Thursday, May 28, 2009

Personal loan to start a business?

I needed quite a sum of money to start a new business.

It was down to the banks to lend me the money.

The obvious choice was to apply for a personal loan. After doing some research, it seemed like the best package and rate offered was provided by Bank Rakyat (5-6.5% based on tenure). It was surprising to see most of the commercial banks in Malaysia have high interest rates for personal loans (between 8-12%)...and we wonder how on earth do the banks make a lot of money.

The only problem with getting a personal loan with Bank Rakyat, is that my company has to be in the list of panels with the bank. My company, however, is not a panel. The panel registration with Bank Rakyat would take at least a month for approval.

That was when I decided to fall back on my last option, the one which I've learned a year ago from financial blogs and web sites but haven't really mastered or put it to use effectively. I'll write about how I used OD or Overdraft Facility to start my new business in my future post.


Anonymous said...

Here is a great chance to drive a large number of visitors to your blogs and websites for free.

Submit your websites, blogs, videos to and get 1000s of targeted visitors everyday for free. It also helps your websites/blogs gain valuable backlinks.

Let the other bloggers cast their votes to push your posts up for a greater visibility. Enjoy a free, huge traffic to your sites.



Teuku Hasan said...


About personal loan bank rakyat current rates is 3.something.To become panel company maybe take sometime but the most important whether your HR or Account department agree to make salary deduction from staf and pay to bank rakyat.

aaronnssd said...

I am attracted by the presentation of this article. It is a genuinely a gainful article for us. Keep posting, Thank you.Cash Loans


The information you supplied in this post gave me some amazing information, and this article gave me a lot of important information about Best Small Business Loans Continue posting.

search me