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The Mach IOU Personal Loan is an unsecured personal loan scheme offered by the Hong Leong bank on a flat rate basis. The financing scheme comes with a fast approval facility and also gives cashback on the interest paid to the customers who make prompt monthly repayments.
|Interest Rate (p.a.)||7% p.a. to 13.5% p.a.|
|Loan Tenure||Up to 5 years|
|Max. Loan Amount||RM250,000|
|Loan Amount||Tenure||Interest Rate||Effective Interest Rate|
|RM5,000 to RM250,000||2 to 5 years||7% p.a. to 13.5% p.a.||12.38% to 24.82%|
|Fee type||Fee details|
|Stamp Duty Fee||0.5% of the approved loan amount upon disbursement|
|Interbank GIRO (IBG) Transaction Fees (if applicable)||RM2.12|
|Administration Fee||No fee charged|
|Processing Fee||No fee charged|
|Early Settlement Fee||No fee charged|
|Late Payment Fee||1% above the prescribed interest rate on the overdue instalment or a RM25.00, whichever is higher|
The eligibility criteria for the Hong Leong Bank’s IOU Personal Loan are given below:
As a salaried employee, an applicant requires:
Offline Application: Interested applicants can visit the nearest Mach branch and request to apply for the loan.
Online Application: Applicants can also choose to apply for the loan online by submitting the required information on the Mach website after which a bank representative will contact them to take the process forward.
Q. Do I have to pay any early settlement charges if I pay off my loan earlier than the expected period?
A. No, you do not need to pay any early settlement fees.
Q. I am a Malaysian citizen but currently I am working in Singapore. Can I apply for the Mach IOU Personal loan?
A. Yes, you are qualified to apply for the Mach IOU Personal Loan.
Q. How can I apply for Standing Instructions?
A. You can apply for Standing Instructions through Hong Leong Connect or HLBB conventional branches near to you.
Q. Can the bank recover for my instalments via my credit balance in the account?
A. If the monthly repayment is not made within the allotted due date, the bank may set off any credit balance maintained with the bank against the outstanding balance in the financing account.
Q. How much cashback do i get and how?
A. You can get up to 20% cashback on the interest paid towards the loan when you make the monthly payments on or before the due date for 12 consecutive months.