6 Best Personal Loan Providers in KL & Selangor [2022]

Personal Loan Provider KL Selangor

 Personal Loan Provider KL Selangor
Personal Loan Provider KL Selangor

If you are in need of a personal loan, you will want to make sure that you get the best deal possible. There are many personal loan providers in KL and Selangor, but not all of them are created equal. In this blog post, we will list the 6 Best Personal Loan Providers in KL & Selangor.

1. HSBC

 HSBC - Personal Loan Provider KL Selangor (Credit: HSBC)
HSBC – Personal Loan Provider KL Selangor (Credit: HSBC)

HSBC is a financial business that provides reasonably competitive personal loans.

The HSBC Amanah Personal Financing-i is based on Commodity Murabahah. This personal loan is available to anybody who meets the criteria, whether Muslim or not.

The bank’s profit rate is determined by the loan amount you applied for. You can get fast approval within three banking days with a maximum expenditure of RM150,000.00.

Key Differentiators:

  • 2 years – 7 years on term loans
  • Profit rate depends on financing amount
  • Open to Muslim and non-Muslim

2. Maybank

 Maybank - Personal Loan Provider KL Selangor (Credit: Maybank)
Maybank – Personal Loan Provider KL Selangor (Credit: Maybank)

MayBank has monthly installments based on your loan amount, which is another advantage. Furthermore, you don’t need a guarantor or collateral, so that’s one more concern off your shoulders.

Aside from the quick approval for your loan, you’ll receive personal care insurance.

Key Differentiators:

  • Fixed monthly installment
  • No processing fee, guarantor, and collateral
  •  Personal care insurance protection

3. Co-op Bank Pertama

Co-op Bank Pertama - Personal Loan Provider KL Selangor (Credit: Co-op Bank Pertama)
Co-op Bank Pertama – Personal Loan Provider KL Selangor (Credit: Co-op Bank Pertama)

Co-op Bank Pertama’s name is derived from its business model, which is based on the concept of Murabahah (Tawarruq). During a money crunch, this organization is a choice you can reach for.

Aside from the maximum borrowing amount of RM200,000.00, you can borrow as little as 3.65 percent for a ten-year term with a maximum period of 10 years.Personal loans are approved and processed in as little as three working days if your paperwork is complete. You should also be sure you can make your monthly payment, as you’ll incur a 1% annual interest rate on the total monthly sum in arrears.

Key Differentiators:

  • Approval duration 3 working days
  • Profit rate: 3.65%
  • Financing period Maximum of 10 years

4. AmBank Group

 AmBank Group - Personal Loan Provider KL Selangor (Credit: AmBank Group)
AmBank Group – Personal Loan Provider KL Selangor (Credit: AmBank Group)

AmBank Group is another financial company that may be able to assist us with our personal loan requirements. With 43 years of serving the Malaysian people, AmBank Group is a bank can turn to for financial needs.

Personal Financing-i is a personal loan given by AMBANK Group. This personal loan has a fixed profit rate. You receive the profit rate of 4.35% per year as a civil servant, whereas you get 6.90% per year if you work in the private sector.

Another advantage is that you may use takaful to cover your loan interest, as there is no collateral necessary.

Key Differentiators:

  • No collateral required
  • No advance installments required
  • Rebate on early settlement

5. Public Islamic Bank

 Public Islamic Bank - Personal Loan Provider KL Selangor (Credit: Public Islamic Bank)
Public Islamic Bank – Personal Loan Provider KL Selangor (Credit: Public Islamic Bank)

The Plus BAE Personal Financing-i from  Public Islamic Bank has a solid financial track record. They could be the personal loan you’ve been looking for.

Takaful coverage is not required for a loan with this company, as with other alternatives. Furthermore, if your records are in good shape, you won’t need a guarantor or collateral to obtain financing. Takaful coverage is also an option.

Key Differentiators:

  • Open to all existing House/ Term Financing-i or Cash Line Facility-i customers
  • Attractive margin of financing
  • Payment period up to 10 years

6. Bank Rakyat

 Bank Rakyat - Personal Loan Provider KL Selangor (Credit: Bank Rakyat)
Bank Rakyat – Personal Loan Provider KL Selangor (Credit: Bank Rakyat)
  • Key Services: Personal Loan, Personal Financing- i Public Sector, i Private Sector, i for Pensioner, and i Debt Consolidation
  • Website: https://www.bankrakyat.com.my/
  • Address: Menara 1, Menara Kembar Bank Rakyat, No.33, Jalan Rakyat, KL Sentral Kuala Lumpur, Malaysia 50470
  • Phone: +60 1-300-80-5454
  • Operating hours: 8:30 AM – 5:30 PM

Bank Rakyat offers Personal Financing solutions for a variety of reasons. Bank Rakyat returns to the idea of Tawarruq and provides simple loan characteristics to make financial life easier.

Personal Financing-i Public and i Private is a type of Personal Financing offered by Bank Rakyat. Aside from the most amount of RM200,000.00 that may be borrowed under Personal Financing-i Public, you will not require a guarantor as opposed to Co-op Bank Pertama. Takaful insurance is not required, though it’s an option. A fixed or floating coverage is available.

Personal Financing-i Private, on the other hand, offers loans of up to RM150,000.00 with a loan tenure of five or ten years and no guarantee required. Takaful cover is not necessary, however.

Key Differentiators:

  • Fixed or floating rate
  • Approval: 3-business days
  • Minimum loan tenure: 1 year – Maximum loan tenure: 10 years

Personal Loan Provider KL Selangor

There are a number of personal loan providers in Kuala Lumpur and Selangor, each with their own benefits and drawbacks. It is important to do your research before committing to a provider, as you want to make sure you are getting the best deal possible. Consider what type of personal loan you need, how much money you need to borrow, and what your repayment schedule will be like. Once you have narrowed down your options, compare interest rates, fees, and other associated costs before making a final decision.

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