The feeling of not having enough money to spend on our desires is quite a familiar one. Whether you work for the government or private sector in Malaysia, the majority of you have gone through this feeling more than once in your lifetime. But what happens when you are cash strapped during an emergency? This is where a personal loan will come in handy. Many government servants in Malaysia are interested in koperasi pinjaman peribadi to fulfill most of the desires in their life. This article provides a comprehensive overview of personal loans for government staff in Malaysia.
Many employees are perplexed when it comes to applying a personal loan (known as pinjaman wang berlesen in malay) in Malaysia. This is because they come in a wide variety of assortments. This is why you need to understand the basic types of personal loans in Malaysia, and how to apply for them. A personal loan has a shorter repayment period than some of the other loans in Malaysia. The average repayment period could be between one to ten years the most. The loan amount is much lesser than a mortgage loan, but the interest rate can be higher than such loans. A personal loan can be used to fund anything since it comes in cash form. Although interest rates from 10-13% is the norm in Malaysia. Government employees can get personal loans on much lower interest rates compared to the private sector employees in the country.
A personal loan can usually be used to finance a personal need of any kind such as a dream vacation, spend on higher studies, buy your dream laptop or any other reason that you can imagine. The responsibility of repayment comes automatically with taking a personal loan. This is why you need to be cautious when taking a personal loan. In case of an emergency, sure you will definitely need a personal loan. But you need to weigh the pros and cons carefully before taking a personal loan.
There are many types of personal loans in Malaysia. There are conventional secured loans, consolidated loans and quick unsecured loans under the personal loans category. Secured personal loans are given with a collateral support such as a unit trust account or fixed deposit in the same bank. Such a loan will require a guarantor to take responsibility on behalf of the applicant of the loan. These loans usually have a lower interest rate, and are less risky to the financial institute. The loan amount also may be higher in these circumstances.
An unsecured personal loan requires no guarantor or collateral. This is the most common type of personal loan currently in the market. These loans come with a higher interest rate compared to secured personal loans, and the amount you can obtain is much less than a secured loan. These types of loans are a bit risky on the part of the financier. Hence, they strictly examine the eligibility of the applicant when releasing such loans. The employee’s employment and credit history will be thoroughly scrutinized before releasing unsecured personal loans. Consolidated personal loans are loans that you take to pay off another debt. This type of loan will combine your current debt, and pay it off at once with the funds from such a personal loan.
In conclusion, personal loans are quite popular within the government employees in Malaysia. A personal loan will offer numerous benefits, especially in an emergency situation. There are different types of personal loans offered in Malaysia. This article provides a comprehensive overview on personal loans for government staff in Malaysia.
Learn more on how and when to get a personal loan in this video.