RHB Personal Financing

What Is a Personal Loan? 

In the landscape of personal finance, a personal loan emerges as a dynamic financial instrument, affording individuals the flexibility to secure a lump sum from banks or financial institutions. This borrowed amount is subsequently repaid through consistent monthly installments over a mutually agreed-upon timeframe, typically accompanied by a set interest rate.

About RHB | An Overview 

RHB, a formidable presence in the banking sector, extends a diverse array of financial solutions, prominently featuring personal financing. A comprehensive overview of RHB’s journey, organizational mission, and unwavering dedication to fostering financial well-being furnishes the essential backdrop for individuals considering engagement with the institution.

Benefits of RHB Personal Financing 

You can explore the fantastic benefits of securing a loan from RHB Bank as followed:

1. Competitive Interest Rates: RHB’s personal financing boasts competitive interest rates, providing borrowers with the advantage of accessing funds without incurring an excessively burdensome financial cost
2. Flexible Repayment Terms: acknowledging the varied financial situations of its customers, RHB extends flexible repayment terms. This adaptability empowers borrowers to customize the repayment schedule, aligning it seamlessly with their individual cash flow
3. Quick Approval Process: recognizing the urgency often associated with financial needs, RHB prioritizes efficiency. The bank offers a streamlined and rapid approval process, ensuring that borrowers can swiftly secure the funds they require

The Loan Simulation

Embark on a journey through your financial landscape with RHB Bank’s loan simulation. Envision your repayment path, grasp monthly commitments, and strategize your finances. Delve into interest rates, tenure options, and total repayment amounts for informed borrowing decisions. Let the RHB Bank loan simulation be your compass. Take a virtual tour of your financial future today.

What are the Rates and Fees? 

1. Stamp Duty: amounts to 0.5% of the loan amount, calculated at RM5 for every RM1, 000 or part thereof, in accordance with the Stamp Duty Act 1949 (Revised in 1989)
2. Insurance Coverage: optional and contingent on the facility’s tenor, amount, and the customer’s age and gender

What are the Loan Limits? 

With RHB Personal Financing, you can borrow a substantial amount, up to RM150, 000. This gives you the power to handle different financial needs, like education or home improvements. 

Find Out how flexible RHB’s personal financing is for achieving your financial goals.

Terms and Condition of the Payment 

1. Agreement to Terms: the applicant agrees to the outlined terms and conditions
2. Definitions: key terms clarified, including Facility details
3. Maximum Borrowing Limit: facility overview, RM150, 000 limit, and insurance coverage
4. Repayment Details: explanation of Monthly Repayment, method, and repayment duration

Read out full conventional terms and conditions from here!

What are the ELIGIBILITY Requirements? 

For Employees

To apply, employees need to provide a copy of their MyKad (front and back), the latest 1 month’s Salary Slip or Commission Statement, the most recent 1 month’s bank statement, the latest 12 months’ EPF Statement, and the latest Form B/BE with a validated payment receipt to the Inland Revenue Board (IRB).

For Self-Employed Individuals

Self-employed applicants must submit a copy of their MyKad (front and back), along with Form 9, 24, 49, or the Business Registration Certificate. Additionally, the latest 1 month’s bank statement is required to complete the application process.

For Commission Earners

Commission earners seeking financing should provide a copy of their MyKad (front and back), the latest 6 months’ Salary Slip or Commission Statement, and the latest 6 months’ bank statement to meet eligibility criteria.

What are its Key Features?

Recognizing the importance of financial flexibility, RHB Bank caters to those aiming to settle personal financing early by offering prepayment options. This feature empowers borrowers to clear their outstanding balance before the scheduled tenure, potentially minimizing overall interest costs.

Moreover, for those contemplating refinancing to secure improved terms or access additional funds, RHB Bank extends refinancing options. This avenue allows borrowers to customize their financial arrangements, aligning them with their changing needs. Dive into the potential offered by RHB Bank’s prepayment and refinancing solutions for a borrowing experience tailored to your preferences.

Step By Step To APPLY for RHB Personal Financing 

1. Collect Required Documents: gather necessary documents like MyKad, salary slips, bank statements, and EPF statements based on your employment status
2. Visit RHB Bank Website: access the official RHB Bank website to find the online application portal
3. Select Financing Type: choose the specific personal financing option that suits your needs
4. Upload Documents: upload the required documents to support your application, ensuring clarity
5. Review Information: double-check all entered details for accuracy before submitting
6. Submit Application: satisfy? Submit your application through the online portal
7. Await Approval: RHB Bank will review your application, providing instant approval or requesting additional information
8. Receive Approval Letter: upon approval, receive an Approval Letter detailing the financing terms and conditions
9. Funds Disbursement: accept the terms, and RHB Bank will disburse the approved funds to your designated account
10. Commence Repayment: start your repayment as per the agreed-upon schedule

Positive and Negative Points of the RHB Personal Financing Loan. 

Considering a loan from RHB Bank? Take a moment to explore both the positive and negative aspects for a well-informed decision.

POSITIVES

1. Competitive Interest Rates: RHB Personal Financing often provides borrowers with competitive interest rates, ensuring cost-effective borrowing
2. Flexible Repayment Terms: tailor the loan’s repayment schedule to your financial capacity, thanks to RHB’s flexible terms
3. Efficient Approval Process: RHB Bank prioritizes efficiency, streamlining the approval process for quick access to funds
4. Generous Loan Limits: RHB Personal Financing accommodates diverse financial needs, offering substantial loan limits, reaching up to RM150, 000

NEGATIVES

1. Early Exit Penalty: early settlement incurs a penalty, either RM100 or 1% of the principal amount, impacting those opting for swift repayment
2. Stringent Eligibility Criteria: meeting documentation requirements for employees, self-employed, or commission earners may pose challenges for some applicants
3. Limited Website Information: detailed loan information may not be readily available on the website, necessitating direct inquiries from potential borrowers
4. Risk of High-Interest Costs: depending on the repayment period chosen, there’s a potential for accruing relatively high-interest costs over the loan’s life

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What other types of loan does the RHB Bank offers?

1. Home Loans: RHB Bank provides financing solutions for home purchases, refinancing, or home equity loans
2. Auto Loans: choose from competitive financing options for new or used vehicles at RHB Bank
3. Personal Loans: beyond personal financing, RHB Bank offers versatile personal loans for various needs
4. Business Loans: tailored financial solutions for businesses, including working capital, expansion, and trade financing
5. Education Loans: RHB Bank offers loans specifically designed to support educational expenses, covering tuition fees, accommodation, and related costs

Read around: Alliance Bank Personal Loan

Customer Service 

Find helpful contact information if you are having any queries to contact bank:

1. Contact Helpline: seek direct assistance by calling RHB Bank’s customer service at 603-9206 8118
2. Official Website: access a wealth of information, FAQs, and online services on RHB Bank’s official website 
3. Live Chat Feature: experience real-time assistance and prompt responses using the live chat feature on the official website
4. Email Correspondence: for detailed inquiries or assistance, reach out via email at [email protected]