Alliance Bank CashVantage Personal Financing-i

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.

Profit Rates

The profit rates of Alliance Bank CashVantage Personal Financing-i are as follows:

Profit rate (Flat rate)	8.38% to 14.78% p.a.
Effective Rate	14.73% to 24.37% p.a.

Benefits & Features

Let’s take a look at the features and benefits associated with Alliance Bank CashVantage Personal Financing-i:

• The loan facility comes with a low processing and approval time.
• The facility provides you with a flexible tenures of up to 84 months.
• The process doesn’t require a collateral or a guarantor.
• You can apply for up to RM150,000 with Alliance Bank CashVantage Personal Financing-i.
• The monthly repayment instalments stat from RM94 ad is based on the loan amount approved and tenure chosen.
• You don’t have to pay any processing or early settlement fees for this facility.
• The repayments can be made through easy payment methods like IBG/IBFT.
• The CashVantage Balance Refinancing feature associated with this facility lets you consolidate up to 4 personal financing commitments into a single monthly instalment.

Fees and charges

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.

Eligibility Criteria

The following are the eligibility criteria of Alliance Bank CashVantage Personal Financing-i:

• Age requirement: 21-60 years
• Minimum income requirement: RM36,000 p.a.

Who can apply:

• Malaysians and permanent residents who are living and working in Malaysia.
• Malaysians who are living in Malaysia but working in Singapore.

What documents do I need to prepare for Alliance Bank CashVantage Personal Financing-i?

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:

• A copy of both front and back page of MyKad, and
• Last 1 month’s salary slip for fixed salary earners and 3 months’ salary slips for variable salary earners, or
• Last 6 months’ EPF statement, or
• Latest EA form, or
• Latest BE Form along with payment receipt

For Salaried Employees who are working for companies other than MNCs or PLCs:

• A copy of front and back pages of MyKad, and
• Last 3 months’ payslips, or
• Latest BE Form with payment receipt to LHDN, or
• Last 6 months EPF statement

For self-employed individuals:

• A copy of both front and back page of MyKad, and
• A copy of valid and current business card (the business should be at least 2 years old), and
• Last 6 months’ EPF statement, or
• Last 6 months’ pay slips, or
• Latest BE form along with a validated payment receipt to LHDN, or
• Company’s principal bank statement that reflects business turnover

For commission earners:

• A copy of both front as well as back page of MyKad, and
• Latest EA form, or
• Latest B form along with validated payment receipt to LHDN, or
• Last 6 months’ commission statement or payment voucher that is verified against the bank statements

How to apply for Alliance Bank CashVantage Personal Financing-i?

• Applying Online: You can apply for Alliance Bank CashVantage Personal Financing-i on the bank’s website. By filling the online application form with necessary details and uploading the required documents, you can apply for this loan facility.
• Applying by phone: You can call the bank’s helpline numbers and put in your request for Alliance Bank CashVantage Personal Financing-i.
• Applying at the branch: You can directly walk into the nearest Alliance Bank branch and fill up the form and submit it along with the copies of required documents.

FAQs

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.