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?
Whether you are buying a car, paying off debt or unexpected medical expenses, or need some 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:
Most banks in Malaysia offer comprehensive personal loan financing solutions to their clients.
Unlike traditional banks, online lenders offer borrower’s a simple way to search for and compare personal loan options between multiple lenders.
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, self-employed business owners, and students. 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
Reasons Your Loan Was Rejected
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.
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.
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.
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.
Why Bluebricks?
Licensed Loan Brokerage In Malaysia
We act as your loan agents and represent not only individuals but also businesses. As experienced technical financial advisors, we’ve helped various borrowers get their loans approved. Moreover, you will have access to a wide range of loans, even if you were rejected by a bank or lender. Our services are designed to ensure your loan application is approved.
10 Years Experience
We are there for our customers no matter the issue, handling the payment process and smoothing any bumps along the way. Our solutions, such as loan and credit solutions, consultancy on real estate financing, conveyance, and asset technology response, have been developed from the knowledge we have gained over our decade of experience.
One-Stop Solution
We provide an all-inclusive collateral service and act as a one-stop solution for clients. All you have to do is provide us with your relevant documentation, such as your income statement, assets and liabilities, employment record, and credit history. We will then prepare and submit your collateral and documents to your preferred lender for approval.
Personal Loans – FAQ
The fastest personal loans in Malaysia to get approved are those that do not require a credit check, payday loans, and car loans. These personal loans are best for people with bad credit as they have minimal requirements.
Here are five documents you should have prepared for your personal loan application to be approved quickly:
- Your proof of identity (e.g., Malaysian Identity Card)
- Your latest EA or BE form (with official tax receipt)
- Your latest three months' payslip and bank statement
- Your latest six months' EPF statement
All Malaysian citizens between 21 to 60 years old, with a monthly income of RM3,500 or more, can apply for a personal loan in Malaysia.
Yes, you must submit your proof of income to your lender to confirm your ability to repay your debt.
