AmBank Islamic Personal Financing-i

Overview

Need some cash for personal use, business use or education purpose? AmBank Islamic Personal Financing-i can help you cover your immediate need for cash. With a good credit score, you’ll likely be able to snag the most affordable profit rate. For this financing, AmBank Islamic offers profit rate as low as 4.3% per annum depending on financing amount and period, and you must take Takaful insurance with this financing. The minimum financing amount you can apply is RM5,000 and the maximum is up to RM200,000 with minimum financing tenure of 2 years and maximum tenure of 10 years. The approval duration is within 2 working days. Furthermore, this personal financing is based on the Shariah concept of Bai’lnah, no guarantor and no advanced instalments are required, and you will be eligible to get rebate when you do an early settlement.

You will be charged a processing fee of 4% of total financing amount, and 0.5% of stamp duty fee on borrowed amount. No early settlement fees will be imposed if you provide at least 1 month advance notice in writing at any AmBank Islamic branch. 1% from current outstanding amount of late payment fee will be charged if you fail to make your monthly repayment on time. The mode of payment to AmBank Islamic will have to be a monthly deduction from your salary. To apply, you must be between the age of 18 to 60 years old with minimum gross income of RM1,500 per month. This offer is exclusively for employees of Federal Government, State Government, and selected statutory bodies.

AmBank Islamic Personal Financing-i FAQ

What is the maximum amount you can borrow?

Borrowable amount of up to five times your fixed monthly gross salary or up to RM200,000 for a maximum financing tenure of 10 years.

The catch?

Applicant must be between the age of 18 to 60 to qualify.

Applicant must be a full-time employee of Federal Government, State Government, or selected statutory bodies with three months of completed service and a minimum gross salary of RM1,500 per month.

Takaful protection is compulsory.

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 profit charge via Biro Perkhidmatan Angkasa (BPA) monthly salary deduction facility. profit rate is fixed at 4.30% per annum (0.36% per month) (rate is subject to a credit review by AmBank Islamic) throughout the 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:

• 3 copies of NRIC (front and back) certified True Copy by your current Head of Department.
• Polis Diraja Malaysia (PDRM) only:3 copies of police identity card or NRIC (front and back) certified True Copy by your current Head of Department.
• 1 month (most current) original salary slip with 2 copies certified True Copy by your current Head of Department.
• 1 copy of Savings Account Passbook OR Current Account Statement (front page showing your name and account number).

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 financing on time for another three months before reapplying.

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

Bank Rakyat Personal Financing-i Aslah Awam

With Bank Rakyat Personal Financing-i Aslah Awam, the personal financing comes with an fixed profit rate starting from 3.35% p.a. This personal financing has a maximum tenure of 10 years. It also comes with a minimum income requirement of RM1,000.

RHB Islamic Bank Pensioner Personal Financing-i

RHB Islamic Bank Pensioner Personal Financing-i has a flat profit rate starting from 5% p.a. The maximum tenure for this personal financing is 10 years. It also comes with a minimum income requirement of RM0.

MBSB Mumtaz-i

The personal financing rate for MBSB Mumtaz-i starts from 3.40% p.a. It has a maximum tenure of 10 years. The personal financing also comes with a minimum income requirement of RM1500.