Personal loans(pinjaman peribadi) refer to loan offered by financial institutions to private individuals for personal use from funding children’s education, medical emergencies or to purchase a vehicle. Repayment periods differ based on the financial institutions. Generally, personal loans do not require collateral or guarantor.
In other words, personal loan(pinjaman peribadi) is also a form of unsecured loan. Individuals tend to seek easy and convenient way to gain instant cash for personal use. Thus, in recent years, a number of major banks began introducing different personal loan schemes to suit borrowers’ needs. Borrowers often seek for loans with low repayment monthly rate and long payment period. Certain banks allow borrowers to extend the payment period up to nine years.
In Malaysia, one can easily secure personal finance from the comfort of their home or office with a simple click. Since no guarantor or collateral is needed, applicants can submit the application form online and within 24 hours, staffs from the financial institution will head down to your house to collect the documents needed. Unlike other loans offered by banks, personal loans require less documents and provide you instant cash.
Banks usually have several financing packages to meet borrowers’ needs. Some of the alternatives offered are only available to Bumiputras. For large amount loans, collateral is needed during the submission of application. The hassle free financing product is designed and catered to meet your needs.
In fact, most of the banks in Malaysia offer personal financing-I – CIMB, Maybank, RHB, EON Bank and Al Rajhi Bank. The amount of loan varies based on your application and monthly income. All in all, the personal financing-i packages are designed to meet your needs for instant cash.
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