Best Personal Loans

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Malaysia Best Personal Loans 2024 - Compare & Apply Online
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We found 57 personal loan(s) for you!

You Pay
/mth
Profit Rate
% p.a.
Max. Financing Amount
RM 300,000
Total payment

30% Cashback on profit repayment!

* Terms and conditions apply

    You Pay
    /mth
    Interest Rate
    % p.a.
    Max. Loan Amount
    RM 300,000
    Total Repayment

    30% Cashback on profit repayment!

    * Terms and conditions apply

      You Pay
      /mth
      Profit Rate
      % p.a.
      Max. Financing Amount
      RM 400,000
      Total payment

      Up to RM100 BSN SSP reward awaits you.

      *Terms and Conditions apply

        You Pay
        /mth
        Profit Rate
        % p.a.
        Max. Financing Amount
        RM 250,000
        Total payment
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          Interest Rate
          % p.a.
          Max. Loan Amount
          RM 150,000
          Total Repayment
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            % p.a.
            Max. Financing Amount
            RM 150,000
            Total payment
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              Profit Rate
              % p.a.
              Max. Financing Amount
              RM 200,000
              Total payment
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                Profit Rate
                % p.a.
                Max. Financing Amount
                RM 400,000
                Total payment
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                  % p.a.
                  Max. Financing Amount
                  RM 400,000
                  Total Repayment
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                    Max. Financing Amount
                    RM 50,000
                    Total payment
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                      Max. Loan Amount
                      RM 500,000
                      Total Repayment
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                        Max. Financing Amount
                        RM 50,000
                        Total payment
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                          Max. Loan Amount
                          RM 50,000
                          Total Repayment
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                            Max. Financing Amount
                            RM 200,000
                            Total payment
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                              Max. Financing Amount
                              RM 100,000
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                                Max. Financing Amount
                                RM 100,000
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                                  Max. Loan Amount
                                  RM 200,000
                                  Total Repayment
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                                    Max. Financing Amount
                                    RM 150,000
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                                      Max. Loan Amount
                                      RM 250,000
                                      Total Repayment
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                                        Max. Loan Amount
                                        RM 300,000
                                        Total Repayment
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                                          Max. Financing Amount
                                          RM 300,000
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                                            Max. Financing Amount
                                            RM 250,000
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                                              Max. Financing Amount
                                              RM 150,000
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                                                Max. Loan Amount
                                                RM 250,000
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                                                  RM 100,000
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                                                    Max. Loan Amount
                                                    RM 150,000
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                                                      Max. Loan Amount
                                                      RM 250,000
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                                                        Max. Financing Amount
                                                        RM 150,000
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                                                          Max. Financing Amount
                                                          RM 200,000
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                                                            RM 100,000
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                                                              RM 100,000
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                                                                RM 200,000
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                                                                  Max. Financing Amount
                                                                  RM 250,000
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                                                                    Max. Financing Amount
                                                                    RM 400,000
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                                                                      Max. Loan Amount
                                                                      RM 2,000
                                                                      Total Repayment
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                                                                        Max. Financing Amount
                                                                        RM 200,000
                                                                        Total payment
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                                                                          Max. Financing Amount
                                                                          RM 300,000
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                                                                            Max. Financing Amount
                                                                            RM 200,000
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                                                                              Max. Loan Amount
                                                                              RM 10,000
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                                                                                Max. Financing Amount
                                                                                RM 150,000
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                                                                                  Max. Financing Amount
                                                                                  RM 200,000
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                                                                                    Max. Financing Amount
                                                                                    RM 250,000
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                                                                                      RM 100,000
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                                                                                        Max. Financing Amount
                                                                                        RM 150,000
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                                                                                          Max. Financing Amount
                                                                                          RM 300,000
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                                                                                            Max. Loan Amount
                                                                                            RM 100,000
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                                                                                              Max. Loan Amount
                                                                                              RM 100,000
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                                                                                                Max. Financing Amount
                                                                                                RM 150,000
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                                                                                                  Interest Rate
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                                                                                                  Max. Loan Amount
                                                                                                  RM 150,000
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                                                                                                    Max. Financing Amount
                                                                                                    RM 50,000
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                                                                                                      Max. Financing Amount
                                                                                                      RM 400,000
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                                                                                                        % p.a.
                                                                                                        Max. Financing Amount
                                                                                                        RM 250,000
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                                                                                                          Max. Financing Amount
                                                                                                          RM 50,000
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                                                                                                            Max. Financing Amount
                                                                                                            RM 400,000
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                                                                                                              Interest Rate
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                                                                                                              Max. Loan Amount
                                                                                                              RM 300,000
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                                                                                                                RM 10,000
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                                                                                                                  Max. Financing Amount
                                                                                                                  RM 200,000
                                                                                                                  Total Repayment
                                                                                                                    Last updated: Jul 16, 2024

                                                                                                                    Other Personal Loan categories

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                                                                                                                    How do you apply for a personal loan online?

