Alliance Bank CashVantage Personal Financing-i is a personal loan facility by Alliance Bank that offers you a very low processing and approval time. With low monthly instalments and flexible repayment tenures, this facility also provides competitive profit rates.
| Loan Amount | Loan Tenure | Profit Rate |
|---|---|---|
| Up to RM150,000 | From 1 year (12 months) to 7 years (84 months) | Starting from 8.38% p.a. (flat rate basis) |
Let’s take a look at the features and benefits associated with Alliance Bank CashVantage Personal Financing-i:
| Profit Rate | Appx. 8.38% p.a. to 14.78% p.a. |
| Effective Interest Rate | From 14.73% p.a. to 24.37% p.a. (for a tenure of 60 months) |
| Minimum Loan Amount | RM5,000 |
| Maximum Loan Amount | Up to RM150,000 |
| Loan Tenure | From 12 months to 84 months |
| Islamic/Conventional | Islamic |
| Debt Consolidation | Consolidate up to a maximum of four credit cards and/or personal financing commitments into a single monthly repayment |
| Takaful/Insurance Coverage | Group Credit Family Takaful (GCFT) is optional |
| Approval Duration | Fast approval |
| Government Servant? | NA |
Let’s take a look at the fees and charges associated with Alliance Bank CashVantage Personal Financing-i:
| Fee type | Fee details |
| Processing fee | No charge |
| Monthly repayment | Monthly instalment is calculated using the formula below: M = [F+(F x R x T1)]/T2; Where M = Monthly repayment instalment; F = Approved financing amount; R = Profit rate imposed; T1 = Tenure in years; T2 = Tenure in months |
| Handling fee | No charge |
| Stamp Duty | 0.5% of the approved financing amount |
| Early settlement fee | No charge |
| Late Payment charges (Before maturity date) | 1% of the total arrears amount from due date to the date of settlement |
| Late Payment charges (After maturity date) | The late payment charges after maturity date will be calculated according to IIMM (Islamic Interbank Money Market) on the outstanding balance. |
The following are the eligibility criteria of Alliance Bank CashVantage Personal Financing-i:
Know More about Personal Loan Eligibility
The following is the list of documents required in order to get the Alliance Bank CashVantage Personal Financing-i approved:
For Salaried Employees who are working for MNCs or PLCs:
For Salaried Employees who are working for companies other than MNCs or PLCs:
For self-employed individuals:
For commission earners:
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Q. What is the minimum amount I can apply for through this facility?
A. You can apply for a minimum of RM5,000 and a maximum of RM150,000 through Alliance Bank CashVantage Personal Financing-i.
Q. Is it mandatory to opt for takaful coverage along with this facility?
A. No. The takaful coverage is optional.
Q. What if I decide to settle the financing before the date of maturity?
A. In such cases, you need to inform the bank through a written notice 3 months prior to the settlement date.
Q. Will I be charged any fee for the same?
A. No. There is no early settlement fee. However, you are eligible to earn a rebate (Ibra) in such cases.
Q. How much rebate can I earn if I settle my dues before the maturity date?
A. The rebate (Ibra) is calculated using the following formula:
I = [n(n+1) x R]/[N(N+1)];
Where I = Rebate (Ibra), n = Number of unserved instalments left in months, R = Total agreed profit rate, N = Total tenure agreed in months.
