The AmBank AmMoneyLine Facility-i is a Shariah-compliant personal loan solution by AmBank designed to meet one’s financial needs. This facility comes with quick approval times, is unsecured, and offers high loan amounts of up to RM100,000.
The following are the effective rate interest rates of AmBank AmMoneyLine Facility-i:
|Flat Interest Rate||Tenure (In months)|
|12 months||24 months||36 months||48 months||60 months|
|8.00% p.a.||14.45% p.a.||14.68% p.a.||14.55% p.a.||14.35% p.a.||14.13% p.a.|
|8.50% p.a.||15.34% p.a.||15.55% p.a.||15.40% p.a.||15.17% p.a.||14.92% p.a.|
|9.99% p.a.||17.95% p.a.||18.14% p.a.||17.90% p.a.||17.58% p.a.||17.26% p.a.|
|11.99% p.a.||21.44% p.a.||21.55% p.a.||21.18% p.a.||20.74% p.a.||20.30% p.a.|
The flat rate for salaried employees vary from 8.00% to 9.99% p.a. whereas the effective rate ranges from 14.13% p.a. to 17.95% p.a.
The flat rate and effective rate for self-employed individuals and commission earners are 11.99% p.a. and 20.30% p.a. respectively.
The following are features and benefits associated with the AmBank AmMoneyLine Facility-i:
The fees and charges associated with AmBank AmMoneyLine Facility-i are listed below:
|Type of fee||Fee details|
|Processing fee||No fee|
|Handling and disbursement fee||No fee|
|Monthly repayment||Monthly repayment is measured as: [F+(FxRxY)]/M where F = Financing Amount; R = Flat Interest Rate; Y = Tenure in years; M = Tenure in months|
|Stamp Duty||Stamping fee is 0.5% of the financing amount disbursed|
|Early settlement fee||No charge|
|Late Payment charges (before maturity date)||Late payment penalty would be charged on the outstanding instalment at a rate of 1% p.a.|
|Late Payment charges (after maturity date)||Late payment penalty would be calculated according to the Islamic Interbank Money Market (IIMM) on the outstanding balance.|
For fixed salary earners:
For fixed salary earners with commission:
For fixed salaried earners with variable allowance:
For full commission earners:
Q. I need to apply for RM200,000, can I get this amount approved through this facility?
A. No. You can only apply for a maximum of RM100,000 with this facility.
Q. How much time will it take for it to approve my request?
A. Your request will be processed and approved within 48 hours.
Q. Does I need to bring a guarantor with me at the time of application?
A. No. You don’t need to be accompanied with a guarantor.
Q. What if I settle the amount due before the maturity period? Do I have to pay any fee for that?
A. You are advised to inform the bank 1 month in advance in such cases. There is no termination fee or lock-in period.
Q. Is there any other benefits I can get by opting for this facility?
A. Yes. If you promptly settle the monthly instalment on or before the due date for 12 months, you can earn a 5% rebate on the profit paid towards the loan.