RHB Easy‑Pinjaman is RHB’s Personal Financing product that offers quick approval unsecured loans ranging from RM2,000 to RM150,000 with flexible tenures of up to 7 years. The interest is applied as a flat rate, with effective annual rates typically starting around 8.59% p.a. for larger amounts and rising to about 13.76% p.a. for smaller loans, depending on loan size and duration. Borrowers benefit from on-the-spot approval and same-day disbursement in many cases, with no processing fees, though a 0.5% stamp duty applies.
RHB Easy‑Pinjaman cost can be relatively high compared to some alternative financing like government programs or Islamic Personal Financing-i plans. Especially for smaller loan amounts or applicants with modest income, the effective interest burden may be significant. Borrowers should compare total costs and terms carefully, for instance, RHB’s Personal Financing-i for civil servants can offer much lower effective rates (around 2.82% flat) with longer tenures.
RHB Personal Loan (Easy-Pinjaman) Review
What Are the Key Features of RHB Easy-Pinjaman?
RHB Easy-Pinjaman offers fast approval and disbursement for unsecured loans ranging from RM2,000 to RM150,000, with a repayment tenure of up to 7 years. The loan features flat interest rates between approximately 8.59% and 13.76% per annum, depending on the amount borrowed and tenure length. Borrowers benefit from a bracketed rate structure—larger loan amounts qualify for the lowest rates—zero processing fees, and a stamp duty charge of 0.5%, making it an accessible option for urgent financing needs. The reducing balance method is used for interest computation, ensuring that interest charges decrease as the principal is paid down. Approvals can be issued within minutes to 24 hours, with same-day disbursements for loans that meet eligibility criteria.
Additional features include the convenience of no collateral or guarantor requirements, and optional credit shield insurance available for added protection. Borrowers should note the presence of an early settlement fee during the initial 6-month lock-in period, which applies as either RM100 or 1% of the outstanding balance, whichever is higher. Thereafter, early redemptions are free of penalty. A late payment charge of 1% per annum on the outstanding balance, calculated on a daily basis, is imposed on overdue instalments. These terms ensure borrowers enjoy flexibility, clarity, and competitive financing, especially when comparing against government-backed alternatives or Islamic financing options.
What Are the Interest Rates and Fees for RHB Easy-Pinjaman?
Interest Rates for RHB Easy-Pinjaman range from 8.59% to 13.76% per annum (flat rate), depending on the loan amount, tenure, and borrower profile. Typically, larger loans above RM100,000 qualify for the lowest rates, while smaller loans or applicants with lower income levels face higher charges. The Islamic financing option, RHB Personal Financing-i, provides more competitive rates for civil servants starting from 5.75% per annum with repayment terms of up to 10 years. For private sector applicants under the Islamic scheme, rates are higher and begin at 14% per annum.
Fees and Charges are relatively straightforward. Borrowers are required to pay a 0.5% stamp duty on the approved loan amount, which is a statutory fee. There are no processing fees, reducing the upfront borrowing cost. If the loan is settled early within the first six months, a penalty applies in the form of RM100 or 1% of the outstanding balance, whichever is higher. After six months, early settlement is allowed without penalty. For late repayments, a 1% per annum charge is imposed on the overdue balance, calculated daily. These features make RHB Easy-Pinjaman a practical choice for borrowers who need quick access to funds with transparent costs.
Who Is Eligible for RHB Easy-Pinjaman?
To qualify for RHB Easy-Pinjaman, applicants must be Malaysian citizens aged 21 and above with a stable source of income. For private sector employees, the minimum monthly income requirement is RM3,000, supported by recent salary slips and EPF statements. Self-employed individuals may apply by providing evidence of consistent earnings such as bank statements or tax filings. Under the Islamic financing option, civil servants and pensioners enjoy a lower minimum income threshold of RM2,000 per month. The maximum age at loan maturity is 55 years for private sector borrowers and 58 years for government employees or pensioners.
Approval is subject to the applicant’s creditworthiness, which includes a review of CCRIS and CTOS records. Applicants with a high debt service ratio, typically above 60% of their income, may face rejection. Supporting documents such as MyKad, salary slips, EPF contribution statements, and bank account records are required for processing. In addition, first-time borrowers must undergo biometric verification at an RHB branch, ensuring identity security before loan disbursement.
How Does RHB Easy-Pinjaman Compare to Other Personal Loans?
RHB Easy-Pinjaman positions itself as a fast-approval option compared to major competitors such as Maybank, CIMB, and Public Bank. While RHB’s interest rates range from 7.05% to 13.76% per annum, Maybank’s Personal Loan starts lower at 5.88% per annum, though processing and disbursement typically take longer. CIMB’s Cash Plus Personal Loan offers similar financing limits of up to RM150,000 with rates beginning at 6.99%, but disbursement can take up to 48 hours. Public Bank’s Islamic personal financing is even more competitive, with rates from 4.99% for government employees, which is lower than RHB’s Islamic financing rates.
