Questions? Have them answered here.
Here are a few common questions
from our customers
1. What is a Personal Loan?
A Personal loan is money you can borrow which you are required to pay back within a predetermined period. A personal loan has 3 main components: loan amount, loan period and loan interest rate. Typically, people apply for personal loans for a variety of personal reasons such as paying off a credit card debt, buying gadgets, home renovation, education fees, wedding expenses, settle personal debts or anything really.
2. Who can apply for an instaDuit loan?
You may apply for an instaDuit loan if you are:
-
A Malaysian citizen
- Salaried employee
-
21 – 55 years of age
-
Minimum gross income of RM1,500
-
Working in KL, Selangor, Putrajaya
-
Not declared bankrupt
3. What documents do I need to apply for an instaDuit Loan?
If you are currently employed, you would need:
-
A copy of your NRIC (front and back)
-
Latest 3 months payslips
-
Latest 3 months bank statement that crediting your monthly salary
-
Latest EPF or Tax Declaration Form (BE Form)
-
Utility bill – Electricity, water, etc
4. Do I need to have a bank account to apply for an instaDuit loan?
Yes, borrowers must have an active bank account. A bank account is required for the loan amount to be paid to. The bank account needs to be registered with your name and current home address.
5. What is the loan amount that I can apply for?
Our loan ranges between RM1,000 and RM10,000. However, any amount beyond that will be reviewed by our team on a case to case basis.
6. Is there a minimum loan amount?
Yes, the minimum loan amount is RM1,000
7. How long is the loan period?
We offer flexible loans between 6 and 48 months.
8. What is the interest rate for an instaDuit loan?
Our loan rates ranges from 12% per annum (with collateral) to 18% per annum (without collateral)
9. Are there any security deposit or advance installment fees when you apply for an instaDuit loan?
No, there will be no security deposit or advance installment fees
10. Are there any charges that I have to pay when applying for a loan?
Yes, there are some statutory chargeable fees that you need to pay such as stamp duty etc.
11. Do I need a guarantor or collateral?
We do not require any guarantor or collateral
12. How is the monthly repayment amount calculated?
Monthly repayment is calculated based on the following:
- Loan amount (a)
- Loan tenure in months (b)
- Flat interest rate of 1.5% per month (c)
Monthly repayment amount = [(a*b*c) + (a)] / (n)
1. Will you be performing a credit bureau check on me?
Yes. As part of your loan application we will request your credit report from a leading credit bureau agency.
Credit bureau agencies give us a range of information about potential borrowers. Most of the information held by the credit reference agencies relates to how you have maintained your credit and public records including insolvency and bankruptcy data.
2. I have finished my part of the loan application, what happens next?
Once you have submitted your application, we will then complete the final checks to determine if you are eligible for the loan.
During our final checks, our team may request some documentation from you in order to verify your identify.
You may be asked to provide some proofs of identity, home address, income and bank account. This protects you from criminals who might try to use your identity without you knowing.
If you are asked to provide these documentation, please make sure that:
-
The name and address detailed on your identification is the same as the name and address you provide us during your application
-
Your proof of address is dated within the last three months
-
Your proof of bank account shows name and account number
3. How long would it take before i know my application is approved?
We aim to get you the approval within 3 hours. This also depends on full documentation and information that you provided us. To help us approve your loan quicker, do provide all the required documents to us.
4. How are you able to approve a loan so quickly?
We have built an intelligent digital platform that enables us to make a speedy approval decision for you.
5. Why is the approved loan amount different from I applied for?
We consider each application carefully on an individual basis.
The eligibility for a loan or the approved loan amount will depend on your credit profile and our assessment of your ability to afford all repayments over the life of the loan. We also want to help make sure you’ll be able to make your monthly repayments without overstretching your finances.
6. Why is my loan application rejected?
We consider each application carefully on an individual basis. There are a number of reasons why a loan application is not approved – ranging from poor credit scores to having too many loans. However, we are doing this because of your best interest so that you don’t overstretching your finances and get into money problems.
