Best Saving Account in Malaysia
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We found 84 saving account(s) for you!
Based on the most popular saving account on our site.
Win RM 600,000 or Proton X70 car!
CIMB Kwik Account
Minimum Deposit
Profit Rate
0.00% p.a.
RM 0
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CIMB Prime Savings Account
Minimum Deposit
Profit Rate
0.60% p.a.
RM 1,000
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UOB ProSave Account-i
Minimum Deposit
Profit Rate
1.60% p.a.
RM 100
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UOB Fun Savers
Minimum Deposit
Profit Rate
1.45% p.a.
RM 1
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UOB InvestPro
Minimum Deposit
Profit Rate
1.70% p.a.
RM 100
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MBSB Cash Rich Savings Account-i
Minimum Deposit
Profit Rate
1.65% p.a.
RM 100
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MBSB Cheeky Savings Account-i
Minimum Deposit
Profit Rate
2.10% p.a.
RM 20
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MBSB Wise Saver Savings Account-i
Minimum Deposit
Profit Rate
1.25% p.a.
RM 20
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Bank Muamalat Al-Mudharabah Savings Account
Minimum Deposit
Profit Rate
2.00% p.a.
RM 10
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Bank Muamalat Basic Savings Account
Minimum Deposit
Profit Rate
RM 20
RM 20
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Bank Rakyat Basic Savings Account-i Nuri
Minimum Deposit
Profit Rate
0.75% p.a.
RM 10
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Bank Rakyat Basic Savings Account-i Teenager
Minimum Deposit
Profit Rate
3.00% p.a.
RM 10
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Bank Rakyat Basic Savings Account-i Adult
Minimum Deposit
Profit Rate
3.00% p.a.
RM 10
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BSN GIRO eSaver
Minimum Deposit
Profit Rate
2.00% p.a.
RM 0
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BSN SEDAR Account
Minimum Deposit
Profit Rate
2.50% p.a.
RM 0
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BSN Basic Savings Account
Minimum Deposit
Profit Rate
0.25% p.a.
RM 0
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BSN Basic Savings Account-i
Minimum Deposit
Profit Rate
0.95% p.a.
RM 20
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BSN GIRO-i eSaver
Minimum Deposit
Profit Rate
2.00% p.a.
RM 500
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BSN GIRO-i Savings Account-i
Minimum Deposit
Profit Rate
1.06% p.a.
RM 0
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CIMB Islamic Basic Savings Account-i
Minimum Deposit
Profit Rate
0.80% p.a.
RM 20
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CIMB Islamic EcoSave Savings Account-i
Minimum Deposit
Profit Rate
1.00% p.a.
RM 250
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CIMB AirAsia Savers Account
Minimum Deposit
Profit Rate
1.00% p.a.
RM 250
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CIMB Regular Savings Account
Minimum Deposit
Profit Rate
0.35% p.a.
RM 250
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CIMB Basic Savings Account
Minimum Deposit
Profit Rate
0.80% p.a.
RM 20
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Citibank Basic Savings Account
Minimum Deposit
Profit Rate
1.00% p.a.
RM 20
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Hong Leong Islamic Bank Basic Savings Account-i
Minimum Deposit
Profit Rate
0.25% p.a.
RM 20
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Hong Leong Islamic Junior Savings Account -i
Minimum Deposit
Profit Rate
1.50% p.a.
RM 1
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Hong Leong Islamic Multi-Tier savings account -i
Minimum Deposit
Profit Rate
0.05% p.a.
RM 100
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Hong Leong Premium Savings Account
Minimum Deposit
Profit Rate
0.90% p.a.
RM 10,000
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Hong Leong Junior Savings Account
Minimum Deposit
Profit Rate
1.50% p.a.
RM 1
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Hong Leong Basic Savings Account
Minimum Deposit
Profit Rate
0.25% p.a.
RM 20
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Maybank Islamic Imteen-i Account
Minimum Deposit
Profit Rate
2.65% p.a.
RM 50
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Maybank Islamic Basic Savings Account-i
Minimum Deposit
Profit Rate
0.25% p.a.
RM 20
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Maybank Islamic Yippie-i Savings Account
Minimum Deposit
Profit Rate
1.90% p.a.
RM 1
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Maybank Golden Savers Savings Account-i
Minimum Deposit
Profit Rate
1.95% p.a.
