Public Bank is known to be one of the most famous domestic banks in Malaysia, which deals with customers from retails, small to medium enterprises. If you are in need of financial aid, Public Bank is also offering personal loans if you are eligible.
For personal loan, Public Bank offers two types of packages allowing customers to make a choice based on their own needs. Both of the loan packages are only available for Malaysians. The two packages are the BAE personal financing-I and PLUS BAE personal financing-I. The latter package is solely for customers of the bank who are having good record in repayment. In another words, that particular package is customize or further restructure for these customers.
It is important for you to know that minimum or maximum amount of loan allowed is different from bank to bank. For Public Bank, its personal loan starts from RM5000 to RM150000 at the present moment, while its minimum loan tenure is 2 years and maximum loan tenure is 10 years. Bear in mind that the repayment of the loan is very strict in which it is done by deducting the repayment amount from your monthly salary. Thus, your salary must exceed RM2000 to be qualify to apply for this loan.
Let’s focus on the terms and conditions in order for you to apply for a personal loan with Public Bank. If you intend to make a personal loan application, you must be a Malaysian citizen with age in between 20 to 60 years old. In addition, you must be fully employed with a steady income at the time of application and approval. You can be self-employed as well but you must have good credit record. This is one important point, you must have at least one year of working experience with one of the approved list of companies by Public Bank. Therefore, it is only available for selected panel companies like the Petronas group, Telco and some other public listed companies. The interest rate for the personal loans offered starts at 6.5%.
There will be certain additional costs that incurred once your loan is approved such as the processing fee of RM100, stamp duty of 0.5% of the loan amount and late penalty fee of 1% of amount in arrears payment mode. Public Bank personal loan can be applied easily via an online application form, which you can retrieve from the bank’s official website. It is not a need to have a guarantor or collateral in order for you to apply for the personal loan. It is very simple by filling up the online application form and prepare all the necessary documents.