• Alliance Islamic Bank Personal Loan

    Alliance Islamic Bank Personal Loan

    Alliance Islamic bank personal loans are offered as per the Shariah Concept for the devoted Muslims under the Alliance Islamic CashVantage Personal Financing-i scheme. The scheme comes with flexible repayment options with no security or collateral requirements along with a balance refinancing option for the borrowers.


    You’re probably eligible for an Alliance Islamic Bank Personal Loan if you are

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     Alliance Islamic Bank Personal Loan Minimum Age

    At least 21 years old

    Alliance Islamic Bank Personal Loan Maximum Age

    Less than 60 years old

    Alliance Islamic Bank Personal Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

     Alliance Islamic Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Alliance Islamic Bank Personal Loan amount eligibility is based on these factors

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    Alliance Islamic Bank Personal Loan Minimum Salary

    Minimum income required
    RM 3,000

    Alliance Islamic Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is RM 100,000

    Alliance Islamic Bank Personal Loan Installments

    Installments of other loans lower
    your eligibility


    Increase your eligible Alliance Islamic Bank Personal Loan amount by these steps

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    Alliance Islamic Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

     Alliance Islamic Bank Personal Loan Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an Alliance Islamic Bank Personal Loan

    • 1. A copy of identity card
    • 2. Latest 3 months’ salary slip
    • 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 Islamic Bank Personal Loan Interest RatesUpdated on 24 Apr 2017

    Alliance Islamic Bank Personal Loan Details
    Interest Rate 7.68%
    Minimum Income RM 3,000
    Tenure 7 years
    Guarantor Requirement No Guarantee Required

    Alliance Islamic Bank Personal Loan called “CashVantage Financing–i” provides financing options for personal as well as business purposes. With flexible tenures and flat interest rates, this personal loan can meet all your immediate financial needs and requirements.

    Benefits of CashVantage Financing–i

    • Alliance Islamic Bank offers flat profit rates for this personal loan. Profit rates starts at 7.68% p.a. and extend up to 14.28% p.a.
    • Choose from flexible loan tenures starting from 1 year and up to 7 years.
    • Low monthly instalment payments starting at RM92 (this calculation is based on a loan amount of RM5,000 with a profit rate of 7.68% p.a. at a tenure of 7 years.
    • No processing fees are charged for this personal loan.
    • No charges for early settlement of the loan.
    • The bank provides fast approval of CashVantage Financing–i applications.
    • No collateral or guarantors are required to apply for this loan.
    • The bank offers easy repayment options through Instant Interbank Funds Transfer (IBFT) and Interbank GIRO (IBG).
    • CashVantage Balance Refinancing – You can consolidate up to 4 credit cards and/or any personal financing products into a single monthly instalment.

    Fees and Charges for CashVantage Financing–i

    Table: Find below the fees and charges associated with CashVantage Financing–i

    Item Fees and charges GST
    Processing fee NIL Not Applicable
    Early settlement fee NIL Not Applicable
    Late payment compensation charges
    • Before maturity - 1% p.a. will be charged on the overdue instalment amount. This amount will accrue starting from the due date and until the payment is settled.
    • After maturity - Daily overnight IIMM or Islamic Interbank Money Market rates will be applicable on the principal amount overdue, starting from the expiry date and until the payment is settled.
    No
    Stamp duty fee 0.5% will be charged on the approved loan amount and will be deducted before the amount is disbursed. No
    Handling fee RM12 will be charged on the approved loan amount and will be deducted before the amount is disbursed. Yes

    Note – The stamp duty and handling fees are charged in accordance with the Stamp Duty Act of 1949 (revised in 1989).

    Eligibility Criteria for CashVantage Financing–i

    To apply for this personal financing product by Alliance Islamic Bank, you must meet the following eligibility criteria:

    • This personal financing product is only applicable to Malaysian citizens and permanent residents who are residing and working in Malaysia.
    • Malaysians who are residing in Malaysia but working in Singapore will also be considered for CashVantage Financing–i.
    • Age criteria:
      • Minimum age: 21 years.
      • Maximum age: 60 years (when the facility matures).
    • Income criterion: Eligible applicants must earn a minimum monthly income of RM3,000 (gross income) or an annual income of RM36,000.

    Documents Required for CashVantage Financing–i

    The following documents must be provided when applying for CashVantage Financing–i:

    • Salaried employees working for an MNC:
      • A front and back copy of MyKad.
      • Disbursement Account having your sole name – a copy of the first page of your bank statement or passbook.
      • One of the following income proof documents:
        • Fixed income employees must submit last 1 month’s payslip. Variable income employees must submit last 3 months’ payslips.
        • Most recent EA form.
        • EPF statements for the last 6 months.
        • Most recent BE Form + a validated receipt/slip.
    • Salaried employees working for a non-MNC or PLC:
      • A front and back copy of MyKad.
      • Disbursement Account having your sole name – a copy of the first page of your bank statement or passbook.
      • One of the following income proof documents:
        • Last 3 months’ payslips.
        • EPF statements for the last 6 months.
        • Most recent BE Form + a validated receipt/slip to LHDN.
    • Self-employed:
      • A front and back copy of MyKad.
      • Disbursement Account having your sole name – a copy of the first page of your bank statement or passbook.
      • A copy of your valid Business Registration Card. Your business should be a minimum of 2 years old.
      • One of the following income proof documents:
        • Your company’s principal bank statement containing your business turnover for the last 6 months.
        • EPF statements for the last 6 months.
        • Most recent B Form + a validated receipt/slip to LHDN.
    • Commission based earners:
      • A front and back copy of MyKad.
      • Disbursement Account having your sole name – a copy of the first page of your bank statement or passbook.
      • One of the following income proof documents:
        • Commission statements or payment vouchers for the last 6 months. They must be verified with bank statements.
        • Most recent EA Form.
        • Most recent B Form + a validated receipt/slip to LHDN.

    How to Apply for CashVantage Financing–i

    You can apply for CashVantage Financing–i through the following ways:

    • Online – Fill up the product enquiry form available online on Alliance Islamic Bank’s CashVantage Financing–i webpage. The bank will then contact you on the contact information you have provided on the form.
    • Phone – Call the bank on 03 – 5516 9988 and a bank representative will assist you with the application process.
    • Face-to-face – You can visit your nearest Alliance Islamic Bank branch and apply for this personal financing product, directly in person.

    Alliance Islamic Bank Personal Loan FAQs

    Q. What Shariah concept is applicable on CashVantage Financing–i?

    A. The Shariah concept which is applicable on CashVantage Financing–i is “Tawarruq”. It is also referred to as Commodity Murabahah. It comprises of 2 sale and purchase contracts – the first involving the sale of an asset on a deferred basis by the bank to its customer and the second involving the customer who sells this asset on a cash and spot basis to a third party.

    Q. What coverage can I get for CashVantage Financing–i?

    A. There is optional cover called Group Credit Family Takaful (GCFT) available for CashVantage Financing–i. This offers coverage for death and TPD or Total Permanent Disability. If you purchase this cover, it will be used to offset your outstanding balance in an event of your death or TPD.

    Q. What if I need to make changes to my contact information?

    A. If you need to update or change your contact information, you can contact the bank on their customer service number at 03 – 5516 9988. Alternatively, you can also visit the bank to update the same.

    Q. What other personal financing packages are available from Alliance Islamic Bank?

    A. There are no other personal financing packages available from Alliance Islamic Bank.

    Other Products Offered by Alliance Islamic Bank:

    Apart from offering personal loan, Alliance Islamic Bank offers other products and services which include:

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