Alliance Islamic Bank Berhad offers personal financing plan with its scheme called ‘CashVantage Financing-i’. The plan provides flexible tenures and a competitive profit rate.
The plan involves low monthly instalments and flexible financing tenures. The scheme operates on flat rate basis and it offers a profit rate as low as 8.38% p.a. The facility allows you to consolidate outstanding dues and lets you combine up to 4 of your credit cards and/or personal financing commitments into one individual monthly instalment.
|Profit Rate (p.a.)||8.38% p.a. to 14.17% p.a.|
|Loan Tenure||Up to 7 years|
|Max. Loan Amount||RM150,000|
|Loan Tenure||Processing Fee||Profit Rate|
|Up to 7 years||Nil||8.38% p.a. to 14.17% p.a. Total Profit Rate = Financing Amount (RM) x Profit Rate (%) x Tenure (Years)|
Given below are the fees and charges that you need to pay on obtaining the financing facility:
|Fee Type||Fees and Charges|
|Stamp duty charges||0.5% of total approved financing amount|
|Late payment fee||1% of the total outstanding amount (before maturity) IIMM rate on outstanding balance (after maturity)|
|Early termination fee||Nil|
For salaried employees (MNC):
For salaried employees (non-MNC or PLC):
For self-employed individuals:
For commission based earners:
As the plan comes with quick approval and disbursal times, CashVantage Financing-i can serve as an ideal option if you are looking at meeting pressing expenses. Also, the scheme comes without any processing fee or early settlement charges making it an affordable option.
The application process for the personal financing involves the following modes/steps:
Online application: You can find the link to the application form through the ‘Apply Now’ tab on the official website of the bank. You should fill in all the requested details in the form and submit a printout of this form to your nearest branch. You need to attach all the required supporting documents with the application form.
Offline Application: You can apply for the plan by visiting the nearest branch of the bank. Request for an application form and fill it with the required details. Attach the required set of documents with the application form and submit it.
Once your application has been processed and approved, you will be notified.
The bank offers your different repayment methods that include Instant Interbank Funds Transfer (IBFT) and Interbank GIRO (IBG).
For any queries and requests related to the products, you can contact the bank officials on the hotline: 03-5516 9988. You can also write an email to the bank on [email protected] regarding your complaints and requests.
Q. Which Shariah concept is applied to CashVantage Financing-i?
A. The plan works on the Shariah concept of ‘Tawarruq’ which is also known as commodity Murabahah. It comprises of two Sale and Purchase contracts – one contract involves the sale of an asset on a deferred basis by the bank to its customer and the second one involves the customer who sells this asset to a third party to obtain cash.
Q. Which takaful cover can I obtain with this plan?
A. Having a takaful cover is an optional practice for this plan of financing however, if chosen, you can opt for Group Credit Family Takaful (GCFT) facility. This offers coverage for death and Total and Permanent Disability (TPD). If you purchase this cover, it will be used to set off your outstanding balance in the event of your death or TPD.
Q. Do I have to pay processing fee and handling fee?
A. You do not need to provide any processing or handling charges for this scheme.
Q. I am a Malaysian citizen but I have been residing in Singapore for past few months. Can I obtain the financing scheme?
A. As a Malaysian citizen, you are qualified to obtain the personal financing facility.
Q. I am a 59 years old self-employed individual. Can I apply for the personal financing-i facility for the tenure of 2 years?
A. You need to be maximum 60 years old at the time of completion of your financing tenure. In your case, you may not be eligible for a financial tenure of 2 years for this plan. You can contact the bank officials for further information.