Personal Loan Malaysia

Personal Loans in Malaysia Made Easy

As professional loan specialists in Malaysia, our consultants have the expertise to help you choose and secure the best personal loan that meets your needs, affordability, and eligibility.

What is a Personal Loan in Malaysia?

Whether you’re looking to settle credit card debts, pay off another personal loan with high instalments, cover unexpected medical expenses, or need funds to finance your dream holiday or wedding, a personal loan can help.

Most personal loans in Malaysia are unsecured, unlike a car or home loan, which means you will not have to put down any collateral to borrow the money. However, due to the greater risks the lender faces, a personal loan’s interest rates are usually higher than other types of loans.

Where Can I Apply for A Personal Loan in Malaysia?

There are three ways you can apply for a personal loan in Malaysia:

Banks

Most banks in Malaysia offer comprehensive personal loan financing solutions to their clients.

Online Lenders

Unlike traditional banks, online lenders offer borrower’s a simple way to search for and compare personal loan options between multiple lenders.

Credit Unions

Community credit unions offer personal loans at lower interest rates and are more flexible than other lenders.

Personal Loan Eligibility Criteria in Malaysia

When applying for a personal loan, you must first prove that you have a source of regular income. This applies to employees and self-employed business owners. Moreover, personal loan eligibility requirements vary according to the lender, but there are a few common qualifications banks look at when evaluating loan applications, such as:

Your place of employment and employment history

Your place of residence

Your credit score and history

Your age

Your occupation

Your ability to repay the loan

Your CTOS/CCRIS Record

A score of 650 or above is often preferred.

Your Income Documentation

Applicants must meet the bank’s requirements and demonstrate a stable income sufficient to repay the loan.

Debt Service Ratio (DSR)

It’s preferable for the total commitments, including the new personal loan instalment, to remain below 60% of the net income. This is calculated as: (Current instalment + New personal loan instalment) / Net income.

Reasons Your Personal Loan Application in Malaysia was Rejected

Bank Requirement

Banks have their own criteria for any loan application, and being employed is one of them. This is because your income indicates if you are capable of repaying the loan.

If you fail to prove that you are employed or are producing enough income to repay the loan, the bank will automatically reject your loan application.

Salary Requirement

Even if you have proven that you are employed, any changes to your income can also affect your personal loan application in Malaysia. For example, although your credit score does not indicate your current income level, banks will require you to disclose the information for further assessment. Your application will be rejected if your salary does not meet the bank's requirements.

Credit Rating (CCRIS or CTOS)

The bank will access your financial track records and review your CCRIS and CTOS scores, taking note of late or overdue transactions and your remaining monthly balance. They will use this information to assess your credit risk and determine whether you are a trustworthy borrower.

Lack of Credit Record

Some of us may not have credit cards or other financial commitments as we are too worried about spending. However, this does not help when applying for personal loans in Malaysia. This is because the bank does not have enough information to decide if you are a good paymaster or vice versa.

How Can We Help

At Bluebricks, we are committed to providing clear, concise information and support to help you navigate your loan options in Malaysia. We offer a range of solutions, including:

Rejected Loan

Our loan experts analyse the reasons behind your rejection and work with you to enhance your chances of loan approval and clear any adverse records in CTOS/CCRIS.

However, this service is exclusive to those with a basic income of RM 5,000 and EPF deductions; other income types are ineligible.

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Increase Loan Amount

We assess your financial profile, providing insights on maximising your eligibility and connecting you with the right financial institutions to meet your specific needs.

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Low Interest & Fast Approval

We specialise in finding low-interest loan options coupled with fast approval processes, ensuring you get the financial support you need without unnecessary delays.

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Get In Touch With Our Loan Experts

Ready to explore your options? Fill out our form to discover how we can help you with your personal loan in Malaysia!

Why Bluebricks?

One of the Top 10 Leading Loan Agencies in Malaysia

We act as your loan agents and represent not only individuals but also businesses. As technical financial advisors, we work with various borrowers and support you to get your loans approved. You will have access to a wide range of loans, even if banks have rejected you. Our goal is to offer advice that helps ensure your loan applications are successful and not subject to rejection.

Over 10 Years of Experience

Since 2014, we have been assisting clients in securing various types of loans, including personal, business, mortgage, and collateral loans. Our expertise extends to overcoming challenges such as CTOS/CCRIS issues, income documentation problems, and high commitment situations, offering comprehensive solutions tailored to each client's needs.

Moreover, our ten years in the field have equipped us with a deep understanding and up-to-date banking knowledge, enabling us to effectively resolve loan complications. Complex loan scenarios are our forte, ensuring we guide you towards a successful loan approval with confidence.

One-Stop Solution

We offer comprehensive loan services, acting as a one-stop solution for our clients, where we compile a variety of loan options from banks and credit houses for your consideration. All you need to do is provide us with the necessary documentation, including your income statement, assets and liabilities, employment record, and credit history. We will manage your collateral and documentation to facilitate loan approval.

Full Financing with 100% Bank Loans

We understand that financial accessibility is key, which is why we offer 100% bank loan availability. This unique opportunity is perfect if you are in need of complete financial support, providing an accessible path to your goals while also helping you build a positive credit history.

No Upfront Payment Required

We believe in easing your financial journey from the start. With our no upfront payment policy, you can embark on your investment without any initial financial strain, not only reducing your immediate burden but also reflecting our commitment to your satisfaction and trust in our services.

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