Top 16 Personal Loan Bank in Malaysia 2023

Personal loans can be a great way of financing important expenses. Whether it’s to fund a home renovation project, payoff a high-interest credit card balance or to consolidate debts into a single payment, a personal loan can help. But with so many options available, it can be difficult to know where to start.

Top 15 Personal Loan Banks in Malaysia

In this article, we’ll be delving into the 16 best personal loans banks in Malaysia, providing you with a comprehensive guide to enable you to make the right choice on the best personal loans.

AEON Personal Loan

If you’re in need of a flexible personal loan solution, AEON personal loan may be what you’re looking for. With a minimum loan amount of RM1,000 and a generous maximum limit of RM100,000, you’ll be sure to find a loan amount to suit your needs. AEON offers a competitive interest rate starting from 0.66% per month with a repayment tenure up to 7 years. AEON’s requirement is relatively low, with a minimum salary of RM1,500 per month. AEON also offers a simple and quick application process for your convenience.

CIMB Personal Loan

CIMB offers unsecured personal loan facilities to eligible Malaysians and expatriates working in Malaysia. Whether you require a loan for unexpected expenses or need funds to finance a large personal project, CIMB could be the right choice for you. CIMB bank provides a personal loan up to RM 100,000 with flexible repayment periods of up to 5 years. 

The interest rates for the CIMB Bank personal loan vary according to the amount borrowed, starting from 6.25% p.a. They also offer fast loan approval with minimal documentation and eligibility checks that are reasonably easy.

UOB Personal Loan

With UOB Personal Loan, you can borrow up to RM100,000, which offers repayment terms of up to 5 years at a low-interest rate starting. UOB offers an interest rate as low as 5.99% per annum with an easy to understand monthly repayment structure.

With hassle-free application and fast personal loan approval, UOB is an excellent option for anyone in need of quick cash. The UOB personal loan comes with a flexible repayment term, allowing you to decide on how long you prefer to make repayments and affordably manage your monthly finances.

Maybank Personal Loan

If you are looking for a personal loan that offers competitive interest rates, Maybank could be the right choice for you. With an interest rate of as low as 6.50% per annum and fixed monthly payments. Maybank offers a maximum borrowed amount of RM 100,00 with a repayment tenure of up to 6 years. Qualifying for a Maybank personal loan is relatively easy, and once approved, you can expect the funds deposited directly to your bank account in a matter of hours.

HSBC Personal Loan

HSBC personal loan is suitable for people who want a loan to consolidate their debts, go on a holiday, or finance their wedding. HSBC offers unsecured personal loans of up to RM250,000, with repayment tenures of up to 7 years and interest rates as low as 5.99% per annum. If you’re an HSBC customer and apply online, approval can be granted within 24 hours and the funds disbursed almost immediately. You can also loan up to 8x of your monthly salary or up to a maximum of RM 250,000.

Citibank Personal Loan

Citibank provides personal loans that can help you achieve your dreams, whether you need a home renovation loan or wish to consolidate your debts. Citibank offers a flexible facility with large funding, offering loan amounts up to RM150,000 with a repayment tenure of up to 5 years. With Citibank Personal Loan, you can enjoy interest rates of up to 9.49% p.a. and as low as 5.88% p.a., making it a suitable option to help you finance big-ticket items or fund unexpected expenses.

Bank Rakyat Personal Financing-i Private

Bank Rakyat offers a Shariah-compliant personal loan for private sector employees with low repayment rates. If you’re looking for an affordable personal loan, the Bank Rakyat Financing-i Private Swasta could be the right option for you. 

With minimum financing starting from RM10,000 and maximum financing up to RM200,000, it allows you to enjoy interest rates as low as 4.54% per annum. Furthermore, Bank Rakyat Financing-i Personal Swasta offers a flexible repayment tenure of up to 10 years, making it an affordable solution for those looking to obtain personal financing.

BSN Personal Loan

If you are looking for an unsecured personal loan from one of the leading financial institutions in Malaysia, BSN Personal Loan is a great option. You can loan amounts up to RM200,000 and enjoy repayment terms of up to 10 years. The interest rates for BSN personal loan start at 6.88% per annum, although it contains long term repayment options, which result in lower-than-average monthly payments.

