Mandiri (KSM) pada tahun 2018. Fasilitas pinjaman in diberikan Bank Mandiri kepada pegawai yang punya penghasilan dan profesi tetap, pensiunan atau konsumen khusus.
Tenor dan bunga KSM Mandiri:
- Pinjaman minimal Rp5 juta dan maksimal Rp1 miliar
- Tenor pinjaman mulai dari 1-15 tahun
- Untuk pinjaman 1-2 tahun bunga 0,50% per bulan, untuk pinjaman 3-5 tahun bunga 0,52% per bulan dan untuk pinjaman 6-15 tahun bunga 0,61% per bulan
- Untuk pegawai tetap payroll maksimal pinjamannya 15 tahun, untuk pegawai tetap non payroll maksimal pinjamannya 10 tahun dan untuk CPNS maksimal pinjamannya 1 tahun
Syarat mengajukan KSM Mandiri:
- WNI berdomisili di Indonesia berusia minimal 21 tahun dan maksimal sebelum usia pensiun saat kreditnya lunas
- Karyawan yang gajinya dibayar lewat bank Mandiri (payroll)
- Untuk karyawan non payroll, perusahaan tempatnya bekerja wajib membuat perjanjian kerja sama dengan bank Mandiri. Pihak HRD perusahaan juga harus memotong gaji nasabah KSM Mandiri secara rutin tiap bulannya
- Masa kerja pegawai tetap minimal 1 tahun dan gaji minimal Rp3 juta
- Fotokopi KTP, fotokopi KK (jika join income), SK Pengangkatan Pegawai (instansi khusus seperti TNI/Polri), dan slip gaji/surat keterangan penghasilan terakhir
- Fotokopi NPWP untuk pengajuan di atas Rp50 juta
Tertarik mengajukan pinjam uang 50 juta tanpa kartu kredit ini?
3. Bank BRI — BRIGuna
BRI yang merupakan bank milik pemerintah dengan laba terbesar in tentu juga memiliki produk kredit tanpa agunan lewat BRIGuna. BRIGuna menawarkan pinjaman tanpa agunan untuk calon debitur atau debitur dengan sumber pembayaran (repayment) dari penghasilan tetap (fixed income) dan tenornya selama aktif bekerja sampai masa pensiun.
Tenor dan Bunga BRIGuna:
- Suku bunga 1,45% per bulan untuk masa tenor 1-2 tahun
- Suku bunga 1,54% per bulan untuk masa tenor 3-5 tahun
- Pinjaman mulai Rp10 juta sampai Rp500 juta
Syarat Mengajukan BRIGuna untuk kredit tanpa agunan dari Bank BRI:
- WNI berusia minimal 21 tahun dan maksimal 65 tahun saat pelunasan
- Penghasilan minimal Rp3 juta per bulan
- Wajib memiliki kartu kredit BRI dan atau rekening BRI
- Lokasi tempat tinggal atau bekerja/bisnis haruslah di kota di mana KCP pengajuan BRIGuna berada
- Fotokopi KTP, KK, NPWP, pas foto 4×6
- Slip gaji atau Surat Keterangan Penghasilan
- Dokumen asli untuk SK Pengangkatan pertama dan SK terakhir bagi karyawan atau SK Pensiun
- Fotokopi rekening tabungan/giro dalam tiga bulan terakhir atau kopi laporan keuangan dua tahun terakhir
4. Bank DBS — Digibank KTA Instant
Bank DBS merupakan bank asal dari Singapura dan berdiri sejak tahun 1968. Sebagai salah satu bank terbesar di Asia Tenggara, DBS memang memiliki posisi pasar yang dominan dalam perbankan. Produk pinjaman tanpa agunan DBS bernama Digibank KTA Instant yang bisa mencairkan kredit dalam hitungan menit melalui aplikasi Digibank online. Kamu bisa mengetahui detail produk KTA online proses cepat di bawah ini.
Tenor dan Bunga Digibank KTA DBS Instant:
- Suku bunga 15,48%-35,88% per tahun atau kisaran 1,29%-2,99% per bulan
- Pinjaman minimal Rp3 juta-Rp30 juta
- Tenor pinjaman mulai 6 bulan-3 tahun
Syarat mengajukan Digibank KTA Instant:
- WNI berusia 25-60 tahun berdomisili di Jabodetabek, Bandung, Semarang dan Surabaya
- Penghasilan minimal tetap Rp5 juta per bulan
- Wajib memiliki digi Savings untuk pencairan dana Digibank KTA Instant
- Menyertakan fotocopy e-KTP
- Diperuntukkan kepada wirausaha dan karyawan
- Harus menemui agen Digibank untuk keperluan verifikasi biometrik
Tertarik menggunakan pinjaman KTA tanpa kartu kredit ini?
5. Bank Standard Chartered — KTA Standard Chartered
Bank Standard Chartered (SCB) merupakan perusahaan jasa keuangan multinasional yang berpusat di London, Inggris. SCB sudah beroperasi di lebih dari 70 negara termasuk Indonesia dan menawarkan produk pinjaman tanpa agunan bernama KTA Standard Chartered.
Bank Standard Chartered juga menyediakan layanan pinjaman KTA bagi nasabahnya. Dengan mengambil KTA dari Standard Chartered, kamu akan dibebankan dengan persentasi bunga tahunan minimum dari 0,65% flat per bulan atau setara dengan (APR) 14,1% efektif per tahun, serta persentasi bunga tahunan maksimum hingga 1,59% flat/bulan atau setara dengan (APR) 32,96% efektif per tahun.
Fitur utama dari KTA Standard Chartered Bank adalah sebagai berikut:
- Tanpa jaminan
- Bunga pinjaman bank terendah pada 2020 hingga 2021 mulai dari 0,65%
- Limit hingga 300 Juta
- Cicilan tetap pinjaman KTA online bunga rendah bayar bulanan
- Jangka waktu cicilan hingga 5 tahun
Sementara, syarat dan ketentuan pengajuannya adalah nasabah harus sudah memiliki kartu kredit dengan rincian sebagai berikut:
- Kartu kredit utama (bukan suplemen atau tambahan)
- Minimal keanggotaan 1 (satu) tahun
- Limit (dari yang tertinggi) minimal Rp12 juta
Sebagai informasi, berikut ini adalah daftar biaya-biaya yang perlu kamu ketahui sebelum mengambil pinjaman online pribadi dari KTA di Bank Standard Chartered ini:
- Biaya keterlambatan pembayaran Rp225.000 atau 6% dari cicilan per bulan (mana yang lebih besar)
- Biaya perlunasan dipercepat 6% dari sisa pokok pinjaman + Rp200.000 jika ≤ 24 Bulan atau 6% dari sisa pokok pinjaman jika > 24 Bulan
- Biaya provisi untuk tahun pertama sebesar 3,5% dari jumlah pinjaman yang disetujui
- Biaya tahunan untuk tahun ke-2 sampai dengan 5 sebesar Rp150.000/tahun
Jadi, apakah kamu tertarik mengambil pinjaman KTA secara online yang sudah diawasi OJK dengan bunga rendah dari Standard Chartered ini?
6. Bank Panin — Kredit Express
Bank Panin berdiri pada tahun 1971 dan merupakan hasil merger Bank Kemakmuran, Bank Industri Jaya, Bank Industri Dagang Indonesia, dan Bank Industri Dagang Indonesia. Salah satu bank komersial utama di Indonesia ini menawarkan produk pinjaman tanpa agunan bernama Kredit Express, selain juga strategi usaha yang fokus pada bisnis perbankan retail.
