Best Fast Approval Personal Loans in Malaysia 2022

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Fast Approval Personal Loans in Malaysia

Urgency and excitement are the reasons why people are looking for fast approval loans. 

Sometimes in your life, there is an event that catches you by surprise; and when money is in the question, waiting for your next salary can be stressful.  

Emergency cases such as paying for medical bill (when you are not covered by a medical card), upcoming education fee, car or home maintenance, and outstanding utilities payments, require an immediate financial attention.

Needing a fast cash also applies in situations when you are funding for your next vacation, wedding, deposit on your new car or home and many other excitements.

Which banks offer a personal loan with instant approval?

Around 15 banks in Malaysia are offering personal loans to consumers. 

These mainstream lenders will usually follow the financial regulator's guidelines to approving loan applications and can have stricter requirements.

You can compare instant approval loans from different banks on RinggitPlus to check if the interest rates and requirements fit you and apply online via our WhatsApp chatbot.

There are also finance companies offering fast approval loans in Malaysia, such as moneylenders, cooperatives and peer-to-peer platforms.

While you might stand a chance of getting your loan approved by these non-banks, it is best to practise cautions when approaching these institutions. 

To find out whether the company is legal, you can check their company registration number via MyData SSM.

How fast do banks approve a personal loan?

The standard turnaround time for a bank to approve a loan application in Malaysia is between 3 to 5 working days, on a condition that you have completed the application and document submission to the bank.

Nowadays, you can even get a personal loan approved within 24 hours when you completed an online loan application.

Fast Approval Loans by Banks

Bank Approval Time Interest Rate Min. Income Loan Amount Loan Tenure Debt Consolidation Cashback


*In Principal Approval 5.33% - 9.80% p.a. RM4,000 / month

RM5,000 – RM150,000

24 - 60 months



Hong Leong Bank

2-days 9.00% - 12.50% p.a. RM2,000 / month

RM5,000 – RM250,000

24 - 60 months




1-day upon complete submission 6.88% - 14.88% p.a. RM2,000 / month

RM2,000 – RM100,000

24 - 60 months



RHB Easy

1-day approval and disbursement 6.49% - 13.45% p.a. RM1,500 / month

RM2,000 – RM150,000

12 - 84 months


Yes, under [email protected] Salary Deduction Scheme

Alliance Bank

1-day under “Same Day Cash” 3.99% - 8.38% p.a. RM3,000 / month

RM5,000 – RM200,000

12 - 84 months



While processing your loan application, the banks will take into account many factors to determine your loan amount and interest rate, such as your credit history (record of your repayments), credit score or credit rating, current financial commitments, income, employment type, debt service ratio, savings and other assets.

If the bank rejects your personal loan application due to falling short of the requirements, don’t let that discourage you from exploring other options because they might have different approval criteria.

Fast Approval Loans by Non-banks

Financial Institution Approval Time Interest Rate Min. Income Loan Amount Loan Tenure Debt Consolidation Cashback


1-day 12% - 18% p.a. RM1,000 / month

RM1,000 – RM50,000

12 - 60 months



Icon Venture Capital

1-day 18% p.a. RM3,000 / month

RM5,000 – RM100,000

12 - 60 months




1-day 18% p.a RM1,500 / month

RM500 – RM10,000

1 - 24 months



Yayasan Ihsan Rakyat 1-day 5.99% - 9.99% p.a. RM1,500 / month RM2,500 - RM250,000 12 - 120 months No No
Yayasan Dewan Perniagaan Melayu Perlis Berhad 1-day 5.99% - 9.99% p.a. RM1,500 / month RM2,500 - RM250,000 12 - 120 months No No

All in all, knowing how much you can afford and commit to it every month is the main question to answer yourself when applying for a fast approval loan. 

Calculate your fast approval loan monthly instalment

Let us do some simple math to increase your chances of getting your desired loan amount to be approved. 

See below for illustration:

You are looking to borrow RM50,000 from Bank A for 5 years to finance your home renovation. 

The bank is offering an interest rate of 5.99% p.a. flat and instant approval on online loan application.

What do I get from this product?

Loan amount = RM50,000

Loan tenure = 5 years (60 months)

Loan interest rate = 5.99% p.a. flat

How much interest am I paying for 5 years?

