Calculate Your Personal Loan
Features:
- Estimate the monthly payment for a personal loan.
- Create a repayment schedule for the principal, interest, and loan balance.
- Create a table of loan repayments by year, including principal, interest, and balance.
How To Use Personal Loan Calculator Malaysia:
Step 1: Enter personal loan amount in Malaysian Ringgit.
Step 2: Enter loan period in Months.
Step 3: Enter loan interest rate in Percentage.
FAQ – Personal Loan In Malaysia
You can spend the loan funds as you wish, a major advantage of personal loans. Because of this, personal loans are highly varied and adaptable. As a result, it is well-liked by people in Malaysia.
Personal loans can offer significant financial help and peace of mind when an emergency arises because clients can apply online and receive funding in as little as 24 hours.
Therefore, if you’re interested in obtaining a personal loan, we have put up a thorough explanation in this FAQ to aid you in better understanding how personal loans operate in Malaysia.
What is a personal loan?
You can obtain a personal loan for your own or your family’s needs. You can usually acquire a loan without collateral because it is unsecured.
What are the requirements to apply for a personal loan in 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.
How much can I borrow?
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.
What is the interest rate for a personal loan?
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.
How long do I have to repay the loan?
Repayment periods vary from one year to ten years, depending on the loan amount and the bank’s terms and conditions.
Can I repay the loan early?
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.
What happens if I fail to repay the loan on time?
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.
Can I get a personal loan if I have a bad credit history?
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.
What are the documents required for applying for a personal loan?
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).
Where can I apply for a personal loan?
You can apply for a personal loan at any bank or financial institution in Malaysia. Some lenders also offer online applications for convenience.
How long does it take to get a personal loan approved?
The approval process can vary depending on the lender, but it typically takes 1 to 3 business days after submitting all required documents.
Are there any other fees I should be aware of?
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.
Can I have more than one personal loan at a time?
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.
What is the difference between a flat rate and a reducing balance rate?
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.
What is a credit score, and why is it important for a personal 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.
Are personal loans available for foreigners in Malaysia?
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.
