Hong Leong is among the leading banking institutions in the country offering a slew of holistic and innovative banking products and solutions. Hong Leong Islamic Bank is a wholly owned subsidiary of Hong Leong Banking Group and offers Islamic banking products through 8 branches. The bank also shares a network of over 270 branches with Hong Leong Bank and is poised to emerge as a leading Islamic banking services provider. The personal financing offered by Hong Leong Islamic bank comes with a convenient Shariah-compliant alternative to conventional personal loans and allows borrowers to acquire the additional funds required to meet their various expenses.
The Hong Leong Islamic personal loan is offered as one main package which is the Hong Leong Islamic Personal Financing-i. The package offers a Shariah-compliant loan for cash consumption and allows borrowers to use the funds for a wide variety of purposes. The loan also comes with quick approval times making it an apt choice for those facing emergency expenses.
The profit rates offered by the Hong Leong Personal Financing-i package are based on the Islamic Financing Rate (IFR) which stands at 6.79% with effect from 4 August 2017 and the Islamic Base rate (IBR) which stands at 3.78% with effect from 4 August 2017.
Changes in these rates would result in a change in the monthly instalment amount as well.
The following are the features and benefits of the Hong Leong Islamic Personal Financing-i package:
|Stamp Duty Fee||As per Stamp Duty Act 1949|
|Wakalah Fee||RM75 to monitor group/individual accounts that have opted for the PF-i product with option to settle within 20 days from date of disbursement|
|Wakalah fee||RM50 for task performed by bank on the customer’s behalf in relation to commodity trading transaction for the PF-i product with option to settle within 20 days from date of disbursement|
|Early settlement fee||No charge|
|Late payment fee||1% p.a. on the overdue instalment amount|
Borrowers who apply for the Hong Leong Islamic Personal Financing-i package can stand a chance to earn up to 65% cashback on the profit rate paid.
Promo mechanics: Borrowers can get cashback on profit rate as follows:
|Tenure opted||Cashback earned|
|1||65% (exclusive for online applications)|
|4 to 7||20%|
The profit rates charged on the loan is subject to the loan amount approved and the tenure chosen. The maximum profit rate that can be applied is 13.50% p.a. The borrower must have their approved loan amount disbursed within 31 December 2017 to be eligible for the promotion.
Private Limited Companies:
Borrowers can apply for the personal loan by downloading the application form from the bank website. The form needs to be completed and submitted along with the supporting documents to the nearest Hong Leong branch.
Borrowers can also walk into any of the branches and request for the application form. Borrowers can have their enquiries regarding the application process answered by calling the Hong Leong customer care hotline or leaving their contact details on the Hong Leong bank website after which a bank representative will get in touch with them.
Q. What are the modes in which borrowers can pay the monthly instalments?
A. Borrowers can make the monthly instalment payments through standing Instructions from their Hong Leong Islamic Bank/Hong Leong Bank savings or current account, or through internet banking or the app. Borrowers can also make use of MEPS, Interbank GIRO, ATM machines, cheque deposits, through a cash deposit machine or make payments over-the-counter at their nearest Hong Leong Branch
Q. Is there any lock-in period for the loan?
A. No. the loan does not have any lock-in period and as such the loan can be closed at any time without incurring any early settlement fee.
Q. How is Ibra calculated?
A. Ibra is calculated using the formula: R = [n(n+1)/N(N+1)] X P where R is the rebate earned, n is the number of instalments that are remaining, N is the tenure of the loan, and P is the profit rate payable for the entire tenure.
Q. What is the 20 days settlement option?
A. The personal financing-i package provides borrowers with a 20-days settlement option wherein if the borrower repays the loan amount disbursed within 20 days from date of disbursal, he/she would not have to pay any profit. If the loan is not settled within 20 days, then they are to pay the monthly instalments with the predetermined profit rate.
Q. Are the 6 and 7 year tenures offered to every borrower?
A. If a borrower earns an annual income greater than RM48,000 or a monthly income that exceeds RM4,000, he/she will receive the 6 or 7 year tenure option.
Apart from offering personal loan, Hong Leong Islamic offers other products and services which includes: