AmBank Islamic AmMoneyLine Facility-i

Overview

If you are looking for an Islamic personal financing then your search is over because AmBank Islamic AmMoneyLine Facility-i is here to provide you an unsecured Islamic personal financing with Takaful protection for Malaysian citizens. The application process is quite fast and the approval duration is up to 2 business days. There will be no processing fee or no penalties for any early settlement but there will be a stamp duty fee as per Stamp Duty Act 1949 (Revised 1989). No guarantor or collateral is required in order to proceed with this application, therefore all you need to apply for this personal financing is a minimum monthly income of RM2,000 and to be at least 21 to 60 years old. You will be able to enjoy a flat profit rate of 8.00% up to 11.99% per annum but this is subject to credit review by AmBank Islamic.

On top of that, AmBank Islamic AmMoneyLine Facility-i offers you financing tenure of minimum 1 year up to maximum 5 years. You are required to prepare documents like a clear copy of your NRIC (front and back), latest 1 month salary slip for fixed monthly salary OR latest 3 months salary slips for varied monthly salary, latest EA form, latest 6 months bank statements. If you are planning to apply for the AmBank Islamic AmMoneyLine Facility-i, you will need to ensure that you have a good credit record (CTOS/CCRIS). If you have any overdue payments, you will need to settle off your payments, as it is a sign of high potential of not fulfilling the financial obligation to the banks.

AmBank Islamic AmMoneyLine Facility-i FAQ

What is the minimum and maximum amount you can borrow?

The minimum Facility Amount is RM2,000.00 but may be varied by the Bank from time to time. Borrowable amount of up to 5 times your fixed monthly gross salary or up to RM100,000 for a maximum financing tenure of eight years.

Characteristics

Bai’ Inah is defined as sale contract followed by repurchase by the seller at a different price. This Facility is an unsecured term financing facility based on the Shariah Concept of Bai’ Inah.

The bank shall determine the tenure of the facility.

The catch?

Applicant must be between the age of 21 to 60 to qualify. Applicant must not exceed the age of 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 RM2,000 per month.

Takaful protection is compulsory.

There is a rules that only allow customer to have only one credit facility at all times. In order to apply for a new financing, the customer needs to fully settle the existing one.

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

One time set-up fee:

Stamp duty as per Stamp Duty Act 1949 (Revised 1989). No other set-up fees need to be paid.

Recurring payments:

Monthly repayment comprising principal amount and interest charge via monthly salary deduction with standing instruction. Profit rate is fixed at 8.00% per annum (0.67% per month) – 11.99% per annum (1% per month) (rate subject to credit review by AmBank Islamic) throughout the entire financing tenure.

Penalties:

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

No early settlement penalty imposed if you provide at least 1-month advance notice in writing at any AmBank Islamic branch.

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

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

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

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

• 1 copy of NRIC (front and back).
• 1 month (most current) salary slip for fixed monthly salary OR 3 months (most current) salary slips for varied monthly salary.
• EA Form (most current).
• 6 months (most current) EPF Statements.
• BE Form with validated payment slip/receipt (most current).

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

Definately no, as this is a sign to the bank of high potential of not fulfilling the financial obligation to the banks. It is advised that you continue repaying your financing on time for another three months before reapplying.

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

Alliance Bank CashFirst Personal Loan

Alliance Bank CashFirst Personal Loan has a flat interest rate starting from 8.38% p.a. The maximum tenure for this personal loan is 7 years. It also comes with a minimum income requirement of RM2,000.

Standard Chartered CashOne

With Standard Chartered CashOne, the personal loan comes with an fixed interest rate starting from 6.99% p.a. This personal loan has a maximum tenure of 5 years. It also comes with a minimum income requirement of RM3,000.

Maybank Personal Loan

The personal loan rate for Maybank Personal Loan starts from 7% p.a. It has a maximum tenure of 6 years. The personal loan also comes with a minimum income requirement of RM2,500.