The personal financing packages from AmBank Islamic offer borrowers a Shariah-compliant alternative to conventional personal loans and allow them to utilise the loan amount for personal or business use and help them tide over expenses.
The personal financing packages from AmBank Islamic are as follows:
This package from AmBank Islamic provides borrowers with a personal loan for cash consumption. The loan is open to public sector as well as private sector employees. The loan offers flexible repayment tenures which allows borrowers to choose a tenure which gives them affordable monthly instalments.
This loan is designed for cash consumption and the amount can be used in any way deemed fit by the borrower. Borrowers can get loan amounts of up to RM100,000 and have flexible repayment tenures ranging up to 5 years. The profit rates are offered on a flat rate basis and are competitive and the loan is free from additional charges such as processing fees, making the loan affordable.
Profit rates start as low as 4.30% p.a.
Profit rates start as low as 6.90% p.a.
|Flat profit rate||Effective Profit rate|
|EPR for 12 months||EPR for 24 months||EPR for 36 months||EPR for 48 months||EPR for 60 months|
|8% p.a.||14.45% p.a.||14.68% p.a.||14.55% p.a.||14.35% p.a.||14.13% p.a.|
|8.5% 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.|
|Processing fees||No charge|
|Early settlement fees||No charge|
|Stamp duty fees||As per Stamp Duty Act 1949|
|Late payment fees||1% p.a. on overdue amount charged on daily basis|
Borrowers can apply for the loan by clicking on the ‘Apply Now’ option on the bank website. The borrower will have to fill out an online form and submit it along with the required supporting documents. Alternatively, borrowers can also visit the closest AmBank branch and apply for the loan.
Q. Is takaful cover compulsory for the loan?
A. Yes. Takaful cover is compulsory for the loan.
Q. What is the maximum age limit for a borrower to qualify for the loan?
A. The borrower must not exceed the maximum age of 60 by the end of the loan tenure. If a borrower is aged 58, then he/she cannot chose a tenure of more than 2 years.
Q. Will the borrower be given a rebate for timely payments?
A. Yes. When borrowers make the monthly instalment payments on or before the due date for 12 consecutive months, they will receive a 5% rebate on the yearly profit paid which is credited to the borrower on the 13th month.
Q. How is the monthly instalment calculated?
A. The instalments are calculated using the following formula:
M = [L + (L x R x T1)]/T2 where M is the monthly instalment, L is the financing amount, R is the profit rate, T1 is the tenure in years, and T2 is the tenure in months.
Q. Is there a lock-in period on the loan?
A. No. there is no lock-in period on the loan. However, borrowers who wish to settle the loan early must inform AmBank Islamic in writing at least 1 month prior to the intended date of settlement.
Q. How long would the approval and disbursal process take?
A. The loan approval and disbursal process can take an average of 48 hours or two business days.