Bank loans in Malaysia

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Member since 30 May 2013

PriscillaViP22 August 2018 09:42:32

42358

Hello,

Finances and banking can sometimes be a headache for many expats, especially when it comes to taking out bank loans.

Is it difficult for an expat to get approved for a bank loan in Malaysia?

What are the types of bank loans available for expats (mortgage/bonds; business loans; car loans; personal loans; student loans)?

What are the general conditions for expats to take out bank loans (interest rates; timeframe to repay loans, etc.)?

Which bank in Malaysia is the most popular or accessible for expats regarding loans?

Would you normally require the services of an accounts manager at the bank in order to facilitate the process of taking out a loan? Is this service free of charge?

What would happen in the case of an unpaid loan if you have to repatriate back to your home country or move somewhere else?

Are there any other options for loans aside from the bank in Malaysia, such as taking out a loan from your bank in your home country, or other types of companies not affiliated with banks, that give out loans?

Thank you for sharing your experience.

Priscilla

maki paras Member

Member since 13 August 2018

maki parasMember28 August 2018 12:42:20

hi not yet try but we want together with my wife how? we use hongleong bank

aikinava New member

Member since 14 August 2018

aikinavaNew member29 August 2018 02:02:51

As expat if your monthly income more than RM 10000 per month & if can show your last 3 months pay slips you can easily get Credit Card, Car Loan & Personal Loan etc...

That is the minimum indicator for banks to accept you as a reputed expat.

Below RM 10000 per month 99 % decline your application. One reason bank doesn't know your credit history. If your working company has cooperate relationship with the bank, you can contact bank through your company ( Via HR). There are high percentage to approve your application.

If your salary below RM 10000 & if planing to stay in Malaysia for long time of period, try to build your credit history.

Open Fixed Deposit around RM 5000 and pledge your FD for Credit card. You can get up to 90% credit limit. Then you maintain properly your credit history. Do some regular payment via credit card and settle it before due date. Once you build good credit history, then in future it might help you to get Credit Cards, Car Loan & Personal Loan etc...

ramakrishna406 New member

Member since 15 August 2018

ramakrishna406New member11 September 2018 04:21:16

How do they calculate the max eligibility for personal loan ? Plz help me with approximate calculations based on base pay. Is it 3% interest rate for personal loan?

GuestPoster00978 Guest

GuestPoster00978Guest11 September 2018 04:42:33

214245

Credit card stuff is nuts for expats; with CIMB asking to deposit 3k MYR then your monthly limit would be 3k. So basically you are lending me my own money? Wow!

aikinava New member

Member since 14 August 2018

aikinavaNew member13 September 2018 01:19:07

HI Ramakrishna406,

As expat, If your salary more than 10k per month, you can get the personal loan from most of the banks.
Interest rates are normal market rates and bank will decide amount of your personal loan.

aikinava New member

Member since 14 August 2018

aikinavaNew member13 September 2018 01:29:43

Hi Ashwani. Koul,

If your salary is over 10k, you don't have any issue. Easily you can get from HSBC, City Bank, Standard Charted, Maybank etc..

RM 10k per month benchmark for expat. Below 10k banks don't recognize as reputed expat.

My Advice:
If you intention to stay in Malaysia for long and planing to get any banking facilities in future, you must build your credit history.

Deposit 3k and get the card, maintain your all payments on time. Then after around one year, you have high probability to get the Credit Card from other banks. Because of they can see you past credit history.

My salary is 8K per month. I have 3 Credit cards and Hire purchase loan for 5 years. Six years ago I started as same way. Open FD and get the card & build my credit history.

GuestPoster00978 Guest

GuestPoster00978Guest14 September 2018 03:28:03

214245

Thanks mate! These are great inputs..

luuphuong02081976 Member

Member since 25 May 2022

luuphuong02081976Member25 May 2022 15:33:08

@aikinava

hi.

please let me know if my husband's salary 100k per month can he apply to borrow around 100k to 150k

thank you

Cheryl Moderator

Member since 15 October 2018

CherylModerator31 May 2022 09:54:47

#10

12538

Hello luuphuong02081976,

Welcome to Expat.com

Please note that this thread is quite old so I invite you to start a new topic on the Malaysia forum in order to be able to ask your questions.

Cheers,

Cheryl

Expat.com team

[Topic closed]

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