Cash woes? A personal loan to the rescue!
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  • Personal Loan BYTES FROM OUR KITCHEN

    Alliance Islamic Bank Personal Loan

    Alliance Islamic Bank Berhad offers personal financing plan with its CashVantage Financing-I scheme. The plan comes with flexible repayment tenures at a competitive profit rate.

    Alliance Islamic Personal Loan Malaysia

    CashVantage Financing-i

    The plan involves low monthly instalments and flexible financing tenures. The scheme operates on a flat rate basis and 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.

    Features

    Profit Rate (p.a.) 8.38% p.a. to 14.17% p.a. (flat rate)
    Loan Tenure Up to 7 years
    Max. Loan Amount RM150,000
    Debt Consolidation Yes
    Islamic/Conventional Islamic
    Takaful Coverage Optional
    Min.Monthly Income RM3,000

    Profit Rate

    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)

    Benefits

    • You can choose a flexible financing tenure from 1 year to 7 years to repay your amount.
    • No processing fee will be charged for the financing scheme.
    • You do not have to pay any early settlement fee if you choose to pay off your financing early.
    • The instalments start from as low as RM94 per month depending on the loan amount borrowed and the tenure chosen.
    • The financing scheme offers fast approval times.
    • You do not need to present any guarantor or collateral to acquire the loan.
    • You can pay the monthly instalments with ease via ‘allianceonline’.

    Fees and Charges

    Given below are the fees and charges that you need to pay on obtaining the financing facility:

    Fee Type Fees and Charges
    Processing fee Nil
    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

    Eligibility Criteria

    • Nationality criterion:
      • Malaysian citizen or permanent resident of Malaysia residing and working in the country
      • Malaysian citizens working in Singapore, but residing in Malaysia
    • Age criteria:
      • Minimum age: 21 years
      • Maximum age: 60 years (upon maturity of the scheme)
    • Income criteria:
      • Minimum gross monthly income: RM3,000
      • Minimum gross annual income: RM36,000

    What documents do I need to prepare?

    For salaried employees (MNC):

    • A copy of MyKad (both sides)
    • Disbursement account particulars: A copy of the first page of your bank statement or passbook
    • For fixed income employees: Latest month’s payslip
    • Variable income employees: Latest 3 months’ payslips
    • Latest EA form
    • EPF statements for last 6 months
    • Latest BE Form along with a validated receipt/slip

    For salaried employees (non-MNC or PLC):

    • A copy of MyKad (both sides)
    • Disbursement Account particulars: A copy of the first page of your bank statement or passbook
    • Most recent 3 months’ salary slips
    • EPF statements for most recent 6 months
    • Most recent BE Form with a validated receipt/slip to LHDN

    For self-employed individuals:

    • A copy of MyKad (both front and back)
    • Disbursement Account particulars: A copy of the first page of your bank statement or passbook
    • A copy of valid Business Registration Card/Certificate. Your business need to be a minimum of 2 years old
    • Company’s principal bank statement stating your business turnover for the last 6 months
    • EPF statements (for most recent 6 months)
    • Most recent B Form with a validated receipt/slip to LHDN

    For commission based earners:

    • A copy of MyKad (both front and back)
    • Disbursement Account particulars: A copy of the first page of your bank statement or passbook
    • Commission statements or payment vouchers for the latest 6 months. These must be verified with bank statements
    • Latest EA Form
    • Latest B Form with a certified receipt/slip to LHDN

    Why to Choose Alliance islamic personal loan?

    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.

    How to apply?

    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.

    How Do I Pay My Repayments?

    The bank offers your different repayment methods that include Instant Interbank Funds Transfer (IBFT) and Interbank GIRO (IBG).

    Customer Care

    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 info@alliancefg.com regarding your complaints and requests.

    For any personal loan related queries, you could contact Alliance Islamic Bank Personal Loan Customer Care Support.


    FAQs

    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.

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