Tenor dan bunga Kredit Express:
- Suku bunga flat 0,88% per bulan atau 10,56%-15,48% per tahun. Untuk Kredit Express tenor 1 tahun suku bunganya 0,88%, untuk tenor 2 tahun suku bunganya 0,99% dan untuk tenor 3 tahun suku bunganya 1,29%
- Jangka waktu alias tenor mulai dari 1-3 tahun
- Pinjaman mulai Rp3 juta-Rp500 juta
Syarat Mengajukan Kredit Express:
- WNI berusia 21-55 tahun (karyawan) dan maksimal 60 tahun untuk pengusaha/pebisnis bekerja dan tinggal di Indonesia
- Penghasilan minimal Rp10 juta per bulan untuk karyawan dengan masa kerja minimal 1 tahun. Untuk pengusaha, bisnis harus berjalan minimal 2 tahun
- Punya rekening di bank Panin dengan minimal setoran Rp250 ribu bila disetujui
- Bila mengajukan lewat kartu kredit, harus memiliki masa aktif minimal 1 tahun dengan limit setidaknya Rp20 juta dan riwayat kredit baik
- Fotokopi halaman depan buku tabungan, fotokopi KTP, dan fotokopi kartu kredit dan slip NPWP jika pinjam di atas Rp50 juta
- Slip/akta pendirian perusahaan dari kelurahan/daerah (wiraswasta)
- Slip gaji terakhir (karyawan)
- Surat izin praktek (profesional)
Personal Loan Interest Rates in Malaysia 2022
| Bank | Interest Rate | Min. Monthly Income | Loan Amount | Borrowing Period | Can Government/GLC apply? |
| Alliance Bank | 3.99% p.a. - 8.38% p.a. | RM3,000 | RM5,000 - RM200,000 | 12 - 84 months | Yes |
| Public Bank | 3.99% p.a. | RM1,500 | RM100,000 - RM150,000 | 24 - 120 months | Yes |
| Bank Rakyat | 6.86% p.a. | RM800 | RM5,000 - RM100,000 | 12 - 120 months | Yes |
| RHB | 4.50% p.a. | RM2,000 | RM2,000 - RM200,000 | 24 - 120 months | Yes |
| Al Rajhi Bank | 3.88% p.a. | RM5,000 | RM10,000 - RM250,000 | 12 - 96 months | Yes |
| Standard Chartered | 5.50% p.a. | RM3,000 | RM3,000 - RM250,000 | 12 - 60 months | No |
| BSN | 8.50% p.a. | RM3,000 | RM10,000 - RM25,000 | 24 - 120 months | Yes |
| Affin Islamic Bank | 5.50% p.a. | RM1,500 | RM2,500 - RM250,000 | 24 - 120 months | Yes |
| Maybank Islamic | 7% p.a. | RM3,500 | RM20,001 - RM50,000 | 24 - 72 months | Yes |
| Citibank | 5.33% p.a. - 9.80% p.a. | RM4,000 | RM5,000 - RM150,000 | 24 - 60 months | No |
| Easy by RHB | 6.49% p.a. | RM1,500 | RM100,000 - RM150,000 | 12 - 84 months | No |
| KFH | 6.88% p.a. | RM3,000 | RM5,000 - RM150,000 | 24 - 96 months | No |
| Hong Leong Islamic Bank | 9% p.a. - 12.50% p.a. | RM2,000 | RM5,000 - RM150,000 | 24 - 60 months | No |
| Bank Islam | 5.50% p.a. - 6.50% p.a. | RM4,000 | RM10,000 - RM150,000 | 12 - 120 months | No |
| CIMB | 6.88% p.a. - 14.88% p.a. | RM2,000 | RM2,000 - RM100,000 | 24 - 60 months | No |
| AEON Credit Service | 7.92% p.a. - 18%p.a. | RM1,500 | RM1,000 - RM100,000 | 6 - 84 months | Yes |
| HSBC Amanah | 10.50% p.a. | RM5,000 | RM6,000 - RM120,000 | 24 - 60 months | No |
| AmBank | 8% p.a. | RM3,000 | RM51,000 - RM100,000 | 12 - 60 months | Yes |
| UOB | 9.99% p.a. | RM7,000 | RM5,000 - RM100,000 | 12 - 60 months | Yes |
Do I need to apply for a personal loan?
Everyone has goals to achieve in their lives and a lot of times, they require money to kick start the journey. We can gain money from any means possible such as employment, selling of products or services, own savings, as well as loans.
Some people are lucky enough to fund their goals with one or more combinations of the above methods. But, what about others who has limited options or whose limited options are not viable?
Oftentimes, they shy away from the last option, which is loan. If we look at this objectively, applying for a personal loan is practical for several reasons:
- Education
- Investment
- Emergency cash
- Funding for business
- Buy a property (house, car, equipment etc)
- Debt consolidation.
Top personal loan for debt consolidation
When you have multiple debts of different sizes, banks, due dates, tenures and interest rates, it can be a strenuous task to keep track with the repayments.
A debt consolidation loan is great for simplifying multiple debts into a single facility. You can repay them at a lower interest rate and longer tenure to save on monthly installment and have more disposable income.
[Updated: 16 February 2022]
Before debt consolidation:
| Debt | Monthly Installment | Outstanding Balance |
| Credit card from Bank A | RM500 | RM15,000 |
| Personal loan from Bank B | RM500 | RM10,000 |
| Personal loan from Bank C | RM1,000 | RM25,000 |
Total commitments: RM2,000/month
After debt consolidation:
| Product | Standard Chartered CashOne Debt Consolidation Plan |
| Interest rate | 5.50% p.a. flat |
| Tenure | 60 months (5 years) |
| Applied loan amount | RM50,000 (outstanding balances from all Banks above) |
| Total interest paid | Principal amount x Annual interest rate x Tenure RM50,000 x 5.50% p.a. x 5 years = RM13,750 |
| Total repayment amount | Principal amount + Interest charges RM50,000 + RM13,750 = RM63,750 |
| Monthly Installments | Total repayment amount ÷ Tenure RM63,750 ÷ 60 months = RM1,062.50 |
How much do you save after consolidating credit cards and personal loans debts into a single loan?
RM2,000 – RM1,062.50 = RM937.50 ÷ RM2,000 x 100% = 47%
Say you have a minimum monthly income of RM5,000, that means you are committing roughly 21% of your total monthly income to pay for your consolidated debts.
Personal loan application journey
During a personal loan application, there are few things you need to consider such as the amount you can apply, the amount the bank can actually lend you, required documents and the places to apply for a personal loan.
How much can I borrow?
The typical loan amount you can borrow from banks is ranging from RM5,000 to RM200,000. This amount is also known as the principal amount.
Once you have decided on your principal loan amount, you need to choose a tenure that suits your financial capacity.
RinggitPlus has a personal loancalculator where you can calculate your monthly repayment easily by indicating your borrowing amount, monthly income and tenure of choice.
However, this personal loan calculator does not take into account your other monthly commitments such as car loan, home loan, credit card, student loan etc, which the bank will also consider before approving your applied loan amount.
To better manage your expectations (such as high loan margin, low interest rate, fast approval), you need to check if you can afford to pay your total monthly commitments by determining your debt-service ratio (DSR).
How much can a bank loan me?
DSR is a tool to measure your available cashflow after meeting your debt obligations. Banks use this calculation to see if you have enough money to pay your monthly installment via this formula:
| Total Monthly Commitments ÷ Total Monthly Income x 100% = DSR e.g. RM1,500 ÷ RM3,000 x 100% = 50% |
There is a consensus on optimum DSR level to increase the chances of loan approval: your total monthly commitments should not exceed your total monthly income.
In the example given above, the total loan commitments are 50% of total monthly income, which means a borrower is allocating half of his/her monthly income on debt servicing alone, with little room to save, spend and invest (if any).
In this situation, the bank will usually reduce the loan amount to consequently reduce your DSR level. You can do your own DSR calculation prior to loan application to increase the chances of approval.
What documents to prepare when applying for a personal loan?
To speed up your loan application process, make sure you have compiled all of the required documents.
The type of document will vary from bank to bank, depending on your employment type. All in all, you can find the general requirements in the table below:
| Documents | General Loan Application | Loan Application for Salaried Individuals | Loan Application for Self-employed | Loan Application for Senior Citizen/Pensioner |
| Application form | ✓ | ✓ | ✓ | ✓ |
| Valid proof of ID / Passport | ✓ | ✓ | ✓ | ✓ |
| Photo (passport size) | Nil | ✓ | Nil | ✓ |
| Resident proof | ✓ | ✓ | ✓ | ✓ |
| Income proof | i) Latest 3 months salary slip ii) Latest BE form with official tax receipt iii) Latest 6 months salary slip iv) 1 year bank statement | i) Latest 3 months salary slip ii) Latest BE form with official tax receipt | Latest 2 years income tax returns | Pension returns or bank statement |
| Others | Nil | i) Current working contract ii) Payment track record & sanction letter (for any existing loan) | i) Copy of Business Registration ii) 3 Years salary statement/shop establishment iii) Documents to prove office address and ownership (i.e utility bill) | Nil |
Where can I apply for a personal loan?
Two ways you can apply for personal loans in Malaysia: offline and online.
