Best Business Loan in Malaysia

5 Best Business Loans in Malaysia

Source: Proxyclick Visitor Management System via Unsplash

By Adam Wei

Perhaps you’ve thought of a brilliant business idea or are thinking of expanding your business, but don’t actually have the resources for it. With the best business loans in Malaysia, you can help turn your ideas into reality and open up more possibilities for your business.

To help you out, we looked all over the country for your top options. With one of the best business loans in this list, you will no longer need to put your awesome business plans on hold.

1.  GoBiz

GoBiz's Homepage
Source: GoBiz
BEST FOR: Easy, quick application
PRODUCTS:https://www.gobiz.com.my/p2p?gclid=CjwKCAjw_NX7BRA1EiwA2dpg0gstkXhW9T7ZQ2qZExu4jYhx0e8sfJKrER_pj2JPTsK0Zu8VEv5xjhoCfVEQAvD_BwE
WEBSITE: https://www.gobiz.com.my/

Whether you’re just looking to ease your cashflow, want more working capital, or need funds to digitalise your operations, this best business loan in Malaysia can give that to you.

GoBiz is a program by U Mobile and Funding Societies to help people with a variety of business needs. It is so easy, quick, and seamless that you can apply in under a minute.

Simply fill up an online form, check your approval status, and you can instantly receive disbursement. You can get approval within just two working days!

Furthermore, there is also no collateral required and no retention sum withheld, so you won’t find yourself in a bind later on.

Businesses that are registered under a sole proprietor, partnership, private limited company, non-listed public limited company or limited liability partnership company with at least 6 months of active transactions can apply for this best business loan in Malaysia.

Highlights

  • Program by U Mobile and Funding Societies
  • Easy, quick, and seamless
  • Online application
  • Instant disbursement
  • No collateral required
  • No retention sum withheld

 

2.  Maybank2u SME Clean Loan

Maybank2u SME Clean Loan's Homepage
Source: Maybank2u
BEST FOR: High loan assistance
PRODUCTS:https://www.maybank2u.com.my/maybank2u/malaysia/en/business/financing/working_capital/business/sme_clean_loan_financing.page?
WEBSITE: https://www.maybank2u.com.my/home/m2u/common/login.do
ADDRESS: Malayan Banking Berhad

Menara Maybank

100 Jalan Tun Perak

50050 Kuala Lumpur

Malaysia or find the branch nearest to you at  https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/about_us/locate_maybank.page?

CONTACT DETAILS: 1-300 88 6688

[email protected]

If you need a big amount of cash for your business’s working capital, Maybank2u’s SME Clean Loan is the best business loan in Malaysia for you. With it, you can get up to RM250,000 for online applications and up to RM1.5 million for personal applications from one of their branches.

In particular, their online application is convenient, being available 24/7 and not requiring documents. You also get your application status in as fast as 10 minutes and your disbursement in as fast as a minute!

On top of that, the repayment tenure is up to 5 years for online application and 7 years for personal application with no collateral.

This best business loan in Malaysia is available for both Maybank and non-Maybank customers, specifically those who own sole proprietor, partnership or private limited companies with at least one year in operation.

Highlights

  • Working capital
  • Up to RM1.5 million
  • 24/7 online application
  • Fast application process
  • Up to 7 years for repayment tenure
  • No collateral

 

3.  RHB BizPower SME Business Loan

RHB BizPower SME Business Loan's Homepage
Source: RHB
BEST FOR: Accessible, prompt
PRODUCTS:https://www.rhbgroup.com/business/financing/business-loan/index.html
WEBSITE: https://www.rhbgroup.com/index.html
ADDRESS: Find the branch closest to you at https://www.rhbgroup.com/locate/index.html
CONTACT DETAILS: 03-9206 8118

[email protected]

OPERATING HOURS: Mon to Fri 9:15am-4:15pm

RHB’s BizPower SME Business Loan is an easily accessible business loan you can avail of at 34 commercial banking business centres and a vast network of branches in Malaysia.

While the application is done in person, you can expect prompt customer service. You get your credit decision as soon as you provide all the documents needed.

Once approved, you can borrow up to RM5 million and pay up to 7 years.

Malaysian-owned or controlled small and medium enterprises that have been operating for at least 2 years can avail of this best business loan in Malaysia.

Highlights

  • Easily accessible with business centres and branches throughout Malaysia
  • Personal application
  • Fast credit decision
  • Up to RM5 million
  • Up to 7 years payment tenure

 

4.  SME Bank Business Acceleration Program

SME Bank Business Acceleration Program's Homepage
Source: SME Bank
BEST FOR: Long payment tenure
PRODUCTS:https://www.smebank.com.my/en/financing/programmes/business-accelerator-program-bap
WEBSITE: https://www.smebank.com.my/en/
ADDRESS: Customer Service Management

Level 10, Menara SME Bank

Jalan Sultan Ismail

50250 Kuala Lumpur

CONTACT DETAILS: 03 – 2603 7700;

[email protected]

OPERATING HOURS: Mon to Thurs 8:30am-5:30pm

Fri 8:30am-4:45pm

In collaboration with SME Corp. Malaysia, SME Bank’s  Business Acceleration Program aims to provide small and medium enterprises financial assistance. In particular, this best business loan in Malaysia provides cash to use as a fixed asset or a working capital.

To be exact, it offers a minimum of RM50,000 and a maximum of RM1 million with a payment tenure of up to 10 years for fixed assets and 7 years for working capital.

This best business loan in Malaysia can be availed of by full-time small and medium enterprises that are at least 60% Malaysian-owned. They should also have been operating for the last 6 months.

Highlights

  • Fixed asset or working capital
  • Minimum of RM50,000
  • Maximum of RM1 million
  • Payment tenure of up to 10 years for fixed asset and 7 years for working capital

 

5.  MIDF Soft Loan Scheme for Small & Medium Enterprises

MIDF Soft Loan Scheme for Small & Medium Enterprises' Homepage
Source: MIDF
BEST FOR:  
PRODUCTS:http://www.midf.com.my/index.php/en/what-we-do-en/sme-financing
WEBSITE: http://www.midf.com.my/index.php/en/
ADDRESS: Level 21, Menara MIDF,

82, Jalan Raja Chulan,

50200 Kuala Lumpur, Malaysia. Or find the branch nearest to you at http://www.midf.com.my/index.php/en/contact-us

CONTACT DETAILS: 603-2173 8888;

[email protected]

OPERATING HOURS: Mon to Fri 9:00am-5:30pm

This best business loan in Malaysia helps both existing and start-up businesses in financing. Specifically, they offer financial assistance to businesses belonging to the manufacturing, manufacturing-related, and service sectors.

They offer an overall minimum of RM50,000 and a maximum depending on what the loan finances and the industry where the enterprise belongs. The repayment period also varies depending on what the loan was used for, but they have some of the longest payment tenures out there, say clients.

Small and medium enterprises that wish to acquire this loan need to be at least 60% Malaysian-owned, however.

Highlights

  • Existing and start-up businesses
  • For project, fixed assets, and working capital
  • Manufacturing, manufacturing-related, and service sectors
  • Minimum of RM50,000
  • Maximum varies

 

With one of these best business loans in Malaysia, you will surely be launching or expanding your business in no time.

If you find yourself not knowing where to start in building your own company, you can check out our list of the best company registration agents in Malaysia.