Hong Leong Bank Personal Loan

If you’re looking for a personal loan that offers flexibility and convenience, Hong Leong Bank Personal Loan could be the right choice for you. Hong Leong Bank offers loan amounts of up to RM100,000 with repayment tenures of up to 7 years, with competitive interest rates that start at 5.50% per annum. The bank promises fast approvals, with loan applications typically processed within 48 hours, making it an excellent option for people in need of urgent cash.

Standard Chartered CashOne Personal Loan

With Standard Chartered CashOne Personal Loan, you can access funds quickly and easily. Standard Chartered stands out for its neat benefits for personal financing such as 

  • Maximum loan amount of RM150,000
  • Flexible repayment terms varying from 12 – 60 months
  • Competitive interest rate starting from 6.99% per annum. 
  • Approval within 24 hours

When choosing the right personal loan, it’s crucial to do your research and compare different options including compare rates. Whether you’re looking for a low-interest rate, flexible repayment options, or fast approval times, the 15 top personal loan banks we have discussed in this article offer a range of options to suit your requirements. 

Remember to assess your financial situation carefully, read the fine print, and understand the terms and conditions of the loan before committing to ensure that you make the right choice that supports your financial goals in the long run.

Alliance Bank Personal Loan

Alliance Bank is a well-established financial institution that has been providing quality banking services to Malaysians for many years. The bank has a strong reputation for offering innovative financial products and services that cater to the diverse needs of its customers.

One of the most popular loan products offered by Alliance Bank is the Alliance Cashfirst Personal Loan. This loan is designed to provide customers with quick and easy access to cash, with competitive interest rates and flexible repayment periods. Whether you need to pay for unexpected expenses, consolidate debt or fund a major purchase, the Alliance Cashfirst Personal Loan is an excellent option.

Its user-friendly online application process sets Alliance Bank apart from other banks. Customers can apply for the Alliance Cashfirst Personal Loan from the comfort of their own home or office, without the need to visit a branch. The online application process is simple and straightforward; customers can apply online in just a few minutes.

Once the application is submitted, Alliance Bank’s team of experienced loan officers will review it and provide a decision within 24 hours. This speedy approval process is a major advantage for customers who need cash quickly, as they can receive the funds they need in a timely manner.

But that’s not all. Alliance Bank also offers a range of other loan products, including home loans, car loans and small business loans. Each of these products is tailored to meet the specific needs of customers, with competitive interest rates and flexible repayment periods.

In addition to its loan products, Alliance Bank also offers a wide range of other financial services, including savings accounts, credit cards, insurance and investment products. Alliance Bank has the right financial solution for you whether you’re looking to save for the future, protect your assets or grow your wealth.

In conclusion, Alliance Bank is a top player in the personal loan market, with a range of loan products catering to its customers’ diverse needs. With its user-friendly online application process, speedy approval times and competitive interest rates, the Alliance Bank Personal Loan is an excellent option for anyone in need of quick and easy access to cash.

Bank Islam Personal Loan

Bank Islam is a Shariah-compliant bank that was established in 1983, making it one of the oldest Islamic banks in Malaysia. The bank’s mission is to provide Shariah-compliant financial solutions to its customers, while adhering to the principles of transparency, fairness, and social responsibility.

Bank Islam offers a wide range of financial products and services, including personal loans, home financing, credit cards, and savings accounts. The bank’s personal loan products are flexible and have various repayment options to suit any customer’s budget.

One of Bank Islam most popular loans is the Bank Islam Personal Financing-i. This loan comes with low-interest rates and no processing or origination fee, making it an affordable option for borrowers. With Bank Islam, borrowers enjoy easy access to funds with no guarantor or collateral required.

Bank Islam’s Personal Financing-i also comes with takaful protection, ensuring that borrowers and their loved ones are financially protected in case of unforeseen events. Takaful is an Islamic insurance concept that provides mutual protection and shared responsibility among a group of participants.