7. Is my personal information safe with instaDuit?
Don’t worry, you can be assured that your personal information is in safe hands.
We have strict policies and security when we process your data in accordance with our Terms of Use and Privacy Notice. We will never disclose your information to a third party without your consent.
1. My loan has been approved, what next?
Congratulations! We will invite you to review and sign the loan agreement. Once the loan agreement has been signed, the approved loan amount will be paid to your bank account.
2. How long would it take for my loan to be paid to my bank account?
We aim to deposit the approved loan amount to your bank account within 6 hours from approval.
3. How can I start paying my instaDuit loan repayments?
You can repay your loan via a number of ways:
-
Internet Banking – Instant Transfer or Interbank GIRO (IBG)
- DuitNow
-
Cash deposit
-
MEPS ATM fund transfer
4. Can I settle my loan repayments earlier?
Yes, you may. There is no early settlement charges or penalties if you wish to early settle your loan.
5. What if I am late with my loan repayments?
We advise you to pay on or before the due date.
If you are late in your monthly payment, you will be charged a late payment charges as stipulated in your loan agreement.
6. I’m having some financial challenges, where can I get assistance and redress?
If you have difficulties in making repayments, you should contact us as early as possible to discuss the repayment alternatives.
Alternatively, you may seek the services of Agensi Kaunseling dan Pengurusan Kredit (AKPK), an agency established by Bank Negara Malaysia to provide free services on money management, credit counseling, financial education and debt restructuring for individuals. For enquiry, please call 603-2616 7766.
7. What if I do not pay my loan back in full?
Legal action may be taken against you in the event of default of loan repayment. You will have to bear all cost, expenses and fees (including and without limitation of the solicitors cost) which the company may incur, in the enforcement to recover the loan.
Legal action against you may affect your credit rating which may lead to credit being more difficult or denied any loans from banks or lending companies in the future.
8. What do I need to do if there are changes to my contact details (phone, e-mail and address)?
It is important for you to inform us if there are any changes to your contact details to ensure that all communications reach you in a timely manner.
- Before You Apply
-
1. What is a Personal Loan?A Personal loan is money you can borrow which you are required to pay back within a predetermined period. A personal loan has 3 main components: loan amount, loan period and loan interest rate. Typically, people apply for personal loans for a variety of personal reasons such as paying off a credit card debt, buying gadgets, home renovation, education fees, wedding expenses, settle personal debts or anything really.2. Who can apply for an instaDuit loan?You may apply for an instaDuit loan if you are:
-
A Malaysian citizen
- Salaried employee
-
21 – 55 years of age
-
Minimum gross income of RM1,500
-
Working in KL, Selangor, Putrajaya
-
Not declared bankrupt
3. What documents do I need to apply for an instaDuit Loan?If you are currently employed, you would need:-
A copy of your NRIC (front and back)
-
Latest 3 months payslips
-
Latest 3 months bank statement that crediting your monthly salary
-
Latest EPF or Tax Declaration Form (BE Form)
-
Utility bill – Electricity, water, etc
4. Do I need to have a bank account to apply for an instaDuit loan?Yes, borrowers must have an active bank account. A bank account is required for the loan amount to be paid to. The bank account needs to be registered with your name and current home address.5. What is the loan amount that I can apply for?Our loan ranges between RM1,000 and RM10,000. However, any amount beyond that will be reviewed by our team on a case to case basis.6. Is there a minimum loan amount?Yes, the minimum loan amount is RM1,0007. How long is the loan period?We offer flexible loans between 6 and 48 months.8. What is the interest rate for an instaDuit loan?Our loan rates ranges from 12% per annum (with collateral) to 18% per annum (without collateral)9. Are there any security deposit or advance installment fees when you apply for an instaDuit loan?No, there will be no security deposit or advance installment fees
10. Are there any charges that I have to pay when applying for a loan?Yes, there are some statutory chargeable fees that you need to pay such as stamp duty etc.11. Do I need a guarantor or collateral?We do not require any guarantor or collateral12. How is the monthly repayment amount calculated?Monthly repayment is calculated based on the following:
- Loan amount (a)
- Loan tenure in months (b)
- Flat interest rate of 1.5% per month (c)
Monthly repayment amount = [(a*b*c) + (a)] / (n)
-
- During Application Process
