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  • Personal Loan BYTES FROM OUR KITCHEN

    Hong Leong Personal Loan

    Hong Leong is one of the leading banking institutions in Malaysia that offer services catering to commercial banking, consumer banking, investment banking, and even offers wealth management services. The personal loan offered by Hong Leong serves a varied range of purposes and is an ideal option when in need of extra finances.

    Compare Personal Loans by Hong Leong Bank

    Hong Leong offers one package when it comes to personal loans. The loan comes with attractive features such as flexible tenures, competitive profit rates, and quick approvals among others.

    Interest Rates

    The below table highlights the interest rates and repayment schedule of a Hong Leong Personal Loan:

    Loan amount borrowed Monthly instalment for tenure of 2 years Monthly instalment for tenure of 5 years Monthly instalment for tenure of 7 years
    RM5,000 RM265 RM140 RM115
    RM10,000 RM525 RM275 RM225
    RM20,000 RM1,045 RM545 RM450
    RM50,000 RM2,545 RM1,295 RM1,055
    RM100,000 RM5,000 RM2,500 RM2,025

    Repayment schedule during cashback period

    Loan amount borrowed Monthly instalment for tenure of 2 years Monthly instalment for tenure of 5 years Monthly instalment for tenure of 7 years
    RM5,000 RM245 RM127 RM103
    RM10,000 RM484 RM249 RM201
    RM20,000 RM962 RM493 RM402
    RM50,000 RM2,362 RM1,181 RM949
    RM100,000 RM4,667 RM2,292 RM1,831
    • Instalments shown in the above tables are illustrations. The actual instalment amount will depend on loan amount borrowed and tenure chosen and is rounded off to the closest RM5.
    • Flat interest rate offered starts from 9% p.a. and goes up to 13.5% p.a.
    • Effective Interest Rate offered starts from 12.38% p.a. and goes up to 24.82% p.a.

    Features and Benefits

    The following are the features and benefits:

    • The loan is an unsecured product and does not require a guarantor or collateral making the application process quick and hassle-free.
    • The loan comes with a fast approval making it an ideal choice for borrowers who are in need of extra finances in a hurry. The loan offers a quick approval within 48 hours provided the borrower meets the eligibility criteria.
    • Select Hong Leong Branches also offer am:pm convenience where a borrower can enjoy a 5-minute approval on loan applications when he/she visits any of the select branches between 9:00 a.m. and 8:00 a.m. on weekdays and 11:00 a.m. to 3:00 p.m. on Saturdays provided the borrower meets the eligibility criteria.
    • The loan offers flexible tenures allowing for easier repayment. Applicants can choose a tenure that fits their budget and financial constraints.
    • The loan offers higher tenures for borrowers earning higher income. Tenures can range up to 7 years.
    • Tenures of 6 or 7 years are offered to borrowers who are salaried applicants and earn a minimum annual income of RM48,000 or more.
    • Borrowers can also enjoy cashback on interest paid. Borrowers can receive up to 20% cashback on the interest allowing for higher affordability and greater savings.
    • Repayment of instalments can be made through a multitude of payment modes such as standing instructions, MEPS and GIRO.

    Fees and Charges

    Fee Type Amount
    Stamp duty 0.50% of the processed loan amount
    Late payment fee A fee of 1% of the outstanding arrears is charged
    Early termination fee No Fee
    Any other fees such as minimum interest charge, cheque charge, etc. (if applicable) RM0.50 as processing fee and RM0.10 as stamp duty for each cheque issued

    Eligibility Criteria

    • Nationality criterion: The borrowers must be Malaysian citizens
    • Age criteria:
      • Minimum age – 21 years
      • Maximum age – 60 years
    • Income criteria:
      • Citizens and Permanent Residents – Minimum annual income of RM24,000

    What documents do I need to prepare?

    • Salaried applicants must provide a photocopy of their I.C. or passport and documents serving as proof of income such as employment confirmation letter, bank statements, and latest payslips.
    • Self-employed applicants must provide a photocopy of their passport or I.C. along with the business registration certificate and other documents such as bank statements.

    Calculator

    The Hong Leong personal loan repaymnets can be calculated by the loan repayment calculator available on Bbazaar.my wherein an applicant can key in details of the loan such as desired loan amount, desired tenure and the interest rate charged the calculator will display the details of the monthly instalment. It also displays the amortization table along with what sum of the instalment goes towards the principal and what amount services the interest

    How to apply for personal loan from Hong Leong Bank?

    • Borrowers who wish to apply for the Hong Leong Personal loan can do so by downloading the application form online from the bank website and submitting the duly-filled form along with the supporting documents at their nearest Hong Leong Branch.
    • Borrowers can also directly visit their nearest Hong Leong branch and request for the loan application.
    • Hong Leong personal loan Apply Online : Borrowers can also leave their contact details with the bank on their website and a bank representative will reach out to them and initiate the application process.

    Personal Loans for Foreigners

    Currently, the Hong Leong Personal loan is available only to Malaysian citizens and is not open for expats and foreign applicants.


    FAQs

    Q. Is there a lock-in period on the loan?

    A. No. The loan does not have any lock-in period. However, if borrowers wish to settle the loan early, they must do so only after providing a written notice to the bank three months prior to the date they wish to close the loan.

    Q. What happens when a borrower settles the loan prematurely?

    A. Early settlement will not attract any penalties but the borrower will receive a rebate on the remaining interest to be paid. The rebate is calculated using the following formula.

    R = (n-3)(n-2) X I/N(N+1)

    Where R is rebate in RM, N is loan tenure, n is number of loan instalments over the unexpired period and I is the interest payable over the entire tenure of the loan.

    Q. Are there any charges levied against monthly instalments paid using Interbank GIRO?

    A. Yes. The charge for using Interbank GIRO or IBG online is RM0.10 per transaction. IBG payments carried out through ATMs incur a fee of RM0.30 per transaction.

    Q. Are there any processing fees involved?

    A. Yes. A processing fee of RM0.50 and a stamp duty of RM0.10 will be charged per cheque issued.

    Q. Is the 20% cashback on interest available for existing Hong Leong Personal loan borrowers?

    A. No. The facility is only available for new Hong Leong Personal loan applications.

    Q. What happens when a borrower does not receive the cashback?

    A. Borrowers qualifying for cashback will be paid the amount every month after the 7th month of the loan tenure and the last cashback is paid 6 months before the final instalment in case of tenures between 2 to 5 years or 2 months before the last instalment in case the tenure chosen is one year. If the borrower fails to notify the bank in writing about non-payment of the cashback no later than 1 month after 7th month’s monthly instalment due date, the bank will treat it as payment received.

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