In addition to its financial products and services, Bank Islam is also committed to giving back to the community. The bank has a Corporate Social Responsibility (CSR) program that focuses on education, environment, and community development.

Overall, Bank Islam is a reliable and trustworthy bank that provides Shariah-compliant financial solutions to its customers. Whether you need a personal loan, home financing, or savings account, Bank Islam has a product that can meet your needs.

RHB Personal Loan

RHB is a leading financial institution in Malaysia that offers a wide range of financial products and services to meet the needs of its customers. With a strong focus on customer satisfaction, RHB has become a trusted name in the banking industry.

One of the standout products offered by RHB is its personal loan packages. These packages are designed to cater to customers’ different needs, whether for a sudden emergency or a planned expense. 

The RHB Easy-Pinjaman Ekspres is a popular choice for those who need quick cash, as the loan is approved within 24 hours of application.

RHB Personal Financing-i is another option for those who are looking for a Shariah-compliant loan. This loan is based on the principles of Murabahah, which means that the bank buys the asset and sells it to the customer at a profit. The customer then pays the bank back in installments.

RHB offers the Personal Financing Premier for those looking for a premier personal loan package. This loan comes with a higher loan amount and longer repayment period, making it ideal for those who have a larger expense to cover.

When it comes to repayment, RHB’s personal loans offer flexibility. Borrowers are free to choose the repayment terms that suit their needs best, whether it be a shorter or longer repayment period. This helps to ensure that the loan is manageable and affordable for the borrower.

With competitive interest rates and quick loan approval, RHB personal loan packages are a great option for those who need financial assistance. Whether it be for a medical emergency, home renovation, or education expenses, RHB has a loan package that can help.

Ambank Personal Loan

Are you looking for a personal loan that can help you achieve your financial goals? Whether you want to renovate your home, pay for your education, cover your medical bills, consolidate your debts, or go on a vacation, Ambank Personal Loan can be a great option for you.

This loan offers competitive interest rates that start from 8% p.a., high financing amount that ranges from RM5,000 to RM100,000, long repayment tenure that goes up to 10 years, and no processing fee or hidden charges. You can also enjoy the convenience of online application and approval, as well as flexible repayment options. With Ambank Personal Loan, you can get the money you need without any hassle.

Public Personal Loan

Public Bank is one of the leading financial providers in Malaysia, offering a range of personal loans to suit different needs and situations. Whether you need cash for home improvement, education, medical bills, debt consolidation, or any other purpose, Public Bank can help you with competitive interest rates, flexible repayment terms, and fast approval. You can apply online or visit any of their branches nationwide. Public Bank personal loans are available for both public and private sector employees, as well as self-employed individuals.

Al-Rajhi Personal Loan

How To Choose the Best Personal Loan Bank other than Comparing Interest Rate?

While the banks mentioned above are part of our 13 best personal loan banks in Malaysia, there are still several other banks on the market that offer similar products. To identify the best personal loan bank for you, you should consider before you select:

  1. Check rate of interest and fee charged by the bank.
  2. The bank’s reputation and customer service.
  3. The loan amount and repayment terms offered by the bank.
  4. The loan application process and the time taken to approve the loan.

By considering these factors, you can identify the bank that best suits your financial needs.

Conclusion

Overall, these 16 top personal loan banks in Malaysia offer competitive interest rates, flexible repayment plans, and easy loan application processes. However, it is essential to make an informed decision considering the above mentioned factors before settling on a particular personal loan product. Doing so ensures that you get the best loan product tailored to your needs.

FAQs

Which bank is best for personal loan?

Maybank and CIMB are highly recommended for personal loan due to the good ease of application.

How much personal loan can I get on my salary in Malaysia?

The average minimum income is RM2,500 and applicants can get the lending loan up to RM100,000. Higher loan amount usually mean a longer tenure.

Can I make a personal loan from CIMB?

Yes, anyone who fulfill the eligibility rules can make an application.

Which type of personal loan is easiest to get?

Unsecured loan. The applicants can make an online submission without guarantor in most Malaysian banks.