Alliance Islamic Bank CashVantage Personal Financing-i

Overview

Alliance Islamic Bank CashVantage Personal Financing-i is an unsecured Islamic Personal financing which provides financial needs whether it is for personal usage, debt consolidation or business purpose for Malaysian citizens and permanent residents working and living in Malaysia. If you are looking forward mainly for debt consolidation, this financing can help you consolidate up to a maximum of 4 credit cards and/or personal financing commitments into ONE single monthly instalment. The minimum financing amount to be applied is RM5,000 and the maximum you can go up to is RM200,000 for a minimum financing tenure of 1 year and maximum of 7 years. The good thing about applying for this personal financing is the low monthly instalment from as low as RM97 (which depends on your financing amount, financing tenure and profit rate), there will be no processing fee, fast approval, no guarantor or collateral required and no early settlement penalty.

Therefore, you will enjoy the fixed rate that is between 8.88% - 15.28% per annum depending on customer profile and income. A one-time fee will be charged to you for stamp duty with the rate of 0.5% of financing amount (no other set up fees need to be paid). If you failed to make your monthly repayments on time a late payment fee of 1% per annum on outstanding financing amount will be charged to you. In order to qualify for the financing you must be between the age of 21-60 years old and with a minimum gross salary of RM3,000 per month. The most important thing to avoid financing rejection is not to have any overdue payments with your other financing taken from banks and to maintain a good credit history in your CTOS & CCRIS record.

Alliance Islamic Bank CashVantage Personal Financing-i FAQ

What is the maximum amount you can borrow?

The total amount you will be able to to borrow is up to four times your fixed monthly gross salary or up to RM200,000 for a maximum financing tenure of seven years.

The catch?

In order to qualify for the financing, the applicant must be between the age of 21 to 60. Bear in mind, the applicant's age must not exceed 60 at the end of the financing tenure.

Applicant must be a Malaysian citizen or permanent resident working and residing in Malaysia with a minimum gross salary of RM3,000 per month. Malaysian citizens working in Singapore but residing in Malaysia will be considered.

What will it cost you and how will you be charged?

One time set-up fee:

A Stamp duty fee of 0.5% on financing amount deducted upfront before financing disbursement. No other set-up fees need to be paid.

Recurring payments:

Monthly repayment comprising principal amount and profit charge via monthly salary deduction.

For customers with low risk level profile:

Fixed profit rate ranging from 8.88% to 10.28% per annum (Flat) throughout the entire financing tenure.

For customers with medium risk level profile:

Fixed profit rate ranging from 11.28% to 12.28% per annum (Flat) throughout the entire financing tenure.

For customers with high risk profile:

Fixed profit rate ranging from 15.28% per annum (Flat) throughout the entire financing tenure.

Personal financing rate is based on individual risk rating.
Penalties:

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

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

3 months advance notice in writing, OR

Payment equivalent to 3 month’s profit 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 in contact with you within the same business day to confirm your application.

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

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

Employee of MNC:

• 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?

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.

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