 RM50,000 x 5.99% p.a. = RM2,995 per year x 5 years = RM14,975

What is my total borrowing amount?

RM50,000 + RM14,975 = RM64,975

What is my monthly instalment amount for 5 years?

RM64,975 ÷ 60 months (5 years) = RM1,082.90 per month

Now, before the bank can approve this loan amount, they will look into your debt service ratio (DSR) first. 

What is a DSR? In laymen term, it is a calculation by the bank to determine whether you are able to repay this amount every month.

Total Monthly Commitments ÷ Total Monthly Income x 100%  = DSR

Let’s say that you are earning RM5,000 a month and have a credit card balance transfer of RM500 and a car loan of RM1,200 every month, together with this new loan amount you’re applying, your DSR will be calculated as follow:

What is your monthly income?


What is your monthly commitment?

 RM500 + RM1,200 + RM1082.90 = RM2,782.90

What is your DSR?

RM2,782.90 ÷ RM5,000 x 100% = 55.65%

From this calculation, your total monthly commitment makes up half of your monthly income, which is considerably high. 

This means that you need to reassess your loan amount to ensure that your financial health is in check and you will have enough disposable income to live by.

A general rule of thumb to get your loan approved faster and at the best interest rate is you need to maintain a DSR level between 30% to 40%.

You also need to make sure that you can repay your monthly instalment on time and in full, otherwise the bank will penalise you for being late and impartial in payment

Fast approval loan applications – what to prepare?

A personal loan is offered to salaried employee of a private or public company, and self-employed individuals.

Employment type of an applicant plays a major role in deciding your loan approval because lending money to an individual without a permanent job is seen as having a higher credit risk to the bank.

If you are a salaried employee on a commission and contract basis, you will need to provide more income proof to convince the bank that you are capable of meeting the repayments.

In general, these are the documents that are required in the fast approval loan application:

Salaried Employee:

  • Copy of MyKad
  • Latest 3 or 6-months salary slip (depending on the banks)
  • Latest 6-months EPF statement
  • Latest Form BE or e-Form BE, with valid tax payment receipt
  • Latest EA Form


  • Copy of MyKad
  • Business Registration Certificate
  • Latest 3-months or 6-months company’s bank statements
  • Latest Form BE or e-Form BE, with valid tax payment receipt
  • Latest 6-months commission statements and bank statements (for commission earner)

Can foreigner apply for personal loan in Malaysia?

Unfortunately, almost all banks don’t allow foreigners to apply for a personal loan. 

Nevertheless, foreigners are welcome to apply for a home loan and car loan in Malaysia.

Tips to get my loan application approved today

Always pay on time and in full amount

Discipline, discipline, discipline. Do you know that banks have access to your financial history? 

Yes, they do go through your credit report with CCRIS and CTOS.

Banks use these resources to verify your creditworthiness when applying for a loan with them. 

Since personal loans are mostly unsecured, you are your own guarantor. 

If you have a habit of delaying your repayments, it will be reflected in your credit report for up to 12 months.

If you have a bad credit score, improve it

Now that you know that banks can tell if you are a good paymaster or not, this is your chance to rectify the issue in the first place. 

Banks will most likely reject your personal loan applications when you have a history of late payments or, worst, defaulted (non-payment).

To make matter worse, late payment on your loan can lower your credit score, hence, lower the chances of approval. 

Best case scenario is, you must commit to settle all your unpaid debts and wait a little while before applying for a new loan until your history of payment in arrears is off the CCRIS database.   

Reduce your loan commitments, if can, consolidate them

Let’s journey back to the DSR level, if the bank finds that you are over-committed with loans and credit card debts, you are not going to make a good impression to them.

Always keep in mind that your monthly commitment should not be more than what you can afford.

Create a credit history, for beginners only

For those who has just started earning an income, credit card is a good start to build your credit history. 

Look for a credit card without an annual fee with low credit limit for starters and spend in small amount to see if you are able to repay.

Looking for a fast and easy loan approval online? 

Look no further as we have a range of best fast approval loans with competitive interest rates, flexible repayment terms and higher loan amount for you. 

Compare personal loans and apply online now!

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