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 20 Oct 2016
|Interest Rate||7% - 13.5%|
|Minimum Income||RM 2,000|
Hong Leong has become a household term in banking in Malaysia with its roots dating back to 1968. The bank has over 100 years of experience dating back to its humble beginnings as Kwong lee Mortgage and Remittance Company in 1904. In 2011 they successfully carried out a merger with EON Bank group and the bank was transformed to a banking group which has assets totalling over RM 145 Billion and currently has over 300 branches distributed across Malaysia and the neighbouring regions of Hong Kong, Vietnam and Cambodia. They offer comprehensive banking products and solutions that not only manage wealth but allow for growth
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 personal loans from Hong Leong are made available to Malaysian citizens only
The borrower should earn an annual income of Rm 24,000
If the borrower is employed and draws a salary, the documents required are a photocopy of both sides of the applicant’s MyKad, a copy of the payslips dating back at least 3 months, the latest EPF statement and 12 months EA form
If the borrower is a self-employed person then the documents required are a photocopy of both sides of the applicant’s MyKad, a copy of their business registration certificate or a copy of their operating license, the latest BE form with tax payment receipts and a copy of their bank statement dating back at least 3 months.
Hong Leong Personal Loans
Personal loans offered by Hong Leong provide the borrowers with the much needed cash quickly and conveniently without hassle. The loans have a high financing margin and are provided at competitive rates. These personal loans can be used in anyway deemed fit by the borrower and can be even used to consolidate other loans. The personal loans from HSB allow the borrower to fulfil their short term goals as well be it funding their child’s marriage or buying their dream car.
Types of Hong Leong Personal Loan
Below are the details of the personal loan offered by Hong Leong Bank.
Hong Leong Personal loans offer a great way to source additional financing without dipping into one’s savings. The loan offers low instalments starting from RM 133.33 per month. The loan has a fast approval time and loan can be successfully approved within a span of 48 hours. The loans offer a flexible repayment plan with a tenure of up to 7 years with a minimum tenure of 2 years. These loans are unsecured and hassle free to acquire and do not need a collateral or guarantor. Personal loans from Hong Leong are open to all Malaysian citizens aged between 21 years to 60 years and earn a minimum annual income of RM 24000. The minimum loan amount available is RM 5000 with the maximum loan amount going up to Rm 250,000
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 HSBC 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
F.A.Qs on Hong Leong Personal Loan
Q) What is the highest loan amount one can avail through Hong Leong personal loans?
A) The maximum loan amount that can be availed through Hong Leong Personal loans are higher than most banks and stands at RM 250,000
Q) How can one make the monthly payments towards the loan?
A) Monthly instalment payments can be made via standing instructions from the applicant’s Hong Leong account, through internet banking or ATM transfers and through cheque or cash deposits. Alternatively one can visit the branch and make the payments there.
Q) What are the fees involved in the Hong Leong Personal loans?
A) For any Interbank GIRO transfers, a nominal fee of RM 2.12 is charged and the stamp duties involved while availing the loan amounts to 0.5% of the loan amount availed
Q) Are there any late payment penalties?
A) The late payment of the monthly instalment attracts a late payment penalty which is 1% of the outstanding amount. Late payments lead to increasing the overall amount owed and is hence it is not advisable to miss instalment payment dates
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