Loans are the most viable way to provide the much needed influx of cash especially when the requirements are for an emergency. Personal loans when used effectively can be a great tool to manage finances more efficiently. It offers the borrower the required cash without the borrower needing to liquidate any investments or dip into their savings. The Alliance bank personal loans offer the borrower not just the required cash but make sure the loan doesn’t become a hassle to avail and doesn’t cost too much.
The loans can be for an emergency and at such times, it is not viable to run from pillar to post waiting for approvals and putting down collateral. The personal loans from Alliance bank do not require any collateral or guarantor. The loans are also easier on the pocket with no processing fees or early settlement fees. Thus borrowers can get the loan amount they need without it being siphoned off for processing charges which can go up to 1% of the loan amount. They can also pay it off early without incurring any penalties. The personal loans from Alliance bank come in both conventional and Islamic formats and have tenures that range up to 7 years.
You’re probably eligible for an Alliance Bank Personal Loan if you are
At least 21 years old
Less than 60 years old
Salaried or self-employed with regular income
Earn more than the minimum income required
Your Alliance Bank Personal Loan amount eligibility is based on these factors
Minimum income required RM 3,000
Maximum allowed personal loan is RM 100,000
Installments of other loans lower your eligibility
Increase your eligible Alliance 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 an Alliance Bank Personal Loan
- 1. Copy of MyKad
- 2. Disbursement Account particulars
- 3. Documentation for salaried applicants:(Anyone)
- Latest 1 month payslip (fixed)/3 months payslip (variable)
- Latest EA Form
- Latest 6 months EPF statement
- 4. Documentation for self Employed applicants:(Anyone)
- Latest 6 months pay slip
- Latest 6 months company's principal bank statement reflecting business turnover
- Latest 6 months EPF statement
Alliance Bank Personal Loan Interest RatesUpdated on 30 Mar 2017
|Minimum Income||RM 3,000|
|Guarantor Requirement||No Guarantee Required|
Why choose Alliance Bank Personal loans
The most prominent features of all personal loan products from Alliance Bank are low entry barriers, low monthly installments, flexibility in loan tenures ranging up to 7 years, zero processing fees, no penalties for early settlements and easy and multiple repayment options. All Malaysians and permanent residents working and residing in Malaysia are eligible to apply for these personal loan products.
There are three basic types of personal finance schemes offered by Alliance bank to its customers in Malaysia. Listed below are all these schemes along with their most striking features and benefits.
Alliance Cash First Personal Loan
- This is one of the most popular personal loan options for Malaysian residents. The key attraction of this product is the ability of borrowers to enjoy greater flexibility in their finances with monthly installments starting from as low as RM103
- Customers can also enjoy long loan tenures ranging up to 7 years
- A guarantor is not required for this loan
- Alliance Bank takes special care to make sure requests are approved quickly, in a hassle free manner
- Malaysians and permanent residents working and residing in Malaysia, between the ages of 21-60 years are eligible for this personal loan product
- Borrowers are required to have a gross monthly income of RM3,000 or an annual income of RM 36,000
Alliance CashVantage Personal Financing-i
- This personal loan scheme is targeted towards offering finance to retired armed forces personnel who are earning a fixed amount of pension each month
- This is an Islamic personal finance offering
- Monthly installments start with as low as RM 97
- Processing fee is nil for customers who wish to avail this loan
- Early settlement fee is waived off for customers who want to pay off their loan earlier than the stipulated loan tenure
- Stamp duty and handling fee needs to be paid by loan borrowers. Stamp duty is 0.5% of the loan amount while the handling charges are 0.053% of the loan amount availed
- Malaysians and non-Malaysians both can apply for this loan if they are aged between 21 and 60 years of age
- Minimum monthly income of RM 3000 is required to be eligible for this loan
Alliance Pension Financing-i
- Low monthly installments starting at RM 38
- Complementary takaful coverage for loan applicants who are older than 48 years
- Lengthy financing tenure of up to 10 years for customers to choose from
- Nil processing charges for processing of personal loan
- No pre-closure charges which means customers are free to close their loan as per their convenience
- Guarantor is not required to sign your loan application
- Since this personal loan scheme is unsecured, no collateral needs to be submitted to the bank
- Quick and easy loan approval is one of the key features of personal loans from Alliance Bank
Interest rate offered on Alliance Bank Personal Loans
The interest rates on personal loans from Alliance Bank range from 8.88% for Alliance Cash Vantage scheme to 10.38% per annum for Alliance Cash First Personal Loan. The minimum loan amount offered under these schemes is RM 5,000; the maximum amount of finance allowed is up to four times the fixed monthly salary of borrower, capped at RM100,000. Loan tenures vary from 1 year to 7 years. This loan can be availed without opening a bank account with Alliance Bank.
