How to get personal Financing Malaysia
Pinjaman peribadi or personal loan is one of the most popular away for anyone to get an amount of cash in a short time. All personal financing does not requires any collateral nor guarantor thus the bank are very stringent in giving out personal loans. Not to fret much as this article is to guide a person on how to apply or prepare for the loans.
What you should know
As a rule of thumb, a personal loan has a maximum tenure of 10 years as regulated by Bank Negara Malaysia. Most banks offer personal loan in Malaysia however to customer with good credit scores only. Majority of low interest banking loans are also catered for public sector in Malaysia. This would be from Federal , State level or government link company personnel. These type of loans offer more security to bank, thus they are able to provide far better interest rates.
Typically, a personal loan has flat or fixed interest rates. This is similar to a car or vehicle loan where the interest rates is based on initial loan amount. Therefore it is necessary for someone to perform their due diligent and check the Effective Interest Rates (EIR) from the product disclosure sheet. It is required by BNM that every financial EIR is displayed on the product disclosure sheet.
One would also have a stable job, preferably over 20 years of age with minimum 1 or 2 years permanent employment. As written , government servants are able to enjoy far better interest rates with salary deduction schemes such as loans from Bank Rakyat PFI or BSN government servant loan.
Do also make sure that applicants have a good CCRISS credit score before applying for any personal loans. You will need to have one year of solid CCRISS before applying for any personal loans. As such ,applying a personal financing from a bank that you have years of relation with is much easier.