Personal loan is popular financial product in Malaysia. Major banks and financial institutions provide personal loan or personal financing product. Personal loan products are growing on yearly basis despite clampdown from Malaysian Central Bank. Typically, personal loan differs from other financial product such as credit card from calculation of interest basis. Interest of personal loan is usually calculated on flat rate basis where the published interest rates are much lower than the effective interest rates. The tenure of personal loan can be anywhere from 1 year to 10 years. As of 2013, Bank Negara has limit the maximum tenure of personal loan to be at 10 years. Personal loan is unsecured in Malaysia where no guarantor and collateral is needed. Despite this, applying for personal loan may not be an easy task. These days, personal loan approval process is very stringent with strict eligibility and credit score checking. To quality for personal loan, a borrower will need to be usually 21 years of age while not exceeding 60 years at the end of loan tenure. The minimum income is usually set at RM 2,000 while some banks may have much higher criteria. A stable employment and a good credit score , CCRIS and CTOS is a must. Applicant will also have to furnish supporting documentations such as latest salary statement and EPF statement. Having a long built trust relationship also helps with applying for personal loan. If you are keen to know how personal loan works in Malaysia, feel free to visit www.personalloan.com.my for the latest personal loan information and credit card promotion in Malaysia.