RM 1,000
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Maybank Savings Account-i
Minimum Deposit
Profit Rate
0.40% p.a.
RM 250
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Maybank Golden Savers Savings Account
Minimum Deposit
Profit Rate
0.70% p.a.
RM 1,000
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Maybank Kawanku Savings Account
Minimum Deposit
Profit Rate
0.40% p.a.
RM 250
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Maybank Maybank2u Savers
Minimum Deposit
Profit Rate
1.00% p.a.
RM 250
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Maybank Maybank2u Savers-i
Minimum Deposit
Profit Rate
1.00% p.a.
RM 250
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Maybank Basic Savings Account
Minimum Deposit
Profit Rate
0.25% p.a.
RM 20
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Maybank Yippie Savings Account
Minimum Deposit
Profit Rate
1.90% p.a.
RM 1
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Maybank imteen Account
Minimum Deposit
Profit Rate
1.90% p.a.
RM 50
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Public Bank 50 PLUS Savings Account
Minimum Deposit
Profit Rate
1.20% p.a.
RM 2,000
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Public Bank PB Bright Star Savings Account
Minimum Deposit
Profit Rate
2.95% p.a.
RM 50
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Public Bank PB SaveLink Account
Minimum Deposit
Profit Rate
0.60% p.a.
RM 500
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Public Bank PLUS Savings Account
Minimum Deposit
Profit Rate
0.80% p.a.
RM 250
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Public Bank Basic Savings Account
Minimum Deposit
Profit Rate
0.45% p.a.
RM 20
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Public Bank WISE Savings Account
Minimum Deposit
Profit Rate
1.95% p.a.
RM 1
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Public Bank Young Achiever Savings Account
Minimum Deposit
Profit Rate
2.95% p.a.
RM 500
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Public Bank Basic Wadiah Savings Account-i
Minimum Deposit
Profit Rate
0.60% p.a.
RM 20
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Public Bank Bestari Savings Account-i
Minimum Deposit
Profit Rate
1.00% p.a.
RM 10
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RHB Junior Savings Account
Minimum Deposit
Profit Rate
3.20% p.a.
RM 1
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RHB Basic Savings Account
Minimum Deposit
Profit Rate
0.28% p.a.
RM 20
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RHB MySave Account
Minimum Deposit
Profit Rate
0.60% p.a.
RM 100
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RHB Passbook Savings Account
Minimum Deposit
Profit Rate
1.00% p.a.
RM 250
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RHB Statement Savings Account
Minimum Deposit
Profit Rate
1.00% p.a.
RM 100
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Standard Chartered JustOne Personal Savings Account
Minimum Deposit
Profit Rate
0.25% p.a.
RM 0
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Standard Chartered JustOne Preferred Savings Account
Minimum Deposit
Profit Rate
0.50% p.a.
RM 5,000
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Standard Chartered JustOne Priority Savings Account
Minimum Deposit
Profit Rate
1.00% p.a.
RM 0
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Standard Chartered Basic Savings Account
Minimum Deposit
Profit Rate
0.25% p.a.
RM 20
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Affin Islamic AffinGold-i
Minimum Deposit
Profit Rate
2.00% p.a.
RM 1,000
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Affin Islamic Wealth Saver-i
Minimum Deposit
Profit Rate
1.85% p.a.
RM 100
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Affin Islamic Savings Account-i
Minimum Deposit
Profit Rate
1.85% p.a.
RM 100
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Affin Islamic Junior Saver-i
Minimum Deposit
Profit Rate
1.85% p.a.
RM 1
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Affin Islamic Barakah Charity Account-i
Minimum Deposit
Profit Rate
2.20% p.a.
RM 100
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OCBC Booster Account
Minimum Deposit
Profit Rate
3.10% p.a.
RM 500
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OCBC 360 Account
Minimum Deposit
Profit Rate
2.70% p.a.
RM 500
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Bank of China Malaysia Panda Junior Dual Currency Savings Account (PJSA)
Minimum Deposit
Profit Rate
3.15% p.a.
RM 20
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Bank of China Malaysia Basic Savings Account
Minimum Deposit
Profit Rate
1.00% p.a.
RM 20
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RHB Saving Account-i
Minimum Deposit
Profit Rate
1.25% p.a.
RM 200
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RHB MaxSave Account
Minimum Deposit
Profit Rate
1.00% p.a.
RM 200
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Alliance SavePlus Account
Minimum Deposit
Profit Rate
2.50% p.a.
RM 250
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RHB Smart Account-i
Minimum Deposit
Profit Rate
2.85% p.a.
RM 1,000
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UOB Lady's Savings Account
Minimum Deposit
Profit Rate
0.75% p.a.
RM 500
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RHB Smart Account
Minimum Deposit
Profit Rate
2.85% p.a.
RM 1,000
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Alliance SavePlus Account-i
Minimum Deposit
Profit Rate
2.55% p.a.
RM 250
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Kuwait Finance House Basic Savings Account-i
Minimum Deposit
Profit Rate
1.50% p.a.
RM 20
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HSBC Basic Savings
Minimum Deposit
Profit Rate
0.25% p.a.
RM 20
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HSBC Amanah Basic Savings Account-i
Minimum Deposit
Profit Rate
0.25% p.a.
RM 20
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UOB Stash Account
Minimum Deposit
Profit Rate
3.20% p.a.
RM 500
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UOB One Account
Minimum Deposit
Profit Rate
6.00% p.a.
RM 500
Win RM 600,000 or Proton X70 car!
Commodity Murabahah Savings Account - i
Minimum Deposit
Profit Rate
5.00% p.a.
RM 20
Win RM 600,000 or Proton X70 car!
BSN Sijil Simpanan Premium
Minimum Deposit
Profit Rate
2.50% p.a.
RM 10
Still unsure about which
product best suits you ?
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How to Find a Saving Account with the best Interest Rate ?Intense competition in the banking sector means certain banks do offer higher interest rates for their savings accounts compared to others in order to capture a wider market segment. As a smart consumer, you are advised to make an effort to seek out these banks. To find the savings accounts with the best interest rates in Malaysia, simply refer to the table at the top of the page, which contains a list of all savings accounts offered by major banks in Malaysia as well as their latest prevailing rates. Upon finding a savings account you like, you can also apply for one online and at no charge. Simply click on “Apply Now” beside the savings account of your choice, and allow our consultant to help make the necessary arrangements on your behalf.
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Are Your Deposits Safe With a Saving Account ?Deposits made at most banks in Malaysia are protected by Perbadanan Insurans Deposit Malaysia (PIDM), an insurance that automatically insures depositors against closure of the bank for up to RM250,000 per depositor per bank. Banks that are protected under PIDM are known as PIDM member banks, usually identifiable by a PIDM sign at the front counters. To be insured by PIDM for more than RM250,000, the best way is to place any amount above RM250,000 with a different bank. Another way is to place the money into a joint-name account or an Islamic account, which are insured separately from conventional single-name account.
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Does a Savings Account Generate Interest Rate ?Most savings accounts in Malaysia do generate interest, but the rates pale in comparison to the returns generated by Fixed Deposit accounts. Generally speaking, saving accounts are not considered good financial vehicles to generate interest returns from your money. Instead, they are mostly considered as a means to store and withdraw money for everyday expenditure. To get the best return from your savings account, always make sure you have done the necessary comparison between different savings accounts before you commit. Also, some savings accounts may feature a tiered interest rate system, which gives you a higher interest rate for higher account balances. Ultimately, you should always find out more about your saving account in order to take full advantage of its policies.
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How Do Saving Accounts Work ?In a standard savings account arrangement, you deposit your funds to a bank and receive interest based on the amount of money you have in the account on periodic basis. You are allowed to access the funds you have deposited through a variety of mediums, which include withdrawals from a bank counter, an Automated Teller Machine (ATM) through a debit card, or via phone banking and in certain cases, through an online banking service. Savings accounts generally do not have cheque facilities. In Malaysia, a deposit account that works in an identical manner as a savings account but comes with a chequebook is known as a current account. However, current accounts are typically harder to qualify for, and could also come with maintenance charges.
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Small business loans to suit your short term financing needsPersonal loans can be used not only to bridge person cash needs, but also small business needs. Sole proprietors may find these small business loans useful to fund business expansions, fulfill short term cashflow needs, or even to jumpstart a new business venture. The banks and products selected offer larger loan amounts, longer loan tenure or favourable interest rates to high-credibility borrowers for the purpose of doing business.