On offline channels, you can walk into the bank’s branch of choice, speak to a loan officer, fill up the application form, present your documents and submit. Other way is by calling up the bank’s customer service contact center.
This way, it gives you a more personalised service, although the downside is, you may not have the flexibility of time and money.
On online channels, you can compare and apply for personal loans conveniently. You can also use some of the tools to find out your credit score, calculate loan affordability, download statements and many more – all at your fingertips.
At RinggitPlus, we have a wide range of personal loans that can meet your needs with a fast and easy online loan application.
Loan approval process
There are multiple ways banks can disburse the approved loan to you. Some banks require you to open a savings account with them, whereas others will pass you the cheque or do an IBG Transfer to your designated bank account.
Bear in mind that your eligibility, credit history and credit score play major roles in determining your personal loan application approval.
Am I eligible?
To qualify for a personal loan application, you must first meet the eligibility criteria as set out by the bank, including but not limited to:
- Nationality: Malaysian, permanent resident or foreigner
- Age: 21 – 60 years
- Employment type: Salaried employee (public/private sector) or self employed
- Income type: fixed, contract, commission basis
- Residential status: own house, rented, living with family/relatives, company provided etc.
Tips: Your lifestyle is also a contributing factor to your loan approval. If the bank spots an inconsistency in your employment histories, salary and disposable incomes, and places of residence, you may not be a favourable borrower.
What is a credit history?
A credit history shows a record of your debt repayment, which indicates your ability to commit to loan repayment.
By referencing to the Central Credit Reference Information System (CCRIS), banks can gain insight into your previous repayment habit.
This credit report stores all your credit histories from all financial service providers in Malaysia for up to 12 months.
What is a credit score?
A credit score, on the other hand, is a 3-digit numerical rating that evaluates borrowers’ credit worthiness and is based on their credit histories.
A good credit score can increase your chances of getting a loan approved with lower interest rates and faster loan approval.
High credit score means you are favourable by the bank, whereas lower credit score means your application may not be favourable or get rejected.
So how can you check your credit score? You can do so with CTOS Data Systems Sdn Bhd (CTOS) which is a privately-run credit agency that collects data from public sources and is also referenced by the banks when approving a personal loan.
To give you a general idea on the credit score and what it means to lenders, do refer the table below!
| Credit Score | What It Means to Lenders |
| 744 - 850 | Excellent. You're viewed very favourably by lenders. |
| 718 - 743 | Very Good. You're viewed as a prime customer. |
| 697 - 717 | Good. You're above average and viable for new credit. |
| 651 - 696 | Fair. You're below average and less viable for credit. |
| 529 - 650 | Low. You may face difficulties when applying for credit. |
| 300 - 528 | Poor. Your credit applications will likely be affected. |
Best case scenario – loan application is approved
- 1 to 5 working days loan approval
- Get notified by the bank upon disbursement
- Received contract documents consist of product disclosure sheet, personal loan repayment table, and terms and conditions
- Check bank account for money
Worst case scenario – loan application is rejected
- Call up the bank to follow up
- Check your repayment history (previous loan such as PTPTN) via CCRIS
- Check your credit score via CTOS
- Improve your creditworthiness by making prompt repayment
- Wait for a while before applying for a new personal loan from banks
- Explore other personal loan options and reapply
Monthly commitment
This is the most important stage after getting your personal loan approved. Your future loan applications, especially home loan, will be greatly affected if you don’t service your current debts properly.
When is my personal loan monthly installment due date?
Your first monthly installment payment will commence one month after receiving your approved loan into your bank account.
As per your personal loan’s terms and conditions, your monthly installment due date can fall either on the first or in the middle of the month.
If, at any time of the installment period, you are not able to commit to the full amount, you can pay a minimum amount as recommended by the bank.
Doing so will save you from being penalised for late payment, however, attract finance charges between 15% - 18% p.a. on the remaining unpaid balances.
What happens if I pay my personal loan installment late?
Always strive to make full payment of your installment before or on the due date to avoid being penalised by the bank. That’s not all, your credit score will take a turn for the worse.
Generally, all banks will impose a 1% fee, whereas non-banks will charge around 8% fee, calculated daily until you pay it off. For example:
| Overdue amount: | RM875 |
| Numbers of days overdue: | 10 |
| Late payment charge: | 1% p.a. |
| RM857 x 1% x (10÷ 365 days) = | RM0.23 |
In case you are on the verge of defaulting on your personal loan, you must immediately get in touch with the bank to discuss a possible recourse on your repayments.
