Hong Leong Islamic Personal Financing-i

Hong Leong Islamic Personal Financing-i is suitable personal financing for Malaysian citizens that are employed in the government sector, private sector or self-employed. This personal loan offers a financing amount from RM5,000 to RM150,000. It also has a relatively low instalment, decent financing, and a fast approval process.

Best for: Personal use including your kid’s education fund

Income requirements: Minimum RM2,000/month

Pros:

• Early settlement without notice
• No guarantor or collateral required
• Fast approval (2 days)
• Wide age range eligibility (21 – 60 years old)

• How does Hong Leong Personal Financing-i benefit you?

  Hong Leong Personal Financing-i offers competitive profit rates, 48 hours approval, low monthly instalments, 20% cashback on profit rates, and also requires no guarantor or collateral.

• How does it work?

  First, what you have to do is check your eligibility for the Hong Leong Personal Financing-i.

  Here are the eligibility criteria;

  • Malaysian citizens only
  • Aged between 21 and 60 years of age
  • Minimum income of RM24,000 per annum

  Next, Hong Leong Islamic Bank will carry out multiple sales and purchase transactions for a commodity with a price equivalent to your financing amount and thereafter sell the commodity with a profit to you on deferred payment. Then, you will appoint HLISB as your agent to sell the commodity to a third party to obtain cash for you.

  Finally, you will get your cash and all you have to do is pay your monthly instalment to Hong Leong as agreed.

• Is this personal financing for Muslim customers only?

  No, it is open for all Malaysian citizens who meet the eligibility criteria.

• What is the maximum financing amount?

  You can borrow between RM5,000 to RM150,000.

• How do I qualify?

  Income: Minimum gross income of RM2,000. Gross salary means salary before monthly deductions such as income tax and Employees Provident Fund (EPF) contribution. Only fixed income earners are eligible.

• What are the eligibility requirements?

  • Malaysian citizen
  • Age: 21 – 60 years old
  • Minimum gross income of RM2,000
  • The minimum loan requirement is RM5,000 with a maximum of RM150,000

• What are the required documents?

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

  • Front & back copy of NRIC
  • 3 months (most current) salary slip
  • BE Form with tax payment receipt attached (most current)
  • EPF statement with at least 6 months contribution (most current)
  • 3 months (most current) bank statements OR saving passbook
  • Letter of employment

  If Self-employed

  • Front & back copy of NRIC
  • BE Form with tax payment receipt attached (most current)
  • 6months (most current) commission statements
  • 6 months (most current) bank statements OR saving passbook

  If Private Limited Company

  • 3 years (most current) audited account statement
  • 6 months (most current) bank statements
  • B Form of the directors (most current) supported by tax payment receipts

• What is the interest rate?

  Ranges from 3.88% to 7% depending on your financing amount, tenure, as well as your individual risk rating.

  Check your iMoney CreditScore for free to find out how your credit health is.

• What are the fees and charges?

  One-time set-up fee: A stamp duty fee of 0.5% of the financing amount

  Wakalah fee: RM15 (includes 6% SST)

  Late payment charge: 1% per year on the outstanding payment

  For example, the fee is calculated as follow:
  Late payment charge = Outstanding monthly instalment X 1% X number of days outstanding

  * The charges will not be compounded

  Note: There are no upfront charges or additional fees when you apply through iMoney. We will also not request any deposit payment from you.

• How much do I have to pay monthly?

  Monthly repayment for this personal financing will be RM105. However, your instalment depends on your financing amount and tenure.

  Use our personal loan calculator above to estimate your monthly repayment.

• Can I pay my Hong Leong personal financing off early?

  Yes you can, and you will be eligible for a rebate at the bank's discretion.

• What happens if you make late payments for a Hong Leong personal financing?

  You will be charged with late repayment fees, starting at 1% per annum.

• Can I apply if I'm under AKPK Debt Management Programme?

  Yes you can.

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

  Unfortunately, no. Hong Leong 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 any personal financing or loan. We also highly recommend 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 you are looking for other personal loans, you may also consider

  RHB Personal Financing

  This loan has a low minimum income requirement of only RM2,000. It also comes with a fixed interest rate that starts from 8.18% p.a. and a maximum loan tenure of 7 years.