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What is the best credit card for me ?The best credit cards in Malaysia is different for each person, as it depends on what you want and what you're looking for from your credit cards. If you want to compare and find the credit card that is best suited for you, you should try using our credit card comparison tool available on our product listing page. Just simply check the tickbox on the products you want to compare and press the 'Select products to compare' button. You can compare up to 3 products at the same time.
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What are the credit limits In Malaysia ?In Malaysia, credit card holders with income of RM36,000 or less in a year are restricted to a maximum credit limit of twice of his or her monthly income. For example: if your monthly income is RM2,000, your credit limit would be a maximum of 2 × RM2,000= RM4,000. Credit limits for those earning above RM36,000 are determined by the card issuers.
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Can I use a credit card to transfer/withdraw money ?No, you cannot use a credit card to transfer or withdraw money.
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What documents do I need for an application ?The documents needed for an application are different depending on which credit card you want. However, they will usually ask for: A copy of your MyKad (both sides) Your payslips from the last three months or, Your latest bank statements from the last three months or Your EPF statements from the last three months or, If you are self-employed, your latest Borang B/BE with LHDN acknowledgement.
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How many credit cards can you hold in Malaysia ?You can hold any number of credit cards from a maximum of two (2) card issuers if you are a qualified cardholder with an annual income of RM36,000 or less. There are no limitations on the number of cards and card issuers if your annual income is above RM36,000.
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What happen if I miss a payment on my credit card ?You will be charged a penalty of 1% of the unpaid amount on your bill (or a minimum of RM10) if you miss a payment. This amount is cumulative, so it will add up over time.
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What is minimum salary when applying for a credit card ?Different credit cards have different minimum salary requirements, so the best thing you can do is look for a credit card that has a minimum salary requirement that you can meet.
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What are the benefits of having a credit card?The benefits of having a credit card include: 1) An opportunity to build a good credit history 2) Convenient and easy to track your purchase history 3) You can get cash advance in emergencies And many more.
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Do I qualify to apply for a credit card ?To check if you qualify for a credit card, you can refer to our credit card FAQ section and check the requirements needed for any listed credit cards.
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What is a credit card and how does it work?A credit card is a card issued by a bank that allows its owner to pay for goods and services with merchants that allow card payments. The way it works is that each credit card has a set limit of funds (credit) that you can access through the card, which you can use in advance to purchase goods and services and pay back the funds at the end of the month or according to the repayment schedule with or without interest charges.
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What are the different credit card categories in Malaysia ?There are various types of cards, each with different privileges and functions. In Malaysia, these are the major categories of credit cards you can consider applying for: Rewards credit cards: These cards give you reward points for purchases made using your credit card. Reward points are redeemable for gifts, vouchers, and other benefits. Cash back credit cards: These cards return a percentage of what you spend on the card each month. The value of this cashback depends on what you’re buying, as each card caters to a certain type of lifestyle. Balance transfer credit cards: Balance transfer is a credit card feature that allows you to move high-interest debt from one or more credit cards to a new card with a lower interest rate. This can significantly reduce the amount of interest you pay and serves as a strategic tool to regain control over your finances. Low interest: These cards offer lower interest rates compared to conventional cards. Travel credit cards: These cards give you air miles with partner airlines for selected purchases. Miles are redeemable for travel-related privileges, such as air tickets, and seats upgrades with participating airlines. Petrol credit cards: These cards offer petrol-related benefits, such as cash rebates or extra reward points on fuel and spending at petrol kiosks. Dining credit cards: These cards offer discounts and promotions for various restaurants and eateries. Shopping credit cards: These cards offer discounts and promotions from various shopping outlets and stores. Some shopping credit cards also cater to online shopping as well. Premium credit cards: Premium cards offer promotions and privileges that focus on higher-end products and services, such as golfing, fine-dining and exclusive clubs. Islamic credit cards: These are credit cards which are compliant with Islamic law or Shariah. Islamic credit cards are easy to identify because they usually have the “-i” suffix in their names.
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What credit card can I get with a low credit score ?It is very difficult to get a credit card with a low credit score. We recommend you to instead focus on improving your credit score before trying to get a credit card.
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What are the minimum monthly repayments ?Card holders are generally required to make a minimum payment of 5% of your monthly bill (or a minimum of RM50).
