With an extensive network of over 175 branches and with a large ATM network throughout Malaysia AmIslamic Bank looks out for further penetration in the country. AmIslamic Bank Personal Loan is one of the most preferred personal financing product in Malaysia.
You’re probably eligible for an AmIslamic Bank 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 AmIslamic Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 100,000
Installments of other loans lower
Increase your eligible AmIslamic Bank 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 AmIslamic Bank Personal Loan
- 1.Copy of NRIC
- 2. Copy of latest three (3) months pay slip
- 3. Latest EPF statement
- 4. Employment Confirmation Letter
- 5.Other related documents
AmIslamic Bank Personal Loan Interest RatesUpdated on 09 Dec 2016
|Interest Rate||8.00% - 11.99%|
|Minimum Income||RM 2,000|
|Guarantor Requirement||No Guarantee Required|
AmIslamic Bank provides its customers with a range of banking solutions that suit a wide range of requirements and needs. The AmIslamic Bank Personal Loan is one such banking product that has become one of the most popular and preferred financial products in Malaysia due to its versatility and flexibility.
AmIslamic Bank Personal Loan Malaysia
AmIslamic Bank is a part of the AmBank Group and is renowned for providing Islamic banking solutions in Malaysia with regards to personal banking, business banking, investment banking, stockbroking, funds management and family takaful. The bank is one of the foremost leaders in Islamic solutions in the country and provides quality service to a diverse range of institutions, corporates, government agencies, SMEs and individuals.
Benefits of AmIslamic Personal Loan
The main benefits of the AmIslamic Bank Personal Loan are:
- Quick and easy approval policy, wherein the loan application is approved within 48 hours from the time of submission
- No collateral or guarantor is required to be provided by the customer while availing of this loan
- No early settlement fees or charges are levied in the event the customer decides to pay out the loan before the time of maturity
Features of AmIslamic Personal Loan
The main features of the AmIslamic Personal Loan are:
- The minimum tenure of this loan is 1 year or 12 months
- The maximum tenure of this loan is 8 years or 96 months
- Interest rate is calculated on the basis of the loan tenure
- The customer can avail of loan amounts ranging from RM 2,000 to RM 100,000
Types of Personal Loans Offered by AmIslamic Bank
The AmIslamic Bank offers its customer two types of personal loans, designed to meet certain requirements. The types of personal loans on offer are:
- AmMoneyLine Facility-i
- Personal Financing-i
AmMoneyLine is one among the simplest personal loan products offered by AmIslamic Bank. Some of its main features and benefits are:
- The scheme offers easy, convenient and hassle-free personal loans without any guarantor or any collaterals
- The bank also does not charge any processing fee for this type of loan
- This loan is extremely convenient for individuals who are looking to avail of a personal loan due to a financial emergency
- The AmMoneyLine scheme allows the customer to apply for loan amounts of up to 5 times of his/her fixed income salary
- AmIslamic Bank also offers personal financing for Government servants or selected government related bodies
The Personal Financing-i scheme offers customers customized loans to individual customers within a short span of time to meet financial constraints. Some of the main features and benefits of this scheme are:
- Personal loans under this scheme can be availed within 48 hours with hassle free processing
- A customer can also apply for a loan amount that is as high as five-times more of his/her annual fixed income/salary under this scheme
- No collaterals or guarantor required
- The bank does not charge any processing fee for this type of loan product
- No early settlement fees are levied by the bank under this scheme
Documentation and Eligibility Criteria for AmIslamic Personal Loan
In order to avail of a personal loan through the AmIslamic Bank, the following documentation and eligibility criteria must be met by the customer:
- The applicant must be at least 21 years of age and below 60 years of age
- The applicant should be a salaried or self-employed person with a regular income
- The applicant is required to earn more than the minimum income required of RM 2,000
- The applicant must fulfil any of the following criteria and must provide relevant documents proving the same:
- He or she must be a Malaysian citizen
- A permanent Resident
- An employee with a work permit in Malaysia.
- Documentation needed to apply for an AmIslamic Personal Loan are:
- Copy of NRIC
- Copy of the last three months salary slips
- Latest EPF statement
- Employment Confirmation Letter
- Other related documents
AmIslamic Bank Personal Loan Interest Rates
For the loan amount ranging from RM2,000 to RM100,000, the bank charges annual interest rates between 8.00% and 11.99% depending upon the tenure and loan amount. The Biro Perkhidmatan Angkasa (BPA) of the loan is 4.30% per annum. The Non-Biro Perkhidmatan Angkasa is 3.65% per annum.
Q. How can I increase my eligibility to apply for a personal loan from AmIslamic Bank?
A. The best way to increase your eligibility is by paying off your credit card bills at the earliest and by choosing a longer loan tenure that can go up to 8 years
Q. How is the interest rate calculated and does the interest rate change every year?
A. The interest rate is calculated on the basis of the loan tenure, and mostly the interest rates are fixed for the entire loan tenure. Once the final amount approved, the loan tenure and interest rate is subject to credit review.
Q. Do I need to inform the bank if I want to settle the loan before maturity?
A. Yes, All customers are required to notify the bank at least 1 month in advance in writing at any AmBank branches to facilitate the early settlement process.
Q. Do I need to inform the bank in case of contact or address change?
A. Yes. It is important for a customer/borrower to notify the bank in case of any changes in account details or mailing address to ensure that all correspondences reach him in a timely manner.
Q. What are the additional fees/charges the borrower has to pay?
A. A customer has to pay Stamp Duty as per the Stamp Duty Act. Additionally, he has to pay Optional Reducing Term Assurance (RTA). The RTA is available on an optional basis with premium charges ranging from RM 2.25 per RM 1,000 borrowed with a maximum charge of RM 53.20 per RM 1,000 borrowed.
Q. Does the bank provide rebate?
A. The Bank grants rebate, if any, on such amount of the balance Asset Selling Price remaining unpaid by you upon full settlement of the facility under specific circumstances such as in case of redemption or prepayment of the facility, restructuring, in the case of default by the customer and in case of cancellation of the loan before the expiry date. Rebate is calculated as the deferred profit minus the early settlement charges
Q. How can I calculate my loan installment under the AmIslamic Personal Loan?
A. Calculating the installment for your AmIslamic personal loan is a very simple and easy process. Just a few steps of feeding in the raw data in the form of your desired loan amount, preferred loan tenure and applicable profit rate is enough to let you know all the ground level information that is required while making an informed choice of personal loan. bbazaar.my hosts the online personal loan installment calculator tool that processes the raw input data to furnish the final personal loan installment amount that a customers is required to pay each month. This is an extremely useful tool which helps you plan your finances well in advance.
Other Products offered by AmIslamic Bank:
Apart from offering personal loan, AmIslamic Bank offers other products and services which includes:
News About AmIslamic Bank Personal Loan
AmIslamic Bank rebranded as Ambank Islamic.
AmIslamic Bank recently rebranded itself as Ambank Islamic. The rebranding is done to put the bank under the umbrella term of Ambank Group. Also, the legal entry of the bank will change to AmBank Islamic Berhad from its previous entry as AmIslamic Bank Berhad. Since its inception in 2006, the bank has been providing financial products and services under the AmBank Group. As a part of this rebranding activity, the logo color of the bank will change to red and yellow to harmonize with the AmBank Group. It is expected that this rebranding activity will help the group and the bank to establish the brand more prominently in the Islamic Finance market.
16th June 2016