Personal loans are unsecured loans taken by individuals to meet a certain need in their lives. An unsecured loan is one where the person takes a loan without any collateral. And so it naturally follows that these kinds of loans have higher rates of interests. But since every bank has a personal loan or loans to offer customers, they all do various things and offer various special deals to lure customers to them and away from other banks.
Let’s take a look at some of the personal loan promotions that various banks seem to offer –
The Standard Chartered Bank in Malaysia has a very interesting offer. They link your personal loan with your credit card – and each time you make a monthly repayment, the paid principal amount is converted into a credit card limit for you to spend!
CIMB Bank has a personal loan (CIMB Cash Plus Personal Loan) for which, if you applied online, you get up to RM 1,000 cash back! But you’d better hurry up – offer ends September 30, 2019.
AmBank has special rates of interest and profit rates for employees of certain public and private sector companies. Check their website for more information about this, to see if your company is on the list!
Several banks offer low rates of interest as bait. Interest rates can start as low as 3.99%!
The RHB Bank offers a loan that is anywhere between RM 2000 and RM 200,000 for 24 to 120 months at something like 4.5% (flat). Anyone with an income of RM 2000 or more, can apply.
The Al Rajhi Bank gives you loans at 4.99% (flat). You need to have a monthly income of at least RM 5000 and you can get loans of anything between RM 10,000 and RM 150,000 for a period of 24 to 96 months. You need to have a minimum income of at least RM 5,000 to qualify.
Some banks offer quick processing times to entice customers, as a part of their personal loan promotions. Well, when there is a need for money, the quicker one gets it in one’s hands, the better it is. Isn’t it?
CIMB Bank promises a turnaround time of just 24 hours to process a loan!
Alliance Bank promises to process loans in 48 hours. And so does AmBank and Hong Leong Bank.
And there is a range of Islamic loans that meet Shariah requirements and compliances. Alliance Bank CashVantage Personal Financing-I is a flat rate unsecured Islamic Personal Financing with low monthly instalments and super fast approval. You also get 40% cashback on your profit rate for the entire tenure!
Al-Rajhi Personal Financing-I is a Shariah-compliant personal financing plan at low profit rates and flexible repayment terms. And so is KFH Murabahah Personal Financing-i.
HSBC Amanah Personal Financing-I offers hassle-free Islamic financing with no hidden fees, no guarantor, and affordable monthly payment.
These are some of the personal loan promotions that are available in Malaysia today. At the end of the day, it all depends on your need and your financial capability – how much can you pay back every month. So study them carefully. And find a loan that works best for you.