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What are the important factors you should compare for credit cards ?Some of the factors that you need to compare include the Annual Percentage Rate (APR), the minimum repayment amount, the annual fee, other charges, and other factors. If you want an easy way to compare different credit cards, browse through the list of products on our credit card listing page and use our comparison tool by ticking the check box on the product tile and pressing the 'select products to compare' button. You may compare up to 3 different products.
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Which type of credit card is best for me ?The best credit card for you depends on what features and benefits you are looking for from your credit card. Different credit cards come with a different features and benefits, so the first step for you will be to determine which features and benefits will be the best option for you.
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How to apply for a credit card online ?There are many ways for you to apply a credit card. Some can be applied by calling into the customer careline of a specific bank, and some can be applied on the website of a specific bank. However, if you're looking for an easy way to apply for credit cards, why not try using our SmartSearch credit card application feature?
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What are the main requirements for credit card application ?The main requirements for credit card applications in Malaysia is Age, Malaysian nationality, and minimum income requirements.
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How does a credit card installment work ?Some retailers will offer installment plans for your credit card purchases. In this case, you will be allowed to pay for your purchase through monthly payments. These payments will be reflected in your credit card statement, which you are required to pay off at the end of each month.
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What are the credit card interest rates?Interest rates for credit cards in Malaysia commonly range between 13.5 – 17.5% p.a. You might be charged a higher interest rate if you have a history of missing payments on bills and loans, or other credit cards. If you have a low credit score, this may also affect the interest rate you are charged.
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Can I use a credit card to get a cash advance ?No, you cannot use a credit card to get a cash advance.
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Islamic VS Conventional MortageThe banks presented in the comparison table offer both Islamic and conventional loans. Islamic loans are Shariah compliant. Instead of borrowing and lending, Islamic finance relies on sharing the ownership of the assets and therefore risk and profit/loss.
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Some Factors You Need to Be Aware of When You Choose a Home LoanMargin of Financing: the margin of financing is also known as the loan-to-value ratio. The margin of financing is the amount of your loan expressed as a percentage of the property's value. The lower the margin of financing, the more 'equity' there is in the property. The margin of financing could go as high as 95% (of the value of the house), and is assessed on factors such as: Type of property Location of property Age of the borrower Income of the borrower Early Termination Penalty: Some mortgage lenders may apply an early termination penalty if the loan is paid off in part or in full within a specified time period, including if you refinance the loan with another lender. This specified time period where you are liable to pay an early termination penalty is called the 'lock-in period'. Depending on the term and size of your loan, this charge can be quite significant. Fees & Charges: There are a number of related costs (such as professional fees and government charges) that you would have to pay when you take out a mortgage. Some common fees and charges you would expect to incur include: Stamp duties: Sale & Purchase Agreement (0.5% to 1.0%), Loan Agreement (0.5%) and Transfer of Title (1.0% to 2.0%) Disbursement Fees: varies by state, land office and type of property Processing Fees: one time charge by the lenders (up to a few hundred ringgit).
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RefinancingYou might choose to refinance your current mortgage in case another bank offers a lower mortgage interest rate. In order to do it, please submit your application for the bank loan that you would like to take and our mortgage consultants will contact you and explain you the details.
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BR & Other Loan TermsBase Rate (BR): BR in Malaysia is a reference interest rate used by banks to decide how much to charge for various products they offer. In Malaysia, home loans are normally quoted as a percentage above or below the BR. This means, if the BR increases or decreases by a certain amount, the interest rates charged on floating rate loans also increase or decrease by the same amount. Down payment: An upfront payment made by the buyer of a house or car (or other highly priced goods/services). Down payments are typically expressed as a percentage of the full purchase price. For example, a 10% down payment of a RM500,000 home is RM50,000. Foreclosure: A foreclosure happens when the bank repossesses your property and attempts to sell it in order to settle the outstanding amount on your loan. This usually happens when you consistently fail to pay your loan instalments. Mortgage: This is an agreement with the bank to use your property as security in exchange for providing you with a loan to purchase the property. Loan Tenure: This means "period" or "number of years". If a mortgage has a "tenure" of 30 years, it usually means it would take 30 years to fully pay off the loan. Mortgage Reducing Term Assurance (MRTA): This is a type of mortgage insurance. An MRTA provides protection for an outstanding loan amount (usually a home loan), in the event of death or total permanent disability of the person insured. The amount of protection reduces over time, and normally matches the outstanding loan amount. Prepayment (of house loan): Fully or partially paying off your (home) loan before it is due.