-
1. Will you be performing a credit bureau check on me?Yes. As part of your loan application we will request your credit report from a leading credit bureau agency.Credit bureau agencies give us a range of information about potential borrowers. Most of the information held by the credit reference agencies relates to how you have maintained your credit and public records including insolvency and bankruptcy data.2. I have finished my part of the loan application, what happens next?Once you have submitted your application, we will then complete the final checks to determine if you are eligible for the loan.During our final checks, our team may request some documentation from you in order to verify your identify.You may be asked to provide some proofs of identity, home address, income and bank account. This protects you from criminals who might try to use your identity without you knowing.If you are asked to provide these documentation, please make sure that:
-
The name and address detailed on your identification is the same as the name and address you provide us during your application
-
Your proof of address is dated within the last three months
-
Your proof of bank account shows name and account number
3. How long would it take before i know my application is approved?We aim to get you the approval within 3 hours. This also depends on full documentation and information that you provided us. To help us approve your loan quicker, do provide all the required documents to us.4. How are you able to approve a loan so quickly?We have built an intelligent digital platform that enables us to make a speedy approval decision for you.5. Why is the approved loan amount different from I applied for?We consider each application carefully on an individual basis.The eligibility for a loan or the approved loan amount will depend on your credit profile and our assessment of your ability to afford all repayments over the life of the loan. We also want to help make sure you’ll be able to make your monthly repayments without overstretching your finances.6. Why is my loan application rejected?We consider each application carefully on an individual basis. There are a number of reasons why a loan application is not approved – ranging from poor credit scores to having too many loans. However, we are doing this because of your best interest so that you don’t overstretching your finances and get into money problems.7. Is my personal information safe with instaDuit?Don’t worry, you can be assured that your personal information is in safe hands.We have strict policies and security when we process your data in accordance with our Terms of Use and Privacy Notice. We will never disclose your information to a third party without your consent. -
- After Application Process
-
1. My loan has been approved, what next?Congratulations! We will invite you to review and sign the loan agreement. Once the loan agreement has been signed, the approved loan amount will be paid to your bank account.2. How long would it take for my loan to be paid to my bank account?We aim to deposit the approved loan amount to your bank account within 6 hours from approval.3. How can I start paying my instaDuit loan repayments?You can repay your loan via a number of ways:
-
Internet Banking – Instant Transfer or Interbank GIRO (IBG)
- DuitNow
-
Cash deposit
-
MEPS ATM fund transfer
4. Can I settle my loan repayments earlier?Yes, you may. There is no early settlement charges or penalties if you wish to early settle your loan.5. What if I am late with my loan repayments?We advise you to pay on or before the due date.If you are late in your monthly payment, you will be charged a late payment charges as stipulated in your loan agreement.6. I’m having some financial challenges, where can I get assistance and redress?If you have difficulties in making repayments, you should contact us as early as possible to discuss the repayment alternatives.
Alternatively, you may seek the services of Agensi Kaunseling dan Pengurusan Kredit (AKPK), an agency established by Bank Negara Malaysia to provide free services on money management, credit counseling, financial education and debt restructuring for individuals. For enquiry, please call 603-2616 7766.
7. What if I do not pay my loan back in full?Legal action may be taken against you in the event of default of loan repayment. You will have to bear all cost, expenses and fees (including and without limitation of the solicitors cost) which the company may incur, in the enforcement to recover the loan.
Legal action against you may affect your credit rating which may lead to credit being more difficult or denied any loans from banks or lending companies in the future.
8. What do I need to do if there are changes to my contact details (phone, e-mail and address)?It is important for you to inform us if there are any changes to your contact details to ensure that all communications reach you in a timely manner.
-