A personal bank loan is a loan that a bank grants itself without the involvement of a third party. You take a personal loan from a bank for almost any purpose and payback with a specific amount of interest over multiple years. It is the money a bank offers to the borrowers who are working and need some cash for whatever needs, accounting for the fact they meet the bank’s policy and requirements.
Currently, there are around 15 banks in Malaysia that offer personal loans to consumers. Banks are typically known as the mainstream lenders, so their guidelines and requirements are stricter accordingly.