Personal loan is one of the more susbcribed financial products in Malaysia. Thus it is important for us to understand how loan works in Malaysia. Amost all financial instuition and bank offers personal loan. This can be approved bank that is operating under Bank Negara License (eg Maybank or CIMB Bank)  or Financial company operating under Ministry of Finance such as MCSB and Bank Rakyat

Personal loan is one of the easiest way to raise an amount of money with the lowest interest rates as compared to credit card. However a personal loan is usually fixed where the installment and interest rates are permanent through the entire tenure of the loan. Generally a personal loan is targatted to private or public sector employees. Public sector servants such as state Goverment staffs, Federal Government staffs, selected GLC ( Government listed companies) are able to enjoy lower interest rates loan as their repayment is fixed with schemes such as Biro Angkasa. One of the most popular loan that is catered for public sector is Bank Rakyat personal loan. Other banks which are popular are MSSB and also BSN

These borrowers will have their salary deducted beforehand thus raising the scurity of the loan to bank. All personal loans do not require gurantoor or security whoever this would make the loan harder to apply.

Typically loan is lock throught the tenure. You will have to pay a penalty if you want to settle a personal loan earlier. This is however not applicable for Syariah Compliant personal loan. You can just settle the loan with 1 month advance write in. 

Please make sure you have proper documents such as at least 1 year stable employement with proper bank and income statement before applying for a personal loan.  

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