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How to use a Housing Loan Calculator ?Duitmyplus has created a housing loan calculator that makes calculating the monthly repayments easy for you. To use the mortgage calculator just scroll up to the top of this page, type in the property price that you would like to borrow and for how long. It will do all the calculations and will present you with the best mortgage deals for you.
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What is a Home Loan ？If you already have an existing housing loan in Malaysia and want to change to another product or lender without moving home, it is known as a 'refinancing'.
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How do Home Loans in Malaysia work ?Interest rates for housing loans in Malaysia are usually quoted as a percentage below the Base Rate (BR). For example, if the current BR rate is 4.00% (Update: As of 2nd January 2015, Base Lending Rate (BLR) has been updated to Base Rate (BR) to reflect the recent changes made by Bank Negara Malaysia, and subsequently by major local banks), the interest rate on a 'BR + 0.45%' loan would be 4.45%. You can check all the home loan interest rates and fill in the home loan application in the home loan calculator above. In a typical Malaysian mortgage, you make monthly payments for an agreed period (i.e. the loan tenure) until you've fully repaid both the principal of the loan and the interest. During the early years of the loan, the majority of your monthly repayments are used to repay interest, however, as time passes, a larger proportion of your repayments will go into paying down the principal.
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Can I get a personal loan if I am unemployed ?As most banks require some proof of income, getting a personal loan without a job can be difficult. Even if you get approved, the loan terms and interest rates you receive may not be the best as financial institutions tend to offer better terms and rates for customers with a good credit score and the employed.
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What documents are required to apply for a personal loan ?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).
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What is a personal loan ?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.
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What does these common personal loan terms mean ?
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What are the factors that affect my personal loan approval ?There are a number of factors that affect your chances of being approved for a loan. These include: Your history of paying bills and other loans The types of other loans and credit cards that you own The length of your credit history The number of loan applications that you have made over the last 12 months 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 article on everything you need to know about your credit score.
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How are personal loan interest rates calculated ?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.
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Where can I apply for a personal loan, and why should I apply through via us?We 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 calculatorA 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 agentsOur 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 applicationsApply 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).
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When should I apply for a personal loan ?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.
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Can I use a personal loan for debt consolidation ?Yes, personal loans are suitable for debt consolidation.
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How do I apply for a personal loan online ?It’s quick and simple: 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. Click “Apply” on the personal loan that you would like to apply for and fill out the application form (your basic and employment info). We’ll get in touch with you within 1 business day to help you process and submit your application. You will hear from the bank or provider on your application status.
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Do I have to pay upfront fees or deposit to apply for a personal 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.
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Will a personal loan affect my credit score ?Yes it will. If you meet your monthly commitments without fail, a personal loan can improve your credit score. However, if you miss your monthly payments it may also have a negative impact on your credit score.
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What are the different types of personal loans in Malaysia ?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.
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What is the different between Flat Interest Rate and Effective Interest Rate ?
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What are the general requirements when applying for a personal loan in Malaysia ?In general, there are three basic requirements for applying for a personal loan in Malaysia. These are: You must be between the ages of 18 and 65 years old. You must be a Malaysian citizen (some banks will make an exception if you apply in person). You must not be bankrupt.
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Can I get personal loan if I am an expat ?As we are unable to process personal loan applications for expats, we advise you to visit a bank branch to apply. However, you can apply for certain credit cards with us. Compare and apply for a credit card that best fits your needs and eligibility.
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How much can I borrow with a personal loan ?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.
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What is the minimum salary requirement for a personal loan ?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.
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How does the personal loan calculator work ?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.
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What is the best personal loan for me ?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.
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Can I get a personal loan if I am still a student ?The minimum age requirement for a personal loan in Malaysia is 18 years old. However, you will need to have a consistent stream of income in order to qualify for a loan. You are eligible to get a personal loan if you fulfill all the criteria below: Aged 18 and above Have an income slip for at least 6 months, with an employment letter
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How long does it usually take for a personal loan to get approved ?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.
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How do personal loan interest rates work ?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.
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What are the usual personal loan fees and charges ?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.
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What is the age requirement to apply for personal loans in Malaysia ?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.
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What are the differences between Islamic financing and conventional loans? Which should you get ?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.
