Affin Islamic Bank is considered to be the first choice of individuals who believe in the traditional Islamic concepts of banking. Various services offered by the bank gives customers a way to improve their standard of living by convenient savings and hassle free investments. One of the most favored programs by Affin Islamic Bank is the personal funding program which allows individuals to finance their personal expenses, be it a trip to overseas, education expenses, renovation of home, etc. It is a perfect option for those who want to increase their savings with the most profitable rates.
You’re probably eligible for an Affin Islamic Bank Personal Loan if you are
At least 21 years old
Less than 50 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Affin Islamic Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 150,000
Installments of other loans lower
Increase your eligible Affin Islamic Bank 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 Affin Islamic Bank 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
Affin Islamic Bank Personal Loan Interest RatesUpdated on 05 Dec 2016
|Interest Rate||5.5 %|
|Minimum Income||RM 30,000|
|Guarantor Requirement||No Guarantee Required|
Affin Islamic Bank is one of the most popular banking choices among individuals who still hold the traditional Islamic concepts of banking in high regard. The bank offers its customers a wide range of banking solutions and services that help them meet their requirements and personal needs as well as helping them improve their standard of living. The bank also offers its customers convenient savings as well as hassle free investments. One of the most favored programs by Affin Islamic Bank is the personal funding program which allows individuals to finance their personal expenses, be it a trip to overseas, education expenses, renovation of home, etc. This is seen as a perfect option for individuals who are looking to increase their savings capacity with the most profitable rates on offer.
Affin Islamic Bank Personal Loan in Malaysia
The Affin Islamic Bank has a strong presence in Malaysia, with its personal loan products ranking among its most popular banking solutions. The personal loans are based on the Tawarruq (Commodity Murabahah) concept and residents of Malaysia can avail of these from Affin Islamic Bank for their own personal use, which must be declared to the bank at the time of application. However, these loans cannot be used for luxurious purposes.
Types of Affin Islamic Personal Loan
Affin Islamic Bank offers personal loans to its customers under a specifically designed personal loan program called Personal-Financing i, which comes with the most competitive interest rates in the market. It is based on the Tawarruq concept of Shariah where the bank acts as the agent of the interested customer and sells the commodity on his behalf on a cash basis.
Features and Benefits of Affin Islamic Bank Personal Loan
The main features and benefits of the Affin Islamic Bank personal loan are:
- The personal loan is based on the Tawarruq concept of Shariah
- Applicants can pay off the loan within a maximum period of 7 years or until they attain the age of 55, whichever is earlier
- The minimum tenure or the lock-in period of the personal loan is 3 years
- Under this particular program, if the customer intends to purchase an asset, then the bank buys it on the customer’s behalf and then sells it to a third party for a pre-decided amount of cash
- Easy and hassle-free processing of the loan application
- No collateral or guarantor required in order to apply for this personal loan
Affin Islamic Personal Financing Interest Rates
Affin Islamic Bank offers its customers the best and most competitive interest rates in the market. The bank’s personal loans come with a fixed and flat interest rate of 5.5% per annum, making it an extremely attractive banking product for customers looking for loans at affordable prices.
Eligibility Criteria for Affin Islamic Bank Personal Loan
Applicants must fulfil the following eligibility criteria in order to apply for a personal loan from Affin Islamic Bank:
- The applicant must be an employee of specific organisations which are listed by Affin Islamic Bank
- The minimum age of the applicant must be 21 years
- The applicant cannot apply for the loan if he or she is more than 50 years of age
- The applicant must draw a salary of at least RM 2,500
How to apply for a Personal Loan From Affin Islamic Bank
Applicants who wish to apply for a personal loan from Affin Islamic Bank can walk into the nearest branch and fill in the relevant personal loan application form and submit it to the bank along with all relevant documents. The documents required are as follows:
- A copy of NRIC
- A copy of the last three months salary slips
- The applicant’s latest EPF statement
- The applicant’s employment confirmation letter
- Any other related documents
FAQs on Affin Islamic Bank Personal Loan
What are the fees and charges levied by the bank when applying for a personal loan?
The following fees and charges may apply when applying for a personal loan from Affin Islamic Bank:
- Stamp Duty charges as per the Stamp Act 1949
- A Wakalah Fee of RM 53.00
- Redemption Statement Fee of RM 53.00 per account per request
- Security Document Retrieval Fee of RM 31.80 per request
- Additional Financing Statement Fee of RM 10.60 per request
- GST at 6% for all taxable supplies from April 1st onwards
What will happen if I am unable to pay back the loan?
The customer will be liable for the following in case he or she is unable to make repayments towards the loan amount:
- A compensation fee of 1% per annum of the overdue amount will be charged
- Any outstanding balance in the loan account will be set off with any amount in the customer’s account with the bank
- Should the customer fail to respond to the reminder notices sent by the bank, legal action may be taken against him or her
Will I be liable to pay a fee should I settle my loan before maturity?
No. Since the bank does not impose a lock-in period for this loan, no fees or charges will be levied should you pay out the loan before its maturity date
How do I make payments towards the personal loan?
The repayment of the loan is made directly via salary deductions from applicant’s account or through a transfer made by the employer himself to the current or savings account in the Affin Islamic Bank Berhad.
How can I calculate my loan installments for my personal loan?
Bbazaar.my hosts a simple yet useful personal loan installment calculator that can be used to calculate your monthly installment amount for Affin Islamic personal loan. This personal loan installment calculator requires the user to feed certain loan-specific parameters like the desired personal loan amount, loan tenure and the profit rate as inputs and processes this raw data to yield the value of monthly installment applicable for your personal loan with Affin Bank. Knowing this amount before availing personal loan is beneficial since it helps in better financial planning. By adjusting parameters like loan amount and loan tenure in the personal loan installment calculator, you can find out that optimum value of monthly installment which suits your pocket, perfectly.
Other Products offered by Affin Islamic Bank:
Apart from offering Personal Loan, Affin Islamic Bank offers other products and services which include: