AEON i-Cash Personal Financing

AEON i-Cash Personal Financing is an unsecured Shariah-compliant personal financing that offers a financing amount from RM1,000 to RM100,000. It also has a relatively low instalment, decent financing, and fast approval process.

Best for: Personal use including your kid’s education fund, debt consolidation.

Income requirements: Minimum RM1,500/month.

Pros:

• Lower income requirement (RM1,500)
• Low instalment (as low as RM55)
• Low minimum loan amount (RM1,000)
• Fast approval (1 – 3 days)
• Wide age range eligibility (18 – 65 years old)

• What is the maximum financing amount?

  You can borrow between RM1,000 to RM100,000.

• What is the maximum financing tenure?

  7 years.

• How do I qualify?

  Income: Minimum gross income of RM1,500. Gross salary means salary before monthly deductions such as income tax and Employees Provident Fund (EPF) contribution. Only fixed income earners are eligible.

• What are the eligibility requirements?

  • Malaysian citizen
  • Age: 18 – 65 years old
  • Minimum gross income of RM1,500
  • Minimum loan requirement is RM1,000 with maximum of RM100,000

• How long is the approval process?

  AEON Credit Service can approve an application between 1 – 3 days, provided that full documentation and information are submitted.

  To speed up the process, you can apply through iMoney where our Call Centre Consultants will walk you through the eligibility checker, application form, and advise you on the required document submission.

  After we submit your documents and information, AEON Credit Service can approve and disburse to you within 3 days.

• What are the fees and charges?

  One-time set-up fee: A stamp duty fee of 0.5% of financing amount

  Processing fee:

  • 4% of financing amount (for financing of RM10,000 and below)
  • 2% of financing amount (for financing above RM10,000)

  * Fee is capped at RM400

  Wakalah fee: RM10.60 (includes 6% SST)

  Late payment charge: 1% per year on the outstanding payment

  For example, the fee is calculated as follow:
  Late payment charge = Outstanding monthly instalment X 1% X number of days outstanding

  * The charges will not be compounded

  Note: There are no upfront charges or additional fees when you apply through iMoney. We will also not request any deposit payment from you.

• What is the interest rate?

  Ranges from 0.66% to 1.50% depending on your financing amount, tenure, as well as your individual risk rating. Some factors that the lender will consult when assessing your individual risk rating include:

  • Credit health
  • Debt-service-ratio

  Check your iMoney CreditScore for free to find out how your credit health is.

• How much do I have to pay monthly?

  Monthly repayment for this personal financing can be as low as RM55. However, your instalment depends on your financing amount and tenure.

  Use our personal loan calculator above to estimate your monthly repayment.

• How do I make my repayment?

  • Internet banking services (e.g. Maybank2U, CIMB, Public Bank, BSN, AmBank)
  • ATM Transfer
  • AEON Service Centre (Cheque payment or cash deposit machine)
  • Bank Simpanan Nasional counters (Fee: RM1)
  • Interbank Giro (participating banks under MEPS)

• What are the required documents?

  Once you have completed your application with iMoney, you are required to provide the following documents for your application:

  • Front & back copy of NRIC
  • Latest EPF statement (advise to print at ACS counter or Kiosk), or
  • Latest 3 months' Salary slips / 6 months' Salary slips (for non-permanent staff or commission-based) and
  • Latest 3 months' / 6 months' (for non-permanent staff or commission-based) bank account statements to confirm income credited into account
  • Bank saving account passbook or bank statement (for verification purposes)
  • Latest Form BE and Tax payment receipt (optional)

  If you are self-employed

  • Front & back copy of NRIC
  • Company Business Registration Certificate (ROC & ROB) / Form 9/24/49 or Form D, and
  • Latest 6 months Company's principle current account statement, either or
  • Latest update bank saving account passbook or bank statement, either or
  • Latest Form B/E and Tax payment receipt

• Can I apply if I have a bad CCRIS/CTOS/credit score?

  Unfortunately, no. AEON Credit Service will check your credit history as part of their approval process. You are advised to settle all overdue payments before applying and keep a healthy credit record before you apply for any personal financing or loan. We also highly recommend that you continue repaying your loans on time for another three months before reapplying.

  Check your iMoney CreditScore for free to find out how your credit health is.

• If you are looking for other personal loans, you may also consider

  CIMB Bank Cash Plus Personal Loan

  This loan has a low minimum income requirement of only RM2,000. It also comes with a fixed interest rate that starts from 8.20% p.a. and a maximum loan tenure of 5 years.