Alliance Bank is among the leading integrated financial services group in Malaysia that caters to commercial banking and consumer banking and also provides investment banking through the Alliance Investment bank Berhad. The bank offers comprehensive and holistic banking products to its wide consumer base and has been in operation for over 50 years. The personal financing package offered by Alliance Bank allows borrowers to acquire the finances they need in a hassle-free manner. The loans also come with low repayment amounts based on the tenure and loan amount chosen and makes for a very affordable option.
Through Alliance bank’s personal loan/financing facility, you can obtain minimum financing of RM5,000 and maximum financing up to RM150,000.
|Name of Personal Loan Scheme||Flat Rate||Max. Loan Amount||Min. Monthly Income||Tenure||Processing Fee||More info.|
|Alliance Bank CashFirst Personal Loan||Starting at 8.38% p.a. to 14.78% p.a.||RM150,000||RM3,000||Up to 7 years||No|
|Alliance Bank CashVantage Personal Financing-i||Starting at 8.38% p.a. to 14.78% p.a.||RM150,000||RM3,000||Up to 7 years||No|
|Interest Rate (p.a.)||Starting from 8.38% p.a.|
|Loan Tenure||7 years|
|Min. monthly income||RM3,000|
|Min. Loan Amount||RM5,000|
Alliance Bank Personal loan interest rates start as low as 8.38% p.a. and goes up to 14.78% p.a. and is offered on a flat rate basis. The Effective Interest Rate (EIR) starts from 14.73% p.a. and goes up to 24.37% p.a. for a 5 years loan tenure.
The total interest payable by a borrower is calculated using the following formula:
Loan amount (RM) x interest rate (%) x tenure (years)
Following are the features and benefits of the Alliance Bank Personal Loan:
|Stamping duty fee||0.5% of the approved loan amount|
|Early settlement fee||No charge|
|Processing fees||No charge|
|Late payment fee||1% p.a. on instalment overdue amount|
Borrowers who wish to apply for the Alliance Bank personal loan can do so by clicking on the ‘apply now’ option available on the bank website. They will have to fill in the required fields of information and submit the form along with the required supporting documents.
Borrowers can also provide their details to Alliance bank by leaving it on the bank website after which a bank representative will reach out to them to resolve their queries. Borrowers could also contact Alliance Bank through their customer care or walk in to the nearest Alliance Bank branch and initiate the application process.
If you wish to contact the bank representatives for any additional information about Alliance Bank CashFirst Personal Loan or Alliance Bank CashVantage Personal Financing-i facility, you can call on 03-2616 7666 or 03-5516 9299.
Q. Does the loan have a lock-in period?
A. No. the loan does not have a lock-in period and does not charge any early settlement fee regardless of when the borrower chooses to settle the loan. However, the borrower is required to inform Alliance Bank of their intention to settle the loan by sending a written notice to the bank no later than 3 months prior to the date of intended settlement.
Q. Will borrowers be granted a rebate if they settle the loan early?
A. In case of early settlement, the borrower is granted a rebate on the remaining unserved instalments. The rebate is calculated using the following formula:
R = n(n+1) X I/N(N+1)
Where R is the rebate offered, n is the number of remaining instalments unserved in months, N is the total tenure of the loan, and I is the interest charged on the entire tenure.
Q. Does the loan require any insurance?
A. While insurance is not mandatory, Alliance Bank strongly encourages borrowers to opt for an insurance cover on their loan.
Q. Which insurance should a borrower opt for?
A. Borrowers should opt for the Personal Loan Reducing Term Assurance or PLRTA. This insurance will offset the borrower’s loan balances in the unfortunate event of the borrower’s death or total and permanent disablement. The plan is a single contribution plan and will commence when the loan amount has been disbursed.
Q. What are the modes through which a borrower can pay the monthly instalments?
A. Borrowers can make the monthly payments through Interbank GIRO, Instant Interbank Funds transfer, through ATMs, Internet Banking, from the Alliance Bank Current Account/Savings Account or through over-the-counter payments at any Alliance Bank branch.