Back Select Language malaysia
  • BAHASA MELAYU (coming soon)
landing bear

Why Compare Malaysia Personal Loans At GoBear?

  • Unbiased -Trusted by 2 million users as the fairest of all.
  • Simplicity - Endorsed by Think with Google. No hoops to jump through, 3 steps is all it takes.
  • Personalised Search - We're users just like you and we understand your needs.
  • Time saver - Skip the private details and compare for free in seconds. Best of all, we have the widest selections in Malaysia.
I would like to
RM{{criteria.amount| number}}
You can borrow up to 35 times your monthly income.

for a period of months.
My monthly income is
RM{{criteria.income| number}}
Uh oh! Try a different loan amount. You can borrow up to 35 times your monthly income.
Start Over
If you click on "Ok, let's go!" above, we're guessing you're on board with our T&Cs and privacy policy.
Go Start Over
If you click on "Ok, let's go!" above, we're guessing you're on board with our T&Cs and privacy policy.
By clicking on this button, I agree to the GoBear terms & conditions and privacy policy.

Fast track your Renovation, Education and Personal plans with advance cash.*

Renovation – Even after spending a hefty sum on your crib, you are still one step short of calling that empty shell a home. A Personal Loan can take care of your renovation needs, which adds value to your life and property.

Education – Get ahead of the pack and finance your university or post-graduate studies. A Personal Loan can fund your education, which enables you to increase your earning power and ensure longevity in your career.

Personal – Need some extra cash to tide through emergencies or having difficulty keeping track of your mounting debts? A Personal Loan allows you to consolidate all the tiny loans into one big loan so you can focus on just paying that one loan.

*We compare personal loans with tenure of 1 to 10 years depending on the loan purpose. The E.I.R depends on your personal circumstances and will be between 7.80% and 41.73%. This is an example of what it may cost: A loan of RM15,000 for renovation at 14.43% for 5 years will have a monthly payment of RM350 and total payments of RM21,100, including the processing fee of RM100.

Compare and apply for Personal Loans from Malaysia's most trusted banks on GoBear.
Problems solved, life goes on.

Follow us on Facebook, and learn more about Personal Loans through our blog and FAQs.

Compare Now

Follow us on Facebook, and learn more about Personal Loans through our blog and FAQs.

Compare Now
  • 1.What can I use personal loan/finance for?
    A personal loan is an unsecured installment loan that you can use for pretty much whatever you want. You can use it to finance a medical emergency, a family holiday or even that new laptop you’ve been eyeing on. There are more specialized loan products available if you need to finance your renovation or education.
  • 2.Who can get a personal loan/finance?
    To qualify for a personal Loan/finance you need to be: - A Malaysian or a Malaysian permanent resident. - Aged between 21–65. Also, you will need to earn at least - RM 9,600 per year if you are a Malaysian. - RM 24,000 per year if you are Permanent Resident in Malaysia.
  • 3.What is the difference between a personal loan and personal finance-i?
    Personal loan: This is a lending facility which disburses you a certain amount of money, which you will have to repay over a certain tenure with interest based on your Principle amount Personal Finance-i: This is a finance facility that functions according to the principles of the Shariah. Instead of paying interest like a personal loan, you pay a percentage of profit over an asset that the bank has bought on your behalf. Two main Shariah principles that Banks apply is Murabaha and Bai al Inah.
  • 4.What documents are required for a personal loan/finance application?
    - Photocopy of your NRIC (both sides) - If you are a salaried employee, you’ll need proof of your income. Banks accept a variety of documents to verify this, such as salary slips, tax returns, EPF statement or bank account statements. Depending on the bank, they will require a combination of these documents. - In addition, if you are applying for a loan only available to Public servants and GLC employees or other special private enterprises, you often need to provide proof of employment letter by your employer - If you are self-employed, you’ll also need proof of your income. Banks accept a variety of documents such as Business registration certificate, Bank statements (usually 6 months), Tax declarations and EPF statements. Depending on the bank, they will ask you for a combination of these documents
  • 5.How much can you borrow with a personal loan/finance?
    Depending on your employment status you can borrow up to 35x your income. However, this is only applicable for Public Servants and Employees. For regular employees of private companies, the maximum you can loan is up to 25x your monthly income. Most banks restrict your loan amount to around 10x your monthly income, so you will have a larger selections of loan/finance plans if you lower the loan amount relative to your income. The maximum amount is restricted at RM 400,000
  • 6.What is my loan/finance tenure?
    The tenures for personal loans/finance can range from 6-months up until 10 years for personal loan. The length of the loan, or tenure in jargon, is an important determinant. The longer the tenure, the more interest you will pay.
  • 7.Are there additional bank fees with personal loans/finance?
    Some banks charge a fixed processing fee and other banks charge up to 4% of the approved loan amount. According to Malaysian law, there will be a stamp duty of 0.5% imposed on your approved loan/finance amount. Some banks will offer to pay this fee for you. In addition, you can also incur late payment fees (often a fixed 1% p.a. on the balance that is overdue) or early repayment fees.
  • 8.What is the lowest personal loan/finance interest/profit rate?
    Banks revise their personal loan rates from time to time. Personal Loan rates usually range from 3.5%–24% per annum. The loan or finance package you are eligible for depends largely on your occupation This is the Flat interest rate – more importantly, is the effective interest rate, which shows the actual cost of borrowing.
  • 9.What is the Effective Interest/Profit Rate and why is it important?
    The effective interest rate takes into account the fact that you are repaying your principal, but your total interest paid will not be reduced. Sounds complicated right? We’ll give you a short example here. Imagine you borrow $1000 for two years to buy a new mobile phone at a “flat interest rate” of 5%. You will be paying $87.50 per month for one year (effective interest rate of 9.10%). Why is the effective interest rate almost twice as high? Let’s look at the two different calculations: 1. The loan balance is reduced every month. ((interest rate(%)/12) x loan amount) / (1-((1+interest rate(%)/12))(-loan tenure x 12) 2. The loan balance remains the same during the tenure ((Interest Rate x Years)+1)/(years x 12)) x Principal.
  • 10.Why does GoBear not include the Effective Interest/Finance Rate?
    The Effective Interest/Finance Rate is introduced by government agencies to provide a clearer overview of the cost of borrowing. However, banks have some liberty in definition of effective interest rate and include or exclude certain factors to lower these rates. It is mandated by law for banks to notify you on the Effective Interest Rate. When comparing loans of the same tenure, it is easier to look at the total payment you will be making on a loan. At GoBear we include all costs associated with the loan and break it down for you in easy categories so you can see what you are paying at a glance.
  • 11.How does GoBear break down the costs?
    When getting a loan, transparency about costs and repayments is often lacking. To provide you with a better overview, we have broken down all the costs that are associated with your loan: Monthly payment: your monthly payment for the total duration of the loan (this includes interest payments and principal repayment. Total Payment: Includes all interest paid, all principal repaid and loan servicing costs. Interest Payments: All interest that you will pay during the duration of the loan Servicing costs: All non-interest payments such as processing fee, servicing costs or annual fees. The total payment includes all costs that you will pay when taking the loan plus the repayment of the loan.

If you find these answers helpful? Check out our FAQs for other products to learn more.