Hong Leong Personal Loan

Overview

Hong Leong Personal Loan is an unsecured personal available to citizens of Malaysia who are employed as a Government servant, employee of a private sector organization, or self-employed. If you are looking for a personal loan in a hurry then you are lucky because Hong Leong Personal Loan takes up 2 business days for the approval duration. The application process is fast and hassle free because there is no guarantor or collateral needed in order to apply for the personal loan. The minimum loan amount required in order to be able to enjoy the benefits of Hong Leong Personal Loan is RM5,000 and up to RM100,000. You are also entitled to enjoy this fantastic personal loan minimum tenure of 2 years up to 7 years.

For this conventional personal loan, you will have a fixed interest rate of 12.00% per annum. In addition, in order to save up, there will be no processing fee, no disbursement fee and no early settlement penalty charges but take note that you will be charged with a 0.5% stamp duty from the loan amount and also will be charged with 1% on outstanding loan amount for any late payments. To be eligible to apply for this loan, your minimum monthly gross income should be at least RM2,000 and you must be at least 21 years old. You will also need a good credit record (CTOS/CCRIS) that means all of your overdue payments for all commitments should be settled off.

Hong Leong Bank Personal Loan FAQ

What is the maximum amount you can borrow?

Borrowable amount of up to five times your fixed monthly gross salary or up to RM100,000 for a maximum loan tenure of 7 years.

The catch?

Applicant must be between the age of 21 to 60 to qualify.

Applicant must be a Malaysian citizen employed as a Government servant, employee of a private sector organization, or self-employed with a minimum gross salary of RM2,000 per month.

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

One time set-up fee:

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

Recurring payments:

Monthly repayment comprising principal amount and interest charge via standing instruction deduction. Interest charge is fixed at 12.00% per annum (1% per month) throughout the entire loan tenure.

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 Hong Leong Bank with:

• 3 months advance notice in writing, OR
• Payment equivalent to 3 month’s interest 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 contact you within the same business day to confirm your application.

Thereafter, Hong Leong Bank 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 loan application:

Applicant with full-time employment:

• Copy of any of the documents below (choose one):
• 3 months (most current) salary slips, and 3 months (most current) EPF OR personal bank statements
• EPF statement dated within last 2 months
• EA form dated within last 12 months, and 3 months (most current) EPF OR personal bank statements
• B/BE form (most current)
• 3 months (most current) personal bank statements

Self-employed applicant:

• Business Registration Certificate OR operating license
• Any of the documents below (choose one):
• 6 months (most current) company bank statement
• B/BE form (most current)
• EPF statement (most current)

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.

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

Alliance Islamic Bank CashVantage Personal Financing-i

Alliance Islamic Bank CashVantage Personal Financing-i has a flat interest rate starting from 10.38% p.a. The maximum tenure for this personal loan is 7 years. It also comes with a minimum income requirement of RM2,000

UOB Personal Loan

With UOB Personal Loan, the personal loan comes with a floating interest rate starting from 11.99% p.a. This personal loan has a maximum tenure of 7 years. It also comes with a minimum income requirement of RM2,000.

Standard Chartered CashOne

The personal loan rate for Standard Chartered CashOne starts from 10.5% p.a. It has a maximum tenure of 7 years. The personal loan also comes with a minimum income requirement of RM3,000.