The personal loan is an unsecured loan that serves as a helping hand when you find yourself in a need of instant funds. Whether you’re starting a new business and you need the financial push or you need some funds to borrow for the kids’ education, a personal loan is the perfect solution. From weddings to vacations, to travel expenses to medical emergencies, a personal loan comes in handy.
AEON Bank is one of the banks that provide a hassle-free and quick loan disbursement. Let’s take a look at how the loan process works.
|Interest Rate (p.m.)||Starting from 0.8% p.m.|
|Loan Tenure||Upto 21 years|
|Approval Duration||Max. 3 Working Days|
|Min. monthly income||RM8,00|
|Min. Loan Amount||RM1,000|
The following are the interest rates of AEON Personal Loan:
|Financing amount||% per month for AEON Credit Card principal cardholders||% per month for AEON Express cardholders||% per month for new borrowers or non AEON cardholders|
|Between RM1,000 to RM10,000||1.20% p.m.||1.20% p.m.||1.50% p.m.|
|Between RM10,001 to RM100,000||0.80% p.m.||0.84% p.m.||0.84% p.m.|
|Nature of Applicant||Effective Profit rate|
|AEON Credit Card Principal Cardholders||16.07% p.a. to 18.11% p.a.|
|AEON Express Cardholders||22.77% p.a. to 25.60% p.a.|
|Non AEON Credit Cardholders||16.77% p.a. to 18.11% p.a.|
|New Customers||27.46% p.a. to 31.72% p.a.|
Benefits associated with AEON Personal Loan are listed below:
Let’s look at the fees and charges associated with this Personal Loan:
|Fee type||Fee details|
|Processing fee||4% of the financing amount when the amount is from RM1,000 to RM10,000. For amount more than RM10,000, processing fee is 2% of the amount. This fee is capped at RM400.|
|Handling fee||No charge|
|Stamp Duty||0.5% of the loan amount|
|Goods and Service Tax (GST)||A GST of 6% will be charged that depends upon the financing processing fee.|
|Early settlement fee||No charge|
|Late Payment charges||This fee varies from RM18 to RM40 depending upon the repayment date. Another RM23 will be charged per month for delinquency.|
The list of documents required in order to get the loan approved is given below:
For Salaried Employees:
For Self-employed applicants:
Q. What is the due date for the monthly repayment?
A. You need to complete the monthly payment by 2nd of every month in order to save yourself from late payment charges.
Q. How long does the approval process take?
A. The process generally takes a maximum of 3 working days.
Q. Is there any security deposit I have to pay?
A. No. There is no security deposit needed for this process.
Q. Is it mandatory to provide a collateral?
A. No. The AEON Personal Loan doesn’t require a collateral or guarantor.
Q. Can I apply for a loan for an amount more than RM100,000?
A. No. The maximum amount that can be approved is RM100,000.