Personal loans are a great way to secure additional financing without the need for having to dip into hard earned savings or liquidize investments that may have a potential to give a great return. The Hong Leong Bank has long been considered as a leading financial institute and their personal loans offer an individual the required financing without costing them a fortune while repaying the loan. When the minimum loan amount which is RM 5,000 is availed for the maximum tenure which is 5 years, the monthly instalments that need to be paid by the borrower is as low as RM 133.33. The maximum loan amount offered is RM 50,000 and for the maximum tenure of 5 years, the monthly instalments work up to RM 1333.33. The interest rate on this conventional loan is a flat 1% per month. Not only are the interest rates low, but the loan itself can be availed in a jiffy. The loan offers a 48 hour loan approval and does not require any guarantor or the need for any collateral to be put up which makes it an ideal candidate during an emergency situation. The only criteria to apply for the loan are that the borrower meets the age and income requirements.
You’re probably eligible for an Hong Leong 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 Hong Leong Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 250,000
Installments of other loans lower
Increase your eligible Hong Leong Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Documentation needed to apply for HongLeong Bank Personal Loan
- 1.Photocopy of My Kad
- 2. Application form
- 3.Documentation for salaried applicants:
- Latest 3 months Salary Slip
- EPF Statement dated within last 2 months
- EA Form dated within last 12 months
- 4. Documentation for self Employed applicants:
- Photocopy of Business Registration Form
- Latest Form B with tax receipt OR 6 months bank statements
- Latest B/BE Form or EPF Statement
Hong Leong Bank Personal Loan Interest RatesUpdated on 23 Apr 2017
|Interest Rate||7% - 13.5%|
|Minimum Income||RM 2,000|
The Hong Leong Personal loan is available to the citizens of Malaysia who are engaged in service in a private sector or have a cushy government job. Even self-employed persons and businessmen can also take this loan to support their financial needs. The approval time of this loan is just two business days. The application process is simple, hassle-free and convenient for the borrowers which makes this loan popular amongst people looking to borrow money from the bank. You do not need either or a guarantor or a collateral to apply for this loan.
Features and Benefits Hong Leong Personal Loan
- You do not need any guarantor or any collateral to be able to take this loan.
- You do not have to pay processing fees while taking this loan.
- There is no early settlement fees.
- The repayment tenure is flexible and ranges between 2 to 7 years.
- The monthly instalments of this loan are as low as RM103.
- There is a provision for 5-minute loan approval at am:pm convenient banking
Eligibility for Hong Leong Personal Loan
The personal loans from Hong Leong require that the borrower should have attained a minimum age of 21 years as at last birthday and the age of the borrower cannot exceed 60 years as at last birthday.
- The applicant has to be a Malaysian citizen aged between 21 and 60 years.
- The minimum annual income of the applicant should be RM24,000 per annum.
The following are the documents that you will be required to submit for the loan:
If you are a salaried employee:
- Latest EA form
- Last 3 months salary slip, or,
- Statement of the last 3 months of your EPF
If you are self-employed:
- Latest Form B
- Bank statements of the last 3 months
Hong Leong Personal Loan Interest Rates
The prescribed interest rates offered on the personal loans from Hong Leong depend on the loan amount availed and can range from 7% p.a. to 13.5% p.a. and the effective interest rates can vary between 12.38% to 24.82% p.a.
How to Apply for HSBC Personal Loans
The application for Hong Leong personal loans can be done through their website. The entire process is hassle free and fast. The applicant can download the application form from the website which even lists the required documents that need to be submitted with the application form for successful approval. For the loans to be successfully approved, the applicant must meet certain eligibility criteria mainly minimum income earned and age of the applicant. Applicants can also visit their nearest Hong Leong branch and apply for a personal loan
How to Calculate Loan Instalments for Hong Leong Personal Loans
The Hong Leong personal loan instalments can be calculated by the loan instalment 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 Hong Leong Bank Personal Loan?
- You can fill in the form available at the bank's website and submit it with the required documents that should be uploaded to the site itself.
- You can also visit the nearest branch of the bank and apply.
Hong Leong Personal Loan FAQs:
Q: What is the maximum loan amount that can be borrowed from Hong Leong Bank?
A: You can borrow up to five times of your fixed monthly gross income or up to RM250,000 for a tenure of five years.
Q: Can I apply for this loan if I have a bad credit score?
A: No, you cannot apply for this loan with a bad credit score. You will have to first settle the overdue and will have to continue paying your dues on time for three months before you apply for this loan again.
Q: How will I be charged for taking this loan?
A: You will be charged a stamp-duty of 0.5% on loan amount that will be deducted upfront before the loan is disbursed. There are no other fees to be paid before the loan is given to you.
A monthly amount that will be a sum of the principal amount and the interest that is being charged will be deducted. The interest rate charged is 12% p.a. and will remain the same throughout the loan period. There is no early settlement penalty that will be imposed if you give the bank an advanced notice of 3 months in writing.
Other Products offered by Hong Leong:
Apart from offering personal loan, Hong Leong offers other products and services which includes:
News About Hong Leong Personal Loan
HLB Makes Progress for Loan Growth Target says MIDF Research
Hong Leong Bank Bhd (HLB) is making progress to achieve growth for loans for their target of 8% to 9% by the end of this financial year that will end June 30, 2016, along with positive loan disbursements, according to MIDF Research Sdn Bhd.
The report was released post the MIDF’s meeting with the banking group’s CFO Foong Pik Yee on the bank’s HLB’s updates. The research house said that the bank is foreseeing expansion for exports working capital loans making the most out of the Ringgit weakening against the US dollar.
MIDF Research mentioned that, “Meanwhile, on the booking of newer mortgage loans, we understand that the growth has moderated. For the FY16 (financial year of 2016), we have factored in a loan growth expectation of 8%,”
20th October 2015
A growth of 32% is expected with the new biometric digital banking by Hong Leong Bank
The Hong Leong Bank in Malaysia is targeting a growth of 32% of their digital banking users by the end of 2016. They have pushed for users to try their biometric authentication solution on its mobile app.
The function of this solution will be a fingerprint authentication for services like balance checking, fund transfers, cordless ATM withdrawals and payment verification. This function will be available on smartphones models that have a fitted biometric scanning capabilities like Apple and Android devices.
14th October 2015