Alliance Bank CashFirst Personal Loan

Overview

Alliance Bank CashFirst Personal Loan gives you the financial support to reduce your debts with other banks by consolidating all your loans into one, for personal use or business use. If your purpose of applying this loan is for debt consolidation, you are allowed to consolidate up to a maximum of 4 Credit Cards and/or Personal Loans commitments into ONE single monthly repayment. When you apply for this personal loan you will indulge great fixed rate as low as 4.99% p.a for 1-2 years tenure & 6.99% p.a for 3-4 years tenure & 8.38% to 14.78% for longer tenure with a faster approval within 7 working days. The minimum loan amount to be applied is RM3,000 and the maximum up to RM150,000 for a minimum loan tenure of 1 year and maximum of 7 years.

You will have the opportunity to enjoy low monthly instalments and FREE from processing fees, early settlement penalty and there is NO guarantor or collateral required. One-Time payment of 0.5% of loan amount will be charged as stamp duty fee and late payment charges of 1% per annum on outstanding loan amount will be charged to you if you failed to make your monthly payments on time. Furthermore, you must be in the age between 21 and 60 years old with a minimum gross income of RM5,000 per month in order for you to be eligible to apply for Alliance Bank CashFirst Personal Loan. The most important thing to avoid the high possibilities of loan rejection is to make sure that you do not have overdue payments with other banks for any loan or credit card and have no issues with your CTOS and CCRIS. Having a good credit history and good credit record on your CTOS and CCRIS will increase higher chance of loan approval.

Alliance Bank Personal Loan

What is the maximum amount of money that you can loan from the bank?

You are allowed to borrow up to seven times the amount of your fixed monthly gross income or RM 150,000.

So what are the Terms & Conditions?

To be qualified for the Alliance Bank Personal Loan, you must be in the age between 21 and 60. On top of that, you cannot exceed the age of 60 years before the end of the loan tenure.

This Alliance Bank Personal Loan only provides credit facilities to Malaysian citizen or permanent resident working and residing in Malaysia with a minimum gross income of RM3,000 per month. However, Malaysian citizens working in Singapore but is residing in Malaysia will be considered.

So what else do I need to pay on top of the loan amount?

There is a one time set-up fee:

Stamp duty of 0.5% on loan amount will be deducted upfront before loan disbursement. For example, if you borrow RM10,000, you need to pay RM55 for the stamp duty.

Recurring payments:

Monthly repayment = principal amount + interest charge (via monthly salary deduction)

For customers with low to medium risk level profile:

Fixed profit rate ranging from 4.99% p.a for 1-2 years tenure & 6.99% p.a for 3-4 years tenure & 8.38% to 14.78% for longer tenure throughout the entire financing tenure.

The Personal Loan interest rate is based on individual risk rating. Having a higher salary lowers your risk rating as it reflects that you are less likely to default in your financial obligations (or conditions) of a loan.

What are the penalties for late payment or early settlement?:

Late payment charges of 1% on outstanding loan amount will be imposed. With these late payment charges, your total outstanding loan amount will increase.

No early settlement penalty imposed if you provide Alliance Bank with:

-3 months advance notice in writing, OR
-Payment equivalent to 3 month’s interest charge in lieu of advance notice

How long will the application take and what documentations are required?

Upon completing an application with iMoney, our representative will be contacting you within the same business day to confirm your application.

Thereafter, Alliance Bank will require an average of 7 business days (not including Saturday, Sunday, and public holidays) before the approval or disbursement.

You are required to furnish the following documents for your loan application:

Employee of MNC/GLC:

• Copy of NRIC (front and back)
• Any of the documents below (choose one):
- 1 month latest salary slip (fixed income) OR 3 months latest salary slips (variable income)
- EA Form (most current)
- Latest EPF Statement with 13 months contribution
- BE Form with validated payment slip/receipt to LHDN

Employee of non-MNC or private limited company:

• Copy of NRIC (front and back)
• Any of the documents below (choose one):
- Latest 3 months salary slips (with supporting bank statement)
- Latest EPF Statement with 13 months contribution
- BE Form with validated payment slip/receipt to LHDN

Self-employed applicants:

• Copy of NRIC (front and back)
• Any of the documents below (choose one):
• Copy of current and valid Business Registration Card (business must be at least 2 years)
- Latest 6 months salary slips OR latest 6 months principal bank statement
- Latest 13 months (most current) EPF Statement
- B Form with validated payment slip/receipt to LHDN

Applicants earning commission:

Copy of NRIC (front and back)

Any of the documents below (choose one):

- Latest 6 months salary slip/ commission statement / payment voucher verified against bank statements

Can you apply if you have a bad CCRIS/ CTOS/ Credit Record?

The answer is No, you are required to settle all overdue payments before applying. It is advised that you continue repaying your loans on time for another three months before reapplying. Learn more about credit information from Credit Bureau Malaysia.

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

CIMB Bank Cash Plus Personal Loan

With CIMB Bank Cash Plus Personal Loan , the personal loan comes with a fixed interest rate that starts from 8.20% p.a. This personal loan has a maximum tenure of 5 years and comes with a minimum income requirement of only RM2,000.

Al Rajhi Bank Personal Financing-i

Al Rajhi Bank Personal Financing-I has a flat interest rate starting from 6.99% p.a. The maximum tenure for this personal loan is 8 years and comes with a minimum income requirement of only RM4,500.

All Personal Loan Rates in Malaysia

Want to compare other banks before making your decision? We understand where you're coming from. Just head over to our comparison page to compare which of the many personal loans available in the market suits you the best.