Where RHB stands out is in speed of approval and disbursement. Pre-qualified applicants can receive approval in as little as 10 minutes, whereas other banks usually require at least one full working day. This makes RHB particularly attractive for borrowers who need funds urgently. However, for smaller loan amounts of RM30,000 and below, RHB’s higher interest rates may make it less cost-effective than competitors. Borrowers must weigh the trade-off between paying higher rates for immediate access to funds versus opting for lower-cost loans with longer processing times.
What Are the Pros and Cons of RHB Easy-Pinjaman?
The primary advantage of RHB Easy-Pinjaman is its rapid approval and disbursement, ideal for emergencies. Borrowers can access funds within hours, with minimal documentation compared to traditional loans. The high maximum loan amount (RM150,000) and long tenure (7 years) provide flexibility for larger expenses like home renovations or medical bills. No collateral or guarantor requirements simplify the application process.
Drawbacks include higher interest rates for smaller loans and strict penalties for early settlement. A RM30,000 loan at 21.25% over 7 years (as reported in a Reddit case study) results in significant interest costs. Late payments trigger aggressive collection measures, including legal action after 2-3 months of default. Borrowers with poor credit histories face high rejection rates, limiting accessibility.
How Does the Application Process Work for RHB Easy-Pinjaman?
Applying for RHB Easy-Pinjaman involves an online submission, document verification, and biometric checks. Prospective borrowers start by filling out a digital form on RHB’s website or through partners like iMoney and RinggitPlus. Required documents include MyKad, three months’ salary slips, EPF statements, and bank records. The bank assesses eligibility based on income, credit score, and existing debt obligations.
Approved applicants receive notification within 24 hours, often with instant offers for pre-qualified customers. Disbursement requires visiting an RHB branch for biometric verification, after which funds are transferred to an RHB account. Civil servants opting for Islamic financing may receive direct salary deductions, streamlining repayments. The entire process, from application to payout, can conclude within one business day.
What Are the Repayment Terms for RHB Easy-Pinjaman?
RHB Easy-Pinjaman uses fixed monthly installments with reducing interest, meaning payments stay consistent while interest costs decline over time. A RM50,000 loan at 10% over 5 years would incur approximately RM1,062 monthly, totaling RM63,720 including interest. Borrowers can choose auto-debit from an RHB account or manual payments via online banking, ATMs, or branch counters.
Late payments incur a 1% annual penalty on overdue amounts, compounding monthly. Consistent defaults (2-3 months) trigger collection calls and potential legal action. Early repayment is allowed after six months, with a fee of RM100 or 1% of the remaining balance. Islamic financing variants follow similar structures but replace interest with profit rates compliant with Shariah principles.
What Are Common User Experiences with RHB Easy-Pinjaman?
User feedback highlights RHB’s efficiency in approvals but criticizes high interest rates and rigid repayment terms. A Reddit user shared borrowing RM30,000 at 21.25% for a car wash business, struggling with RM689 monthly payments on a RM2,600 salary. Lowyat forum discussions note strict CCRIS checks, with rejections common for applicants with recent late payments. Positive reviews emphasize the speed of disbursement, particularly for medical or education expenses.
Complaints frequently cite aggressive collection practices for missed payments. One Lowyat user reported legal threats after three months of non-payment, despite partial repayments. Conversely, civil servants using Islamic financing praise the lower rates (from 5.75%) and seamless salary deductions. These mixed experiences underscore the importance of assessing affordability before borrowing.
Are There Better Alternatives to RHB Easy-Pinjaman?
Yes, there are alternatives that may offer lower financing costs depending on a borrower’s profile. Government-backed loans are often more affordable. For instance, Bank Rakyat’s Personal Financing-i provides profit rates starting from 4.5% per annum for civil servants, which is significantly lower than RHB’s maximum rate of 13.76%. Similarly, Public Bank’s Islamic Personal Financing begins at 4.99%, although its approval process typically takes 2–3 business days, making it less suitable for urgent needs.
For borrowers seeking the lowest rates, secured loans, such as those tied to fixed deposits or property, offer financing at 3.5% to 6% per annum, but these require collateral. For short-term cash flow needs, credit card balance transfer plans with 0% interest for up to 12 months can be more cost-effective, provided repayment discipline is maintained.
While RHB Easy-Pinjaman excels in speed of approval and disbursement, borrowers who prioritize lower long-term costs may benefit from exploring these alternatives. Using comparison platforms like RinggitPlus or iMoney helps identify the most suitable option based on loan amount, tenure, and applicant profile.