Hong Leong Personal Loan

Hong Leong Personal Loan is a 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 RM 5,000 to RM 150,000. It also has a relatively low instalment, decent financing, and fast approval process.

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

Income requirements: Minimum RM 2,000/month

Pros:

• Early settlement is possible with 3 months written notice
• Maximum financing amount of RM 150,000
• Fast approval (2 days)
• Wide age range eligibility (21 – 60 years old)
• 20% Cashback on interest rate

• How to apply for a Hong Leong Personal Loan?

  You can apply for the Hong Leong Personal Loan right here.

• What is the maximum financing amount?

  You can borrow between RM 5,000 and RM 150,000.

• What is the maximum financing tenure?

  5 years.

• 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
  • Minimum loan requirement is RM5,000 with maximum of RM150,000

• How long is the approval process?

  Hong Leong Bank will approve an application within 48 hours (2 days), provided that full documentation and information are submitted.

  To speed up the process, you can apply through iMoney where our Call Centre Consultants will walk you through the eligibility checker, application form, and advise you on the required document submission.

  After we submit your documents and information, Hong Leong Bank can approve and disburse to you within 2 days.

• 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 slips, OR
  • EPF statement with at least 6 months contribution (most current), OR
  • 3 months (most current) bank statements OR saving passbook
  • BE Form with tax payment receipt attached (most current)

  If you are self-employed

  • Front & back copy of NRIC
  • Business Registration Certificate OR operating license
  • B Form OR BE Form with tax payment receipt attached (most current)
  • 6 months (most current) bank statements OR saving passbook

• What is the interest rate?

  Flat rate interest rate ranges from 9.00% to 12.50% per year 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 financing amount

  Early Settlement 1% per year on the arrears of outstanding for each facility (daily rest basis)

  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 does the Hong Leong Personal Loan calculator work?

  The Hong Leong Personal Loan Calculator can help you calculate your monthly repayment commitment by entering your loan amount and your financing tenure.

• How much do I have to pay monthly?

  Monthly repayment for this personal financing will be RM130. However, your instalment depends on your financing amount and tenure.

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

• Can I do an early settlement with the Hong Leong Personal Loan?

  Yes you can, but you need to provide a three month prior written notice to the bank.

• What happens when your payment is late?

  You will be charged with late repayment charges starting from one per cent (1%) per annum and will be levied on any amount in arrears.

• How can I check my Hong Leong Personal Loan application status?

  You can check your application status by contacting the Hong Leong customer support right here.

• Do you have the Hong Leong Personal Loan payment schedule?

  You can check the payment schedule right here.

• Can I use Hong Leong personal loan for debt consolidation

  Yes, Hong Leong Personal Loan is open for loan consolidation.

• Can foreigners apply for a Hong Leong Personal Loan?

  Unfortunately, Hong Leong Personal Loan is only open for Malaysian citizens only.

• 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.

  UOB Personal Loan

  This personal loan comes with a floating interest rate starting from 11.99% per year and has a maximum tenure of 7 years. It also comes with a minimum income requirement of RM2,000 per month.