Personal Loan Calculator Malaysia

Typically, you must be a Malaysian citizen or a permanent resident aged between 21 and 60. Additionally, you’ll need a reliable source of income, such as a job or your own business. The minimum income requirement can vary between banks but generally ranges from RM1,500 to RM3,000 monthly.

The amount you can borrow depends on your income and the bank’s lending policy. It can range from a few thousand Ringgits to RM250,000 or more.

Personal loan interest rates can change depending on your credit score and the lending institution. The rates typically ranged from 3.5% to 8% annually, with the cutoff date in September 2021.

Repayment periods vary from one year to ten years, depending on the loan amount and the bank’s terms and conditions.

Yes, you can repay the loan early, but banks may charge an early settlement fee. The terms and conditions of your loan arrangement will determine the precise amount. 

If you fail to repay the loan on time, the bank may charge a late payment fee. Continuous failure to repay could lead to legal action and negatively impact your credit score.

Yes, you can. However, getting a personal loan can be more difficult if you have a bad credit history. Some lenders may still provide loans but at higher interest rates.

Typically, you will need your MyKad (Identity Card), proof of income (such as payslips or bank statements), and proof of employment or business (such as an employment letter or business registration documents).

You can apply for a personal loan at any bank or financial institution in Malaysia. Some lenders also offer online applications for convenience.

The approval process can vary depending on the lender, but it typically takes 1 to 3 business days after submitting all required documents.

Yes, some banks may charge a processing fee for the loan, and there may also be fees for late payments or early repayments. Always carefully study the terms and conditions to comprehend all the fees associated with the loan.

Yes, you can have more than one personal loan at a time, but it depends on your ability to repay the loans and your credit score. However, having multiple loans can significantly increase your debt level and may impact your ability to get future loans.

A reduced interest rate is determined on the loan’s outstanding balance, whereas a flat rate is computed on the initial loan amount over the loan tenure. With a reduced balance rate, your interest payments decrease over time as you pay off your loan.

A credit score measures your creditworthiness based on your history of borrowing and repaying loans. Your chances of getting a loan approved can increase if you have a high credit score, which may also help you get lower interest rates.

Yes, personal loans are available to foreigners residing in Malaysia, subject to the lender’s eligibility criteria. This typically includes a valid work permit or employment pass, a minimum monthly income requirement, and other necessary documents.