                                                                                                                    Step 1 Image

                                                                                                                    Step 1

                                                                                                                    Explore our Suggest Me Personal Loan tool to identify the best personal loan based on your requirements and eligibility.

                                                                                                                    Step 2 Image

                                                                                                                    Step 2

                                                                                                                    Select the best product that fits your requirements from the list of recommended personal loan products listed and click on the Apply button.

                                                                                                                    Step 3 Image

                                                                                                                    Step 3

                                                                                                                    Fill in a form with your details to be submitted for application, and a representative from iMoney or the bank will call you to process the application.

                                                                                                                    FAQs Personal Loans in Malaysia - FAQ

                                                                                                                    Your short-term money needs can be met by applying for a personal loan. Get relieved off the stress occasioned by urgent needs in times when you are hard up. This could help in scenarios when you want to acquire new furniture or when you have run short of funds for your honeymoon or wedding. This is highly convenient and it is a quick option for those who are in dire need of funds to rescue themselves from sudden money deficits or even the acquisition of a property that has been desired for long at the cost of an arm and a leg.

                                                                                                                    • A personal loan is an unsecured loan you borrow from a bank. This means that you can borrow money from the bank without the bank asking for any collateral. However, you should still repay your personal loan on time to avoid late penalty charges or negative impact on your credit score. 

                                                                                                                      A personal loan has a shorter repayment period compared to home loans. You are usually expected to fully repay your personal loan within 10 years. 

                                                                                                                      Also, unlike home or car loans, you can get a personal loan without any specific purposes. You can get it for home improvements, start a business or even for medical emergencies. However, we do not recommend getting a personal loan without careful consideration.

                                                                                                                    • There are two types of personal loans available: secured and unsecured loans.

                                                                                                                      What are secured loans? 

                                                                                                                      Secured loans are where you are required to offer an asset (e.g. car, house) as collateral in case you cannot repay your loan. 

                                                                                                                      This means that the lender has a legal right to seize the asset you listed in the event you cannot repay your loan within the agreed repayment terms.

                                                                                                                      Bigger loans like home loans may also require you to list a guarantor in case you fail to repay your loan.

                                                                                                                      What are unsecured loans?

                                                                                                                      Unsecured loans are loans where the lenders are not required to list any asset as a collateral. Instead, they will assess you’re your creditworthiness based on the following criteria among other factors before they decide if they want to lend you the money:  

                                                                                                                      • Your employment status 
                                                                                                                      • Your proof of income (at least 6 months)
                                                                                                                      • Your credit score 

                                                                                                                      These criteria will also determine how much you can borrow, your personal loan terms and interest rate. You can read about the types of personal loans and interest rates for more information.

                                                                                                                    • Firstly, let’s find out what is a conventional loan

                                                                                                                      A conventional loan follows conventional financing principles where lenders lend money to customers like you and earn profit from the interest you paid on your loan every month.

                                                                                                                      What is an Islamic financing?

                                                                                                                      An Islamic financing follows Shariah financing principles which prohibits Riba (interest-based transactions). Instead, it is based on the concept of earning through the sale of commodities which looks like this:

                                                                                                                      • Deferred Payment: where you will repay the Bank of the Item's Selling Price on deferred basis through monthly payments.

                                                                                                                      To find out more, you can read our article about Islamic property financing.

                                                                                                                    • While there are many reasons to get a personal loan, we recommend that you apply for one which can help you generate a return or reduce your debt over time. Some good reasons for getting a personal loan include:

                                                                                                                      • To better manage your debts through consolidation

                                                                                                                        If you currently have a few outstanding debts – like other personal loans and credit card balances – consolidating your debts into one lower-interest personal loan will help you better manage your debts. Not only will you be able to lower your overall interest payments and fix a monthly repayment, you will also find it easier to manage just one repayment instead of multiple.

                                                                                                                      • To improve your credit score

                                                                                                                        Taking a personal loan and refinancing it on time shows a bank that you can be trusted with credit (a.k.a borrowed money). A good way to do so is to take a low-interest personal loan to pay off your credit card balance – this does not just save you money but can also improve your credit score if you make your repayments on time!

                                                                                                                      • To pay for a medical emergency

                                                                                                                        Your physical health should always be prioritized over your financial health. If you or your loved one does not have medical insurance when hit by an unexpected health emergency, taking a personal loan is one of the easiest solutions to access the medical treatment needed.

                                                                                                                      Get more insight as you read our article about the right reasons to take a personal loan.

                                                                                                                    • The best personal loan for you is one that meets your needs and will not financially burden you. Use our iMoney Personal Loan Calculator to find what you need.

                                                                                                                    • It’s quick and simple:

                                                                                                                      1. Use our personal loan calculator to tell us what you are looking for, your basic and employment info. We will then recommend you a list of personal loans that fit your needs and eligibility.
                                                                                                                      2. Click “Apply” on the personal loan that you would like to apply for and fill out the application form (your basic and employment info).
                                                                                                                      3. We’ll get in touch with you within 1 business day to help you process and submit your application.
                                                                                                                      4. You will hear from the bank or provider on your application status.
                                                                                                                    • iMoney provides you with the tools that you need to find the best personal loan for your situation. Our iMoney consultants will help guide you through the application process and even assist you in checking your eligibility requirements for your preferred loan.