Alternatively, you can engage Agensi Kaunseling dan Pengurusan Kredit (AKPK), a debt management program by Bank Negara Malaysia that offers free services on money management, credit counselling and debt restructuring for individuals.
Can I settle my personal loan outstanding balances off early?
You have the option to settle off your outstanding loan balances before the end of tenure, subject to terms and conditions of your personal loan.
Tips: A personal loan is usually calculated on a flat rate basis; therefore, a partial settlement is not advisable. If you have double paid your monthly installment for the month, the bank will deem it as an “Advance Payment”, which will not reduce your interest payment and the principal amount for the month.
It is important that you inform the bank in written notice prior to your personal loan early settlement. An Early Settlement fee may or may not be charged, depending on the personal loan agreement.
How to make my monthly installment payment?
You have the flexibility to make your monthly installment payment in various channels such as follows:
- Online banking (IBFT or IBG transfer, bill payment etc)
- Standing instruction (auto deduction)
- Cash deposit
- Over the counter
Tips: Earn cashback on your interest payments when you make a prompt repayment every month throughout the tenure. Check out this top personal loan with cashback program:
- Hong Leong Personal Loan
Financial freedom
Achieving financial freedom means you are no longer tied down with unmanageable debts.
This comprehensive personal loan guides and tips intend to help you to make a sound financial decision and get your loan approved as you expected.
At RinggitPlus, we understand your unique needs and worries when it comes to applying for a personal loan.
You can navigate to our otheronline personal loan pages that are designed to meetyour income, affordability and preferences:
>> Compare and apply Fast Approval loan
>> Compare and apply personal loans for Low Income earners
>> Compare and apply for personal loans with Low Interest Rate
>> Compare and apply personal loans for Government/GLC employees
>> Compare and apply for Shariah compliant Islamic loan
>> Compare and apply for a secured loan
When should you apply for a personal loan? The truth is, there is never a best time to apply for a personal loan when you are not prepared for it.
In this article, you will find out the do’s and the don’ts of personal loan application based on experiences and best practices of ordinary Malaysians.
Read on to learn what a personal loan is about, how can you apply for a personal loan at the lowest rate and highest amount, and what should you do after a loan is approved or rejected.
Research stage
At this stage, you will uncover various answers to questions you might have about personal loans, and how you can use this information to make an informed decision.
How does personalloan work?
Put simply, a personal loan is a sum of money with interest lent by the bank to a borrower for a fixed period. The loan must be paid back in fixed amount installments, every month until the end of tenure.
It is quite straightforward until you come acrosssome terms and jargons that you are not familiar with. Don’t worry, here are some commonly used terms to describe personal loans:
| Terms | Descriptions | |||||||||
Per annum (p.a.) | The interest rate will be charged on a per-year basis. If a RM10,000 loan is at 5% p.a. interest, the interest charge is RM500 per year.
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Principal | The amount of loan you applied for. The interest rate will be calculated based on this amount and added on top of it. Going with the example above:
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Interest rate | Interest rate is charged on the loan amount by the bank to the borrowers for using its money.
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Tenure | The loan repayment period. Choosing the right tenure is important for your personal finances.
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Installment | You need to pay back your personal loan every month until the end of tenure.
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Penalty | This is a fee a bank will charge on your overdue amount for being late on your repayment. | |||||||||
Default | The term to describe an event of non-payment of a personal loan for over 3 months.
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What type of personal loan should I apply?
Now you have caught up with some of the personal loan basics, this is the time to answer the question of preferences.
By doing a personal loan comparison, you can filter down the best personal loan to apply. The interest rate should not be the only factor when comparing personal loans, but your preferences too, such as:
“What is the difference between secured and unsecured loan?”
“Should I get a conventional or Islamic loan?”
“Do I need a Takaful or Insurance coverage?”
| Secured loan vs Unsecured loan | |
Secured loans
| Unsecured loans
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| Conventional loan vs Islamic loan | |
Conventional loans
| Islamic loans
|
| With Takaful or Insurance vs Without Takaful or Insurance | |
With Takaful or Insurance coverage
| Without Takaful or Insurance coverage
|