• Personal Loan BYTES FROM OUR KITCHEN

    Alliance Bank Personal Loan

    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.

    Compare Personal Loans by Alliance Bank

    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  

    Features

    Interest Rate (p.a.) Starting from 8.38% p.a.
    Loan Tenure 7 years
    Min. monthly income RM3,000
    Min. Loan Amount RM5,000
    Islamic/Conventional Conventional
    Debt consolidation Yes

    Interest rates

    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)

    Top Reasons to take a Alliance Bank personal loan

    Following are the features and benefits of the Alliance Bank Personal Loan:

    • The loan offers flexible repayment periods. It allows borrowers to choose a tenure such that their monthly instalments are affordable and can fit into their budgets
    • The minimum loan tenure for the personal loan is 1 year and the maximum tenure goes up to 7 years
    • The loans provide an instalment amount starting as low as RM94, based on the tenure and loan amount chosen.
    • The loan is highly affordable as it is free of additional charges such as processing fees and early settlement fees
    • The loans come with fast approval. This makes it an ideal choice for borrowers who are facing an emergency expense or are in need of cash in a hurry.
    • The loan has a hassle-free application process.
    • The loan is an unsecured product and does not require the borrower to put up collateral or have a guarantor.
    • The loan instalments can be paid through multiple channels such as direct debit from current/savings account and ATMs.
    • The loan also allows borrowers to consolidate up to 4 credit card payments or personal loan instalments into one single monthly instalment through the CashFirst Balance Refinancing service.

    Fees and charges

    Fee Type Amount
    Stamping duty fee 0.5% of the approved loan amount
    Handling fee RM12
    Early settlement fee No charge
    Processing fees No charge
    Late payment fee 1% p.a. on instalment overdue amount

    Eligibility Criteria

    • Nationality criterion: The facility is available for Malaysian citizens and Permanent Residents working and residing in Malaysia.
    • Age criteria
      • Minimum age: Borrowers must have attained a minimum age of 21 years.
      • Maximum age: Borrowers should not exceed the maximum age of 60 years upon completion of the loan tenure.
    • Income criteria: Borrowers must earn a gross minimum income of RM36,000 annually or earn a gross minimum monthly income of RM3,000.

    What documents do I need to prepare for Alliance Bank Personal Loan application?

    Salaried applicants:

    • A front and back copy of the applicant’s NRIC
    • A copy of the applicant’s most recent 3 months’ salary slips for variable income earners and 1 month payslip for fixed income earners or
    • A copy of the applicant’s most recent EA Form or
    • A copy of the latest BE Form with tax receipt or
    • Copy of most recent 6 months’ EPF statement

    Self-employed applicants:

    • A front and back copy of the applicant’s NRIC
    • Copy of the business registration certificate where the business must have completed at least 2 years in operations
    • A copy of the company’s bank account statement showing activity for the past 6 months
    • A copy of the latest BE Form with tax receipt
    • Copy of most recent 6 months’ EPF statement

    Commission earners:

    • A front and back copy of the applicant’s NRIC
    • A copy of the most recent 6 months commission statement verified by the bank or
    • A copy of the applicant’s most recent EA Form or
    • A copy of the latest BE Form with tax receipt

    How to apply for Alliance Bank Personal Loan?

    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.

    Customer Care Number

    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.

    Alliance Bank Personal Loan FAQs

    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.

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