Consider the RHB Easy-Pinjaman Ekspres if you need urgent funding. This plan offers fast loan approval within 24 hours and on-site disbursement.
However, it has relatively high interest rates. It also charges a 0.5% stamp duty on your loan amount, as well as additional fees if you prepay your loan.
Main features of RHB easy personal financing
|Interest rate||8.18% pa – 13.45% pa|
|Amount of the loan||2,000 RM to 150,000 RM|
|term of the loan||Up to 7 years|
|Approval duration||Within one working day|
|Income requirement||Monthly gross income of 1,500 RM|
|Age requirement||21 – 55|
|Linked bank account required||Yes|
|Insurance||May be required depending on bank approval|
Source: right to right
RHB Easy-Pinjaman Ekspres interest rates start from 8.18% pa to 13.45% pa But the lower rates only apply if you borrow between 100,000 RM and 150,000 RM. Smaller sums, such as below RM50,000, could mean dealing with interest rates over 11% pa
These rates are higher compared to other plans in the market, especially if you are a public servant, as some loans have low interest rates which are exclusive to the public sector. For example, these personal finance plans have lower interest rates than the RHB:
|Plan||Eligibility||Minimum income||Approval duration||Profit rate|
|Banque Rakyat Personal-i Financing Public Sector||Officials||1,000 RM||Up to 3 working days||2.31% pa – 5.65% pa|
|Islamic Public Bank BAE Personal Finance-i||Officials||1,500 RM||1-2 weeks||3.99% pa – 4.45% pa|
|Islamic personal financing AmBank-i||Civil servants and private sector employees||1,500 RM||2 working days||4.08% per year – 7.90% per year|
However, compared to these plans, RHB Easy-Pinjaman Ekspres has the fastest loan approval time. So, even with its higher rates, it can make sense if you’re in dire need of financing (and you’re sure you can cover the repayments).
Like most personal loans in the market, it charges a 0.5% stamp duty on your approved loan amount and a 1% late payment penalty on your delinquency.
Another thing to note is that this loan has a six month blocking period. This means that if you prepay your loan during this period, you will be charged an early exit fee. This would be RM100 or 1% of your total loan approved, whichever is greater.
- Fast approval. RHB Easy-Pinjaman Ekspres has a fast approval time of less than one working day.
- Low minimum income requirements. You just need a minimum income of RM 1,500 per month to qualify for this loan.
- Flexible tenures. You can choose a term of one to seven years.
- No guarantor or surety. Like most personal loan or finance products, you don’t need a guarantor or collateral to qualify for RHB Easy-Pinjaman Ekspres.
Things to consider
- High interest rates. Interest rates start at 8.18% per annum Many personal finance plans in the market have starting profits or lower interest rates.
- You will have to pay a 0.5% stamp duty, as well as an early exit fee if you prepay your loan.
- Linked bank account. You may need to open a bank account with RHB Bank or RHB Islamic Bank for the loan amount to be credited to your account.
How to qualify for RHB Easy-Pinjaman Ekspres
To qualify for this loan, you must meet these conditions:
- 21 to 55 years old
- Malaysian citizen
- Minimum of RM1,500 gross monthly income
- Private sector employee or self-employed
You must also provide these documents:
|One of the following:|
● Last payslip of a month
|● Copy of current and valid company registration card (at least two years in business)|
● Bank statement for the last six months
● Last B / BE form with payment slip / receipt validated at LHDN
RHB Easy-Pinjaman Ekspres minimum income requirements are relatively low – other personal finance products typically require a monthly income of at least RM2,000.
But if you don’t qualify for RHB income, you still have other options. For example, Bank Rakyat Personal Financing-i Public Sector and JCL Personal Loan both accept applicants with monthly income of RM 1,000 per month.
RHB Easy-Pinjaman Ekspres
Funding up to RM 150,000
Fast loan approval within one working day; minimum income of RM 1,500
The RHB Easy-Pinjaman Ekspres post: Fast Approval But High Interest Rates first appeared on iMoney Malaysia.
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