RM
year(s)
RM
- You Pay
- RM 89 /mth
- Profit Rate
- Total Profit Payable
- RM 70
- Total Repayment
- RM 1,070
Alliance Islamic Bank CashVantage Personal Financing-i
-
- Profit Rate
- 3.99% p.a. ~ 8.38% p.a.
-
- Max. Financing Amount
- RM 150,000
-
- Approval Duration
- Up to 24 hours
Calculate your financing repayment instantly
Promotion
iMoney Exclusive Flash Promo: Get an RM108 Touch 'n Go eWallet credits when you get approved. Plus, stand a chance to win a Macbook Air or Apple AirPods!
Terms and condition apply
Key Features
Fixed profit rate starting at 3.99% per annum (subject to bank's approving criteria)
Approved financing amount of up to RM150,000
Consolidate Credit Card and/or Personal Loan commitments into ONE single monthly repayment
More details
-
Features- Approval Duration
- Up to 24 hours
- Min. Financing Amount
- RM 5,000
- Max. Financing Amount
- RM 150,000
Other features
- Maximum Financing Tenure
- 7 years
- Debt Consolidation
- Yes
-
Eligibility/Documents- Employment Eligibility
- Salaried, self employed, commission earner
- Age Requirement
- 21-60 years old
- Min. Monthly Salary
- RM 3,000
Other eligibility requirements
- Other Details
- Must have existing credit commitment for at least 12 months
- Application Form
- Alliance CashVantage
- NRIC
- Front & back
- Salary Slip
- 1 month (fixed income) or 3 months (variable income)
-
Fees and charges- Processing Fees
- Free
- Stamp Duty
- 0.5% of loan amount
Other Fees and charges
- Late Payment Charges
- 1% p.a. on outstanding financing amount
Prefer to talk to our customer care agents?
How do you apply for a personal financing online?
Step 1
Use our personal financing calculator to find the best personal financing based on your requirements and eligibility.
Step 2
Select the best product that fits your requirements from the list of recommended personal financing products listed and click on the Apply button.
Step 3
Fill in a form with your details to be submitted for application, and a representative from iMoney or the bank will call you to process the application.
Read more about Islamic Personal Financing
Review by iMoney
iMoney Exclusive Flash Promo: Get an RM108 Touch 'n Go eWallet credits when you get approved. Plus, stand a chance to win a Macbook Air or Apple AirPods! Exclusively for Alliance Bank Personal Loan via iMoney (Terms and Conditions)
The Alliance Islamic Bank CashVantage Personal Financing-i is an unsecured Islamic personal financing that can be used for a variety of purposes, including debt consolidation, business purpose and home improvements.
Best for: iMoney recommends Alliance Islamic Bank CashVantage Personal Financing-i for debt consolidation as it allows you to consolidate up to a maximum of four credit cards and/or personal financing commitments.
Income requirements: This personal financing 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 RM150,000).
Pros: There will be no processing fee, guarantor or collateral required and no early settlement penalty*.
Alliance Islamic Bank CashVantage Personal Financing-i FAQ
Alliance Islamic Bank CashVantage Personal Financing-i is an Islamic financing offered by Alliance Islamic Bank.
-
The maximum you can borrow is up to 4 times your fixed monthly gross salary or up to RM150,000. For example, if you are earning RM3,000 a month, you are eligible to borrow up to RM12,000. The minimum loan amount if RM5,000.
-
Financing tenure means the period of your financing. The maximum financing tenure for Alliance Islamic Bank CashVantage Personal Financing-i is 7 years. Why does this matter? The longer your financing tenure is, the lower your monthly repayment will be. But it also means higher profit charges.
-
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 financing tenure. For example, if you are taking up the loan at age 55, the maximum financing 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.
-
The Alliance Islamic Bank CashVantage Personal Financing-i can take up to 48 hours to process and approve your financing 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 required document submission.
-
One-time set-up fee: A stamp duty fee of 0.5% on financing amount will be deducted upfront before your financing 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 Islamic Bank CashVantage Personal Financing-i does not charge a processing fee, or early settlement fee*.
* No early settlement penalty imposed if you provide Alliance Islamic Bank with
- 3 months advance notice in writing, OR
- A payment equivalent to 3 months’ profit charge in lieu of advance notice
-
The Alliance Islamic Bank CashVantage Personal Financing-i is based on a fixed profit rate (flat) ranging from 8.88% to 10.28% per annum, or per year throughout the entire financing tenure.
Personal financing rate may vary based on individual risk rating:
Customers with low-risk level profile
Customers with medium-risk level profile
Customers with high-risk profile
Fixed profit rate ranging from 8.88% to 10.28% per annum (Flat) throughout the entire financing tenure
Fixed profit rate ranging from 11.28% to 12.28% per annum (Flat) throughout the entire financing tenure
Fixed profit rate ranging from 15.28% per annum (Flat) throughout the entire financing tenure
What is the profit rate? Because Islamic financial institutions are prohibited from making money through interest rates by lending money, Islamic personal financing is structured with profit rate instead. In simpler terms, it means the financial institution buys something on your behalf and sells it to you with a profit.
-
As with any personal financing, 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 financing amount, tenure and profit rate. For example, if you are borrowing RM50,000 with a profit rate of 11.28% over 5 years, your monthly repayment will be around RM1,300.
Use the personal loan calculator above to calculate your monthly 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
-
Once you have completed your application with iMoney, you are required to provide the following documents for your application:
- 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
- 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
- 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
- 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
- If you work at a multinational company (MNC):
-
Unfortunately, no. Alliance Islamic 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 personal financing. 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.
-
If your income is below RM3,000 per month, you can consider the RHB Easy-Pinjaman Ekspres with minimum income requirement of RM1,500. This is a conventional personal loan with an interest rate from 8.28% p.a. However, its maximum financing tenure is lower than Alliance Islamic Bank CashVantage Personal Financing-i at 5 years.
HSBC Amanah Anytime Money Personal Financing-i
The HSBC Amanah Personal Financing-i has a lower fixed profit rate, starting from 6.99% p.a. This personal financing also has a lower maximum tenure of 5 years. Similarly, it comes with a minimum income requirement of RM3,000.
AmBank Islamic AmMoneyLine Facility-i
If you are looking to stretch your monthly repayment to longer tenure, you can try the AmBank Islamic AmMoneyLine Facility-i with a maximum tenure of 8 years. It has a flat profit rate starting from 8% p.a. as well as a lower minimum income requirement of RM2,000.