How to apply for Alliance Bank Personal Loans
Applications for Alliance Bank personal loans can be made online or via phone or by visiting any of the bank branches in Malaysia. In all of the above cases, the bank representatives will get back to you as soon as your details are received. Thereafter the bank staff will guide you through the entire application process.
In the online application process, customers are required to feed in their details and the bank executives follow up with the applicant until the loan is disbursed.
How to Calculate Loan Installment for Alliance Bank Personal Loan?
The personal loan installment calculator hosted by bbazaar.my is an ideal tool to help you compute the monthly installment for your Alliance Bank personal loan. You can use this tool to calculate your monthly repayment so as to plan your finances in advance, even before you have availed a loan. The personal loan installment calculator takes certain parameters as input to finally display the calculated applicable installment amount for your loan. These parameters are-
- Desired loan amount
- Preferred loan tenure
- Rate of interest
Knowing your tentative installment means you know the percentage of monthly income that would go towards loan repayment. In case this amount is greater than your expectations then the online calculator has the flexibility of modifying the input parameters to reach your most suitable loan installment amount.
Alliance Bank Personal Loan FAQs
What are the documents required to avail personal loan from Alliance Bank?
It should be noted that the documents required are the same for all loan products of Alliance Bank. Different sets of documents are required for the salaried employee class, self-employed class and commission earner class.
The basic documents required by Alliance Bank include:
- Proof of identity and address
- Proof of income and job continuity
- Tax related documents and updated statements of all operating accounts
- For businesses and companies, certificates of registration and other documents like Memorandum of Articles (in case of private limited companies) are required.
Who is eligible for an Alliance Bank Personal Loan?
The borrower should be a Malaysian or permanent residents working and residing in Malaysia. The age limit to avail personal loan is 21 years (minimum) and 60 years (maximum). There is income-based eligibility criteria as well. Borrower should have a minimum gross monthly income of RM300 or an annual income of RM3600.
Does the Bank provide pre-closure facilities for these personal loans?
The most unique feature of personal loans from Alliance Bank, which makes it stand out, is the absence of a prepayment penalty for early settlement of personal loan.
In case of Alliance Cash First Personal loan, customer must give the bank a 3 month’s, written, notice intimating them about early settlement of loan, failing which the customer will be liable to pay an amount equal to 3 month’s interest to the bank.
What are the permitted modes of repayment for Alliance Bank personal loans?
Alliance Bank offers its customers multiple ways to pay personal loan installments.
- Online Transfer - Loan repayment can be done online by transferring money to the loan account
- Phone Banking - The customer can call and instruct the bank to deduct repayment amounts from his/her account at Alliance Bank
- MEPS Transfer - Through MEPS Interbank Fund Transfer (IBFT)
- Cash Payment
- Payment by cheque
- Direct Deduction from the account - The customer can instruct the bank to deduct repayment amounts on a fixed date every month from her/his account with the bank.
Other Products offered by Alliance Bank:
Apart from offering personal loan, Alliance Bank offers other products and services which include: