{"id":48078,"date":"2021-06-08T15:38:55","date_gmt":"2021-06-08T07:38:55","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=48078"},"modified":"2023-06-20T15:35:29","modified_gmt":"2023-06-20T07:35:29","slug":"rhb-easy-personal-ekspres-review","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/rhb-easy-personal-ekspres-review","title":{"rendered":"RHB Easy-Pinjaman Ekspres: Quick Approval But High Interest Rates"},"content":{"rendered":"

Consider the RHB Easy-Pinjaman Ekspres<\/a> if you need urgent financing. This plan offers a quick loan approval of within 24 hours and on-the-spot disbursement.<\/p>\n

However, it does have relatively high interest rates. It also charges a 0.5% stamp duty fee on your loan amount, as well as additional fees if you settle your loan early.<\/p>\n

Best for: Those looking for a quick-approval loan with low income requirements.<\/div><\/div>\n

<\/span>RHB Easy Personal Financing key features<\/span><\/h2>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Interest rate<\/td>8.18% p.a. - 13.45% p.a.<\/td>\n<\/tr>\n
Loan amount<\/td>RM2,000 to RM150,000<\/td>\n<\/tr>\n
Loan tenure<\/td>Up to 7 years<\/td>\n<\/tr>\n
Approval duration<\/td>Within one working day<\/td>\n<\/tr>\n
Income requirement<\/td>RM1,500 monthly gross income<\/td>\n<\/tr>\n
Age requirement<\/td>21 - 55<\/td>\n<\/tr>\n
Linked bank account required<\/td>Yes<\/td>\n<\/tr>\n
Insurance<\/td>May be required depending on bank\u2019s approval<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

<\/span>Rates<\/span><\/h2>\n

\"\"Source: <\/em>RHB<\/em><\/a><\/p>\n

RHB Easy-Pinjaman Ekspres\u2019 interest rates start from 8.18% p.a. to 13.45% p.a. But the lowest rates are only applicable if you borrow between RM100,000 and RM150,000. Smaller sums, such as below RM50,000, could mean dealing with interest rates of over 11% p.a.<\/p>\n

These rates are higher compared to other plans in the market, especially if you are a government servant, as some loans have low interest rates that are exclusive for the public sector. For example, these personal financing plans have lower interest rates than RHB:
\n\n\n\n\n\t\n\n\t\n\t\n\t
Plan<\/th>Eligibility<\/th>Minimum income<\/th>Approval duration<\/th>Profit rate<\/th>\n<\/tr>\n<\/thead>\n
Bank Rakyat Personal Financing-i Public Sector<\/a><\/td>Government servants<\/td>RM1,000<\/td>Up to 3 business days<\/td>2.31% p.a. - 5.65% p.a.<\/td>\n<\/tr>\n
Public Islamic Bank BAE Personal Financing-i<\/a><\/td>Government servants<\/td>RM1,500<\/td>1-2 weeks<\/td>3.99% p.a. -\u00a0 4.45% p.a.<\/td>\n<\/tr>\n
AmBank Islamic Personal Financing-i<\/a><\/td>Government servants and private sector employees<\/td>RM1,500<\/td>2 business days<\/td>4.08% p.a. - 7.90% p.a.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\nHowever, compared to these plans, RHB Easy-Pinjaman Ekspres does have the fastest loan approval duration. So even with its higher rates, it could make sense if you need financing urgently (and you\u2019re sure you can cover the repayments).<\/p>\n

<\/span>Fees<\/span><\/h2>\n

Like most personal loans on the market, it charges a 0.5% stamp duty fee on your approved loan amount and a late payment penalty of 1% on your outstanding payment.<\/p>\n

Another thing to note is that this loan has a lock-in period of six months. This means that if you settle your loan early during this period, you will be charged an early exit fee. This would be RM100 or 1% of your total loan approved, whichever is higher.<\/p>\n

<\/span>We like<\/span><\/h2>\n