AEON Credit service is a popular credit channel in Malaysia. The company serves a host of customers through their personal banking and insurance products. Personal finance schemes by AEON are quite popular among customers.
AEON credit service is a popular Malaysian credit provider. The company was registered in the year 1996 and since then has expanded into various financial domains like credit, loans and insurance. AEON credit is a subsidiary of AEON Japan and is mainly involved in offering credit card and personal finance products to customers.
You’re probably eligible for an AEON Personal Loan if you are
18 years and Above
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your AEON Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 100,000
Installments of other loans lower
Increase your eligible AEON Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 7 years
Documentation needed to apply for AEON Personal Loan
- 1.Copy of NRIC
- 2.Copy of latest three (3) months pay slip
- 3.Latest EPF statement
- 4.Employment Confirmation Letter
- 5.Other related documents
AEON Personal Loan Interest RatesUpdated on 25 May 2017
|Minimum Income||RM 800|
|Guarantor Requirement||No Guarantee Required|
AEON Credit Service is a corporate group that aims to provide consumers with a large range of financial services. AEON has in its kitty several products such as credit cards, prepaid cards, reward programmes and personal financing. AEON Personal Financing allows you to meet your monetary requirements at low interest rates and flexible terms.
Features and Benefits of AEON Personal Loan
AEON i-Cash Personal Financing is distinguished from its counterparts in Malaysia through the following features:
- Islamic banking principles: AEON personal financing is based on the Shariah principle of Bai Al-Inah. The Shariah concept involves a transaction between a buyer and seller. So the personal loan is treated as a product sold by the customer to the financial institution and which he or she has to buy back from the bank by making deferred instalment payments that would be slightly higher than the original amount.
- Unsecured loan: AEON i-Cash personal loan is unsecured in nature, which means that you do not have to produce any collateral or guarantor as security to get the loan.
- Low interest rates: AEON personal financing comes at a monthly interest rate as low as 0.8%. This makes the borrowing more affordable and easy to manage.
- High loan amount: You can borrow any amount from RM1,000 to RM100,000 from AEON for your personal financial needs.
- Flexible loan tenure: The loan tenure ranges from 6 months to 7 years. This gives you enough time to adjust your finances and make regular monthly repayments.
- Easy documentation: AEON i-Cash personal financing does not require you to provide too many documents. All you need are your identity and income proofs.
- Fast approval: AEON personal loan is approved within 1 to 3 days, including on Sundays.
AEON Personal Loan Interest Rates
The profit rate at which AEON lends its i-Cash Personal Financing is as given in the table below:
|Loan amount||Profit rate for AEON credit cardholders||Profit rate for AEON express cardholders||Profit rate for new AEON customers and non-cardholders|
|RM1,000 to RM10,000||1.2% per month||1.2% per month||1.5% per month|
|More than RM10,000||0.80% per month||0.84% per month||0.84% per month|
- Effective Interest Rate (EIR): The effective interest rate is between 16.07% and 18.11% to 22.77% and 25.60% for AEON cardholders, and between 16.77% and 18.11% to 27.46% and 31.72% for new customers and non-cardholders.
- Processing fee: A processing fee of 4% will be charged for loan amounts of RM1,000 to RM10,000 and 2% will be charged for loan amounts from RM10,100 to RM100,000. A GST of 6% is applicable on this processing fee.
Fees and Charges of AEON Personal Loan
You will be charged the following fees and charges:
|Processing fee||4% for financing amount between RM1,000 to RM10,000. 2% for financing amount between RM10,1000 to RM100,000.|
|GST||6% GST will be imposed on the processing fee.|
|Stamp duty charge||0.5% of the loan amount|
|Late payment fee||4% of the outstanding loan amount.|
If you want to get an AEON personal financing, you need to meet the following parameters:
- You have to be a Malaysian citizen.
- You need to be 18 years or older.
- Your minimum monthly income should be RM800.
When applying for an AEON personal loan, you need to present the following documents to the bank:
- For salaried employees:
- Original Identity Card
- Latest EPF statement OR
- Most recent 3 months’ salary slips AND
- Most recent 3 months’ bank account statements to confirm income credited into account
- Bank saving account passbook or bank statement
- Latest Form BE and Tax payment receipt
For non-permanent or commission-based staff:
- All of the above, and 6 months’ salary slips and 6 months’ bank account statements instead of those for 3 months.
For self-employed persons:
- Original Identity Card
- Company Business Registration Certificate [Registration of Company (ROC) and Registration of Business (ROB)] AND
- Latest 6 months Company’s principal current account statement OR
- Latest updated bank saving account passbook or bank statement OR
- Latest Form BE/E form & Tax payment receipt
How to Apply for AEON Personal Loans
You can get an AEON i-Cash Personal Finance by going to an AEON Credit Services branch or service counter. You can download the application form online and fill it up before going to the branch. You will also need to take the required documents with you.
AEON Personal Loan Promotions
Up to 18th April, 2017, if you apply for AEON i-Cash Personal Financing or any other AEON product and get a chance to win amazing gifts such as Nissan X-Trail Car, a free trip for 2 persons to Japan, mopeds, electronic devices and gift vouchers. This is part of AEON’s 20th Anniversary Special Thank You Contest.
AEON Personal Loan FAQs
Q. How can I make repayments towards my i-Cash Personal Loan?
A. You can make payments at one of the following facilities:
- AEON Service Centres
- AEON cash deposit machines
- At AEON Credit Services branches
- Through cheque deposit terminals
- Through internet banking services
- Via ATM transfer
- Through InterBank GIRO transfers
Q. Is there a due date for monthly repayments?
A. Yes, you need to make your monthly repayments by the 2nd of every month.
Q. Are there any late payment charges?
A. Yes. If you fail to pay your monthly instalment by due date, you will have to pay the following late payment fees:
- Payment made by the 10th of the month: RM18
- Payment made between 10th and 18th of the month: RM23
- Payment made between 18th and end of the month: RM40
- If no payment is made the previous month: RM23 in addition to the above charges
Q. Can I repay the whole finance amount before my loan tenure ends?
A. Yes, you can. AEON Credit Services does not charge any early settlement fee if you want to pay off your loan before the tenure ends.
Q. What will happen if I don’t make repayments to the loan account?
A. If you do not make regular repayments, you will have to pay the applicable late payment fee, and if you miss a few instalments, your loan account will be considered to be in default. This could result in low credit score and legal action from AEON.
Other Products offered by AEON:
Apart from offering Personal Loan, AEON offers other products and services which includes: