Every once in a while, your circumstances require you to seek out a bank loan, be it for your personal needs or to fund your home or business. With plenty of bank loans in Malaysia, it should be easy to find the one that suits your needs the most, whatever your financial condition is. Find out the three types of bank loans you can easily find in Malaysia:
1. Personal Loans
If you’re looking to finance your child’s education, your own wedding, or any other needs that require a hefty amount of money, you can apply for personal loans. The minimum eligibility is that you must be a Malaysian aged between 23 to 60 years old, with a minimum income of RM 7,500 (amount varies depending on different banks).
2. Home & Property Loans
There are usually three types of loans under this category: Home Loans, My First Home Scheme, and Special Housing Loan Scheme. They all come with fixed or variable rates. For Home Loans, there’s no restrictions on loan amount, and you need to be 18 and above. If you’re getting the My First Home Scheme, your income can’t exceed RM 3,000 a month, and the property should value between RM 100k and RM 400k. For the Special Housing Loan Scheme, the applicant may only own one house at any point in time, with the financing of up to RM 100k – RM 120k.
3. Business Loans
For business owners, you can get financing for a commercial property, equipment and machinery, and business term. The minimum requirement for applicants is that you need to be a Malaysian-registered entity, with the intent to purchase for investment or business. There may be fees and charges depending on a variety of factors (i.e. type of collateral pledged, financing amount). For equipment financing, there’ll be fixed monthly installments with no extra charge for repayment by Standing Instruction. For a business term loan, the financing amounts range from RM 50k to RM 400k, with a financing tenure of three to five years with no lock-in period. This loan has a hassle-free application, which means there’s no collateral, expensive legal fee, and corporate guarantee corporation fee involved.
To be eligible for any bank loan, remember to prepare the right documents. Aside from the finance-related legal documentation, make sure you’ve also included your personal details such as photocopies of your IC and payslip, among other things. Meeting the document requirements will smoothen the process. If you’ve been looking for ways to finance your needs, you can explore more bank loans in Malaysia in various categories.