One type of loan that you can get from a bank is a personal loan, or what Mach by Hong Leong calls the I.O.U. Personal Loan, and just as what its name pertains to, the borrower can use the money to one’s discretion; whether it is to start a business, a vacation, or for emergency car repairs. More often than not, personal loans are hard to get because banks follow strict rules and regulations in approving the loan applications.
The good news is that Mach offers its I.O.U. Personal Loan through a fast and convenient application process. It is as easy as getting a cash advance from a credit card. Below are some of the things that you should know about personal loans from Mach.
Fast Approval and Disbursement
Mach customers can get personal loans of up to RM50, 000 by applying for a loan in one of the bank branches in Malaysia or through the website. And the best thing about the application process is that you will find out if you are approved for the loan or not within 60 minutes. There’s no need to wait for several days before you learn about the status of your approval.
Personal loans have fixed amounts. The I.O.U. Personal Loan allows customers to borrow between RM5,000 to RM50,000. It is available for all Malaysian citizens. There are no processing or administration fees to be collected when you apply for the personal loan.
No Collateral and No Guarantor Required
In general, personal loans don’t require collaterals nor guarantors. That is one of the characteristics that make such loan unsecure for the lenders. If the borrower decides not to pay the loans, then the lender doesn’t have any insurance policy with regards to the unpaid loan amount.