                                                                                                                      We offer:

                                                                                                                      • Personal loan calculator

                                                                                                                        A personal loan calculator to help you decide on how much you can afford to borrow. Our personal loan calculator helps you compare and find the best personal loans in Malaysia based on your needs and eligibility.

                                                                                                                      • Friendly customer care agents

                                                                                                                        Our friendly customer care agents will guide you through the borrowing process. They will call you to check your eligibility and recommend the right personal loan product with higher chances of approval. Our CCAs will also help you with your application after you have filled out your details.

                                                                                                                      • Quick and easy online applications

                                                                                                                        Apply from the convenience of your home. It's fast, free, and fully online (some banks may require you to visit a bank branch to verify your identity).

                                                                                                                    • This depends on your employment status, income, and your credit score. The highest loan amount you can borrow through a personal loan in Malaysia is RM200,000, depending on the financial institutions. However, your salary also plays a part in determining the loan amount that you qualify for. As a rule of thumb, a borrower can typically borrow up to four times his/her monthly salary. Use our personal loan calculator to compare and apply for the personal loan which fits your needs and eligibility.

                                                                                                                    • In general, there are three basic requirements for applying for a personal loan in Malaysia. These are:

                                                                                                                      1. You must be between the ages of 18 and 65 years old.
                                                                                                                      2. You must be a Malaysian citizen (some banks will make an exception if you apply in person).
                                                                                                                      3. You must not be bankrupt.
                                                                                                                    • The minimum salary requirement for a personal loan is determined by the lender and amount that you are looking to borrow. In general, you should have a salary of at least RM2,000 per month before applying for a personal loan.

                                                                                                                    • You need to be at least 18 years old and below 60 years old. The age requirement may differ slightly from financial institution to financial institution. Use our personal loan calculator above to find which financial institution offers a personal loan that you are eligible for.

                                                                                                                    • The documents needed to apply for a personal loan are:

                                                                                                                      • A copy of your NRIC
                                                                                                                      • Your salary slip
                                                                                                                      • Your EPF statement

                                                                                                                      You may also need other documents depending on your income status (salaried/self employed/commission).

                                                                                                                    • The interest rate of a personal loan depends on several factors including your income, employment status, and credit score. Use our personal loan calculator to find the personal loan that best fits your needs and eligibility.

                                                                                                                    • Flat Interest Rate Effective Interest Rate
                                                                                                                      Interest payments are based on the initial original principal amount. Interest payments are based on the remaining outstanding principal, and are recalculated at the end of each month.
                                                                                                                      You end up paying the same amount each month during the tenure of the loan. The amount you pay each month decreases across the tenure of the loan.
                                                                                                                    • Interest rates are determined by lenders based on their Base Rate (BR) plus their declared margin. This number is called the Effective Lending Rate (ELR). For example, Maybank has a BR of 1.75% plus a margin of 1.50%; this means the interest rate that you are charged is 3.25%.

                                                                                                                      Interest rates are expressed as Annual Percentage Rates (APR). This means that the interest is calculated for the whole year instead of a monthly basis. To get the monthly interest rate, just divide the APR by 12 months.

                                                                                                                      Visit our Learning Centre for more information on how the Base Rate works.

                                                                                                                    • The iMoney Personal Loan Calculator is designed to match you with the most suitable loan for your financial needs. It takes into account your salary (which will determine how much you are able to borrow), the type of loan you want, and amount you want to borrow.

                                                                                                                      You can also use the calculator to adjust the amount of time you will need to pay the loan back to get an idea of how much the monthly payments you can afford.

                                                                                                                    • The approval process can be as fast as 48 hours to a few days, depending on the bank or loan provider. Check out our list of fast approval loans which can process your application and disburse the loan to you within 48 hours.

                                                                                                                    • You can expect to pay a one time stamp duty fee, in addition to any other bank charges, when you take a personal loan. Additionally, you may have to pay an early settlement fee if you decide to pay off your loan early.

                                                                                                                      You will NOT be asked to pay any fees or charges when applying for a loan.

                                                                                                                    • No, there are no upfront fees required to apply for a personal loan or to process your application in Malaysia. iMoney services are completely free to its customers. Do contact the authorities if you have been asked by anybody to pay such fees. Be informed and read our article about loan scams in Malaysia.

                                                                                                                    • There are a number of factors that affect your chances of being approved for a loan. These include:

                                                                                                                      1. Your history of paying bills and other loans
                                                                                                                      2. The types of other loans and credit cards that you own
                                                                                                                      3. The length of your credit history
                                                                                                                      4. The number of loan applications that you have made over the last 12 months
                                                                                                                      5. Any legal action that has been taken against you

                                                                                                                      All of these factors are calculated as part of your credit score. To learn more, read our