Alliance Bank CashFirst Personal Loan

The Alliance Bank CashFirst Personal Loan is an unsecured conventional personal loan. Similar to its Islamic personal financing counterpart, this personal loan allows you to consolidate up to a maximum of four credit cards and/or personal financing commitments. However, it offers a lower interest rate compared to Alliance Bank CashFirst Personal Loan. The loan amount starts from RM5,000 and you may borrow up to RM200,000.

Best for: The Alliance Bank CashFirst Personal Loan is a strong option to consolidate your debts as it offers a much lower interest rate compared to credit cards or other personal loans.

Income requirements: This personal loan is open for those who are earning RM3,000 and above a month, or those who need to borrow a higher financing amount (it can go up to RM200,000).

Pros: There are no processing fee, guarantor or collateral required and no early settlement penalty*.

• Is Alliance Bank a local bank?

  Alliance Bank Malaysia Berhad is a local bank headquartered in Kuala Lumpur. It includes the Alliance Islamic Bank, Alliance Investment Bank and Alliance Bank Malaysia.

• How to apply for an Alliance Bank Cashfirst personal loan?

  You can apply for the loan here.

• How do I qualify?

  Income: Your minimum gross salary must be at least RM3,000 per month, or RM36,000 a year. Gross salary means salary before monthly deductions such as income tax and Employees Provident Fund (EPF) contribution.

  Age: To qualify, you must be between the age of 21 and 60. This means, your age must not exceed 60 at the end of the loan tenure. For example, if you are taking up the loan at age 55, the maximum loan tenure you can qualify for is only 5 years, instead of the maximum 7 years.

  Other qualifying criteria: You must be a Malaysian citizen or a permanent resident working and residing in Malaysia. Malaysian citizens working in Singapore but residing in Malaysia will also be considered.

• What are the required documents?

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

  1. If you work at a multinational company (MNC):
     • Copy of NRIC (front and back)
     • Any of the documents below (choose one):
     • Latest 1-month salary slip (fixed income) OR latest 3 months salary slips (variable income)
     • Latest EA Form
     • Latest 6 months’ EPF statement
     • Latest BE Form with validated payment slip/receipt to LHDN
  2. If you work at 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 6 months’ EPF statement
     • Latest BE Form with validated payment slip/receipt to LHDN
  3. If you are self-employed:
     • Copy of NRIC (front and back)
     • Copy of current and valid Business Registration Card (business must be at least 2 years)
     • Any of the documents below (choose one):
     • Latest 6 months’ salary slips
     • Latest 6 months’ company’s principal bank statement
     • Latest 6 months’ EPF Statement
     • Latest B Form with validated payment slip/receipt to LHDN
  4. If you are a commission earner:
     • 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
     • Latest EA Form
     • Latest BE Form with validated payment slip/receipt to LHDN

• What is the maximum financing amount?

  The maximum you can borrow is up to 7 times your fixed monthly gross salary or up to RM200,000. For example, if you are earning RM3,000 a month, you are eligible to borrow up to RM21,000. The minimum loan amount if RM5,000.

• What is the interest rate?

  The Alliance Bank CashFirst Personal Loan offers a low-interest personal financing, which is based on a fixed interest rate (flat) ranging from 4.99% per annum (or per year) for 1 years tenure, 5.99% per annum for 2 years tenure, 8.7% per annum for 3 & 4 years tenure and 9.78% to 15.28% for longer tenure per annum, throughout the entire financing tenure.

  Personal financing rate may vary based on individual risk rating:

  Financing tenure of 1  year	Financing tenure of 2 years	Financing tenure of 3 – 4 years	Financing tenure above 5 years
  Fixed interest rate from 4.99% per annum (Flat) throughout the entire financing tenure	Fixed interest rate from 5.99% per annum (Flat) throughout the entire financing tenure	Fixed interest rate from 8.7% per annum (Flat) throughout the entire financing tenure	Fixed interest rate ranging from 9.7% and 15.28% per annum (Flat) throughout the entire financing tenure

  The personal financing 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 financing. However, that’s just one factor the bank considers when they are approving your financing.

• How long is the approval process?

  The bank can take up to 48 hours to process and approve your loan upon receiving all your information and documents. To speed up the process, you can complete the application through iMoney where our call centre consultant will walk you through the eligibility checker, application form, and advise you on the required document submission.

• What are the fees and charges?

  One-time set-up fee: A stamp duty fee of 0.5% on the loan amount will be deducted upfront before your loan amount is given to you or disbursed to you. Remember, when you are applying through iMoney, there will be no deposit or other upfront charges payable to iMoney.

  Late payment charges: 1% on the outstanding loan amount. Late payment charges will increase your total outstanding loan amount

  Other fees: Alliance Bank CashFirst Personal Loan does not charge a processing fee, or early settlement fee*.

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

  • 3 months advance notice in writing, OR
  • A payment equivalent to 3 months’ profit charge in lieu of advance notice

• How much do I have to pay monthly?

  As with any personal loan, you will be required to make monthly repayment, which comprises of principal amount and profit charge

  How much you pay per month depends on your loan amount, tenure and interest rate. For example, if you are borrowing RM50,000 with an interest rate of 4.99% over 5 years, your monthly repayment will be around RM1,041.

  Use the personal loan calculator above to calculate your monthly repayment.

• How do I make my repayment?

  • Interbank GIRO (IBG)/Instant Interbank Funds Transfer (IBFT) via ATM or Internet Banking
  • From your Alliance Current Account/Savings Account - Direct Debit via Alliance Online Banking or Standing Instruction
  • Over-the-counter or at the self-service terminals at any Alliance Bank branch

• Do you have the Alliance Bank Cashfirst personal loan repayment table 2021?

  You can find the Alliance Bank CashFirst personal loan repayment table 2021 here.

• What happens if you make late payments?

  A late payment fee of 1% per annum will be charged upon the amount due.

• Can I do early settlement with the Alliance Bank Cashfirst personal loan?

  Yes, you may. There will be a rebate for early settlement on the interest rate. Read more here.

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

  Unfortunately, no. Alliance Bank will check your credit history as part of their approval process. You are required to settle all overdue payments before applying and keep a healthy credit record before you apply for a personal loan. It is advised 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.

• Can I apply for the Alliance Bank Cashfirst personal loan even if I'm blacklisted?

  No, you may not apply for the loan if your name is blacklisted.

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

  CIMB Bank Cash Plus Personal Loan

  If you find the minimum requirement of RM3,000 a month is tough to meet, you may 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 6.88% p.a. and a maximum loan tenure of 5 years.

  Al Rajhi Bank Personal Financing-i

  Looking for a loan with a longer tenure? Try Al Rajhi Bank Personal Financing-i, which offers tenure of 8 years. It also comes with a low flat interest rate starting from 6.99% p.a. However, it does have a slightly higher minimum income requirement of RM5,000.