AmBank Malaysia offers a wide range of personal loans at attractive interest rates to customers. AmBank is one of the largest banks in Malaysia with services ranging from investment banking to asset management to credit cards and so on. AmBank was founded in the year 1975 and was known as the Arab-Malaysian Development Bank. The AmGroup has its headquarters at Kuala Lumpur, Malaysia and runs different business verticals under the brands AmInvest, AmIslamic Bank, AmMetLife etc.
You’re probably eligible for an Ambank Personal Loan if you are
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your AmBank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 100000
Installments of other loans lower
Increase your eligible AmBank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 8 years
Documentation needed to apply for an AmBank Personal Loan
- 1. Application Form
- 2. NRIC / Identity Card
- 3. Copy of Individual Title Deed
- 4. Property Valuation Report (for completed properties)
- 5. Latest 3 consecutive months of salary slips / vouchers
AmBank Personal Loan Interest RatesUpdated on 05 Dec 2016
|Interest Rate (Flat)||8.00% to 11.99%|
|Minimum Income||RM 2000||Processing Fees||Nil|
|Loan Tenure||1 year to 8 years|
|Guarantor Requirement||No guarantor required|
AmBank Personal Loan
The bank has partnerships with several financial institutions of international stature like ANZ Bank, Metlife and the Insurance Australia Group. Currently, AmBank caters to around 6 million customers across the country and has 175 branches. The bank offers services over the weekend which makes it the most accessible bank in Malaysia.
AmBank personal loans are a great way to meet urgent financial needs. Following are the details of a few AmBank personal loans:
AmBank personal loans are generally flexible and easy-to-avail. AmMoneyLine is an ideal loan product which entitles borrowers to loan amounts up to 5 times your fixed income and offers flexible repayment tenures ranging from 12 to 96 months. The processing fee for this personal loan is zero and there is no hassle of a guarantor either. The approval process is completed within 48 hours and is fast and simple. The interest rate ranges from 8% to 11.99% depending upon the amount disbursed, which ranges between RM2, 000 to RM1, 00, 000.
The AmMoneyLine Facility-i comes loaded with the same features as the AmMoneyLine personal loan except for the fact that this is a scheme meant only for government employees of Malaysia. The payments made i.e. the EMIs, in this case, are deducted directly from the salary of the borrower. This personal loan, too, features loan amounts up to 5 times the borrower’s fixed income and comes without processing fees. There is no guarantor required for this AmBank personal loan and the repayment period is flexible, ranging between 12-96 months. The application process is simple and quick with a maximum processing time of 48 hours (in regular cases). Lending norms concerning KYC and security are not very strict making it easy to obtain.
How to Calculate Loan Installment for AmBank Personal Loan?
It is always good to have some basic first-level information about a personal loan before you start the process of applying for one. Hence, the personal loan installment calculator hosted at bbazaar.my website, is a good tool to lend that rudimentary information that is good to have before availing a personal loan. Using this installment calculator is easy and quick; you need to feed in some important parameters like your desired loan amount, loan tenure and the rate of interest and then finally click the ‘calculate’ button to know the corresponding monthly installment for your Alliance Islamic Bank personal loan.
Faqs for AmBank Personal Financing-i
What is the maximum personal finance-i amount that I can borrow as AmBank personal loan?
RM 2,00,000 is the maximum loan amount that customers can borrow under the AmBank personal finance-i loan scheme.
What is the eligibility criteria to avail AmBank personal finance-i?
Any Malaysian earning a minimum salary of RM 1500 per month is eligible for personal finance-I from AmBank. However, the applicant should be a permanent employee of federal or state government who has been in service for at least 3 months.
What are the different types of fees and charges associated with the AmBank personal finance-i scheme?
Here is a break-up of all the charges that you will be required to bear if you wish to avail the AmBank personal finance-i.
Penalties – late payment charges of 1% of the outstanding loan amount One-time processing fee – stamp duty and one time processing fee needs to be paid while applying for the AmBank personal finance-i scheme.
Insurance premium – One time insurance cover for your personal loan will need to be paid. This amount depends upon the tenure of your loan and your age.
What are the various documents required to apply for the AmBank personal finance-i scheme?
Here are the documents that you would require to apply for AmBank personal finance scheme.
- 3 copies of MyKad
- Latest salary slips
- 1 copy of savings account passbook or your current account statement
- 2 copies certified by Head of Department
When and how will I get the personal loan amount?
The bank takes some time to verify your details and documents and to sanction your loan application. After this step is over, the personal loan amount will be transferred to your AmBank account.
What is the mode to repay the personal finance obtained from AmBank?
Repayment of loan can be started after three months of borrowing the money. Customers need to sign up with Biro Perkhidmatan Angkasa for auto-debit of loan installment from the salary until the entire loan amount is repaid.
Can I choose to pay off my personal finance earlier than the stipulated loan tenure?
Yes. You can choose to pay off your money earlier than the stipulated period of the loan. There are no pre-payment charges levied by AmBank on repayment of personal finance-i and also customers stand a chance to get discounted rates of interest for the total personal loan amount.
Is the personal finance-i scheme from AmBank Sharia compliant?
Yes AmBank finance-i is a Sharia compliant financial tool and is based on the Islamic principles of banking.
What is the margin of finance that can be obtained via AmBank personal finance-i?
The margin of finance that can be obtained via AmBank personal finance-I is considerable and depends upon customer’s salary.
Is a guarantor required for signing my personal finance application of AmBank?
No. This is a totally unsecured loan and does not require a guarantor for signing the loan application.
What is the applicable profit rate for AmBank personal finance-i?
The profit rate is low at 4.3% for Islamic personal finance scheme of AmBank.
Can I apply for personal finance from AmBank if I have a bad credit score?
No.It is advisable to first correct your credit score and then apply for personal finance from AmBank, failing which your personal loan application may be rejected.
How should I apply for personal finance from AmBank?
Personal finance from AmBank can be availed via online application or offline application by visiting any of the bank branches.
Do I get to avail takaful coverage also along with the AmBank personal finance scheme?
Yes.AmBank personal finance-i comes with an insurance cover equivalent to some percentage of your personal loan amount.
Other Products offered by AmBank:
Apart from offering personal loan, AmBank offers other products and services which includes: