The following are the interest rates of AmBank AmMoneyLine for 60 months:
|Employment Type||Loan Amount||Flat Interest Rate||Effective Interest Rate (for 5 years)|
|Self-employed and commission earners||RM2,000 to RM100,000||11.99% p.a.||20.30% p.a.|
|Salaried Applicants||RM2,000 to RM20,000||9.99% p.a.||17.26% p.a.|
|RM21,000 to RM50,000||8.50% p.a.||14.92% p.a.|
|RM51,000 to RM100,000||8% p.a.||14.13% p.a.|
|Interest Rate||Flat interest rate: Starting from 8% p.a.|
|Effective Interest Rate||From 14.13% p.a. to 20.30% p.a. (for a tenure of 60 months)|
|Minimum Loan Amount||RM2,000|
|Maximum Loan Amount||Up to RM100,000|
|Loan Tenure||From 12 months to 60 months (1 to 5 years)|
Let’s take a look at the fees and charges associated with AmBank AmMoneyLine:
|Fee Type||Fee Details|
|Processing fee||No charge|
|Handling fee||No charge|
|Monthly repayment||Monthly repayment is calculated as: [A+(AxRxY)]/M where A = Loan Amount; R = Flat Interest Rate; Y = Tenure in years; M = Tenure in months|
|Stamp Duty||0.5% of the financing amount disbursed|
|Early settlement fee||No charge|
|Late Payment charges||Late payment penalty would be charged on the outstanding instalment from the due date until the full settlement at a rate of 1% p.a. Calculation: Instalment amount x late payment charge rate x (outstanding days/365)|
The eligibility criteria of AmBank AmMoneyLine are given below:
For fixed salary earners:
For permanent as well as contract based fixed salary earners with commission:
For fixed salaried earners with variable allowance and overtime:
For full commission earners:
Q. Can I apply for an amount higher than RM100,000?
A. No. You can only apply for a maximum amount of RM100,000.
Q. How long does the approval process take?
A. This usually is a quick process. Once applied, it takes 48 hours to process and approve, provided all documents are in order and the borrower meets the required eligibility criteria.
Q. Does the process need a collateral?
A. No. AmBank AmMoneyLine doesn’t require a collateral or guarantor.
Q. What if I choose to settle the whole loan amount earlier than the designated period?
A. In cases like these, you have to inform the bank a month prior to the early settlement.
Q. Will I be charged with any fee if I settle the loan amount before the designated period?
A. No. You will not be charged with any termination fee.
Q. What if I miss the due date?
A. In cases you miss a repayment, you will be charged with a 1% of the outstanding instalment amount as the late payment fee. However if you promptly pay the instalments for 12 months, you are eligible to earn a 5% yearly profit rebate.