{"id":1367,"date":"2012-09-17T15:32:49","date_gmt":"2012-09-17T07:32:49","guid":{"rendered":"http:\/\/blog.imoney.my\/?p=1367"},"modified":"2015-04-16T11:51:07","modified_gmt":"2015-04-16T03:51:07","slug":"4-things-you-should-know-before-you-apply-for-a-personal-loan","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/4-things-you-should-know-before-you-apply-for-a-personal-loan","title":{"rendered":"4 Things You Should Know Before You Apply For A Personal Loan"},"content":{"rendered":"<div id=\"attachment_4145\" style=\"width: 290px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-4145\" class=\" wp-image-4145 \" alt=\"shutterstock_866220\" src=\"\/articles\/wp-content\/uploads\/2012\/09\/shutterstock_866220.jpg\" width=\"280\" height=\"265\" srcset=\"\/articles\/wp-content\/uploads\/2012\/09\/shutterstock_866220.jpg 400w, \/articles\/wp-content\/uploads\/2012\/09\/shutterstock_866220-300x284.jpg 300w, \/articles\/wp-content\/uploads\/2012\/09\/shutterstock_866220-52x50.jpg 52w\" sizes=\"auto, (max-width: 280px) 100vw, 280px\" \/><p id=\"caption-attachment-4145\" class=\"wp-caption-text\">There are more than a dozen banks that offer personal loans in Malaysia<\/p><\/div>\n<p>Shopping for the best deals on personal loan can be a daunting task. There are more than a dozen banks that offer personal loans in Malaysia, so before you decide to settle on the perfect bank, here are just a few tips that you should keep note of.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Personal-Loan-Eligibility-criteria\"><\/span>Personal Loan Eligibility criteria<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Many personal loans have strict eligibility requirements. To pre-qualify for a personal loan in Malaysia, amongst the requirements include:<\/p>\n<ul>\n<li>Above 21 years of age (this differs with different bank \u2013 some do accept loan applicants who are 18 years old or older)<\/li>\n<li>A Malaysian citizen or with a Permanent Residence (PR) status<\/li>\n<li>Have a working bank account<\/li>\n<li>Have a regular income\/salary, or is a self-employed person<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Flat-interest-rate\"><\/span>Flat interest rate<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A flat interest rate is essentially the interest charged on your full principal (amount borrowed) over the term of the loan.<\/p>\n<p>Although the calculation is quite straight-forward, what borrowers tend to miss out is that with a flat interest rate calculation, interest is always charged on the initial amount of your loan. Hence, no matter how much of your loan has been paid up, you (the borrower) would still have to pay the full interest as calculated at the beginning of your loan.<\/p>\n<p><strong>An example of how flat interest rates work:<\/strong> Suppose you took out a RM10,000 loan at a flat interest rate of 10% per year. The interest charges would be RM1,000 every year until the entire loan amount is settled\/repaid (i.e. the interest rate is RM1,000 each year regardless of your loan balance).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Early-repayment-fees\"><\/span>Early repayment fees<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Some lenders would charge a penalty for borrowers who wish to fully repay their personal loan earlier than the agreed upon term (as this would cause the lenders to miss out on the interest rate earnings had the borrower held the loan for the full term). Early repayment fees tend to be a percentage (around 2% to 3%) charged on the outstanding loan balance at the time of the full repayment.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Late-Payment-Charges\"><\/span>Late Payment Charges<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Should you fail to make your monthly loan repayment on time, you may be charged a late payment fee. In addition, there are also two possible consequences. One, the lender has the right to take legal action against you. Second, the bank could deduct any credit balance from your bank account (provided if it\u2019s the same bank) to offset the amount you owe on your loan. If a borrower has applied for a secured loan, the bank could repossess the asset set as collateral.<\/p>\n<p>Want to apply for a personal loan? Find out which bank offers the <a href=\"\/personal-loan\">cheapest personal loan interest rate in Malaysia<\/a> here.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shopping for the best deals on personal loan can be a daunting task. There are more than a dozen banks that offer personal loans in Malaysia, so before you decide to settle on the perfect bank, here are just a few tips that you should keep note of. Personal Loan Eligibility criteria Many personal loans&#8230; <a class=\"view-article\" href=\"https:\/\/www.imoney.my\/articles\/4-things-you-should-know-before-you-apply-for-a-personal-loan\">View Article<\/a><\/p>\n","protected":false},"author":1,"featured_media":2588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-loan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>4 Things You Should Know Before You Apply For A Personal Loan<\/title>\n<meta name=\"description\" content=\"Before you apply for your next personal loan, make sure you understand these four important things.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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