Cash woes? A personal loan to the rescue!
  • Personal Loan BYTES FROM OUR KITCHEN

    Hong Leong Islamic Personal Loan

    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.

    Compare Personal Loan by Hong Leong Islamic Bank

    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.

    Profit Rates

    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.

    Features and Benefits

    The following are the features and benefits of the Hong Leong Islamic Personal Financing-i package:

    • The loan offers a quick approval time. Borrowers with emergency expenses and those who are in need of additional finances in a hurry can acquire this loan. The loan offers an approval time of only 48 hours.
    • The loan offers high financing margins. Borrowers can get a maximum loan amount equal to 5 times that of their monthly salary or income.
    • The loan comes with flexible tenures of up to 5 years. Borrowers can choose a tenure based on their financial constraints and repayment capability. Longer tenures will give them lower monthly instalments that can easily be repaid.
    • For borrowers earning a higher annual income, loan tenures of 6 or 7 years are offered.
    • The loan is an unsecured product and a borrower need not have a guarantor or put up any collateral, making the application process that much smoother and hassle-free.
    • Borrowers do not need to earn a high annual income to be eligible for the loan. The loan is available for borrowers with annual incomes starting from RM24,000.
    • The borrowers will also be granted rebate or Ibra when they settle the loan earlier than the chosen tenure.
    • Monthly instalments can be made through a wide range of payment modes.

    Fees and Charges

    Fee Type Amount
    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

    Eligibility Criteria

    • Nationality criterion: The loan is only available for to Malaysian citizens.
    • Age criteria:
      • Minimum age: The borrower must have attained a minimum age of 21 years.
      • Maximum age: The borrower must not exceed the maximum age of 60 years by the end of the loan tenure.
    • Income criteria: The borrower must earn a minimum annual income of RM24,000 or a gross minimum monthly income of RM2,000 to be eligible for the loan.

    What documents do I need to prepare?

    Salaried applicants:

    • A copy of the applicant’s MyKad
    • A copy of the most recent 3 months’ payslips
    • A copy of the most recent Borang BE with tax payment receipt
    • A copy of the most recent EPF statement showing 6 months of contribution
    • A copy of the latest 3 months’ bank statement
    • Letter of confirmation from employer

    Self-employed applicants:

    • A copy of the applicant’s MyKad
    • A copy of the most recent Borang BE with tax payment receipt
    • A copy of the latest 6 months’ commission statement

    Private Limited Companies:

    • A copy of the audited account statement for the past 3 years
    • A copy of the latest 6 months’ bank statement
    • A copy of the most recent Borang B of the directors with tax payment receipts

    How to apply for Personal Loan from Hong Leong Islamic Bank?

    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.

    FAQs

    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.

    Other Products offered by Hong Leong Islamic:

    Apart from offering personal loan, Hong Leong Islamic offers other products and services which includes:

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