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|
|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|
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:
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:
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.