Low profit rate!What is AEON Bank Personal Financing-i?
This is a brand-new personal financing offering from AEON Bank, the first Islamic digital bank in Malaysia, designed to assist people with various financial needs, whether you’re funding home improvements, education, medical bills, travel, or those big-ticket purchases you've been eyeing.
It's a Shariah-compliant financing adhering to the Shariah Contract of Murabahah via Tawarruq arrangement, which typically involves the purchase and sale of Shariah-compliant commodities. If you’re looking for ethical and responsible financial solutions, this financing is a great option!
How much financing am I actually eligible for, and for how long?
AEON Bank Personal Financing-i offers financing from RM1,000 up to RM50,000, with the final amount determined by your credit limit and AEON Bank's credit evaluation. You can select a payment period from 3 to 48 months, depending on your personal financial needs.
What about the profit rates?
With AEON Bank Personal Financing-i, you will be able to enjoy a flat profit rate of 6.88% per annum.
Are there any additional fees I should be aware of?
Yes, there are a couple of fees, namely a Wakalah Fee and a Late Payment Fee, as outlined below.
- Wakalah Fee: RM1 will be charged from the approved financing amount at the time of disbursement.
- Late Penalty Fee: 1% per annum on the overdue amount. This is calculated from the overdue date until full payment is made.
Can I settle my financing early in full?
Of course, you can do so through the AEON Bank app, and you'll receive a rebate from the Bank. Check out the Product Disclosure Sheet if you need more details.
Am I required to opt for a Takaful coverage for this financing?
No, you don’t, as AEON Bank Personal Financing-i does not offer Takaful coverage.
Who can apply for this AEON Bank Personal Financing-i?
This financing is open to all Malaysian citizens aged 18 to 55 years, who have a monthly gross income of RM2,500 or above. Gig workers and commission earners are also welcome to apply!
What documents should I prepare?
According to AEON Bank, you will need to upload the following documents in PDF format via the AEON Bank app to make an application:
- For salaried employees: Latest 6 months EPF Detailed Statement
- For self-employed, gig workers and commission-based earners: Latest 6 months' bank statements
We’d like to highlight that you must download the EPF Statement in PDF format via the EPF/ KWSP i-Akaun website or app.
I’m interested! How can I apply for the AEON Bank Personal Financing-i?
It’s simple! Go ahead and click the Apply Now button above, and you will be directed to the landing page. After that, follow the instructions below to apply for this financing.
- First things first, download the AEON Bank app (you can find it in the Apple App Store or Google Play Store).
- Once you're in the app, start the registration for AEON Bank Savings Account-i
- Once the Savings Account-i is activated, look for "Financing" and tap on “Let’s get started”.
- Fill in your personal details, the amount you want to apply for, and your preferred payment period.
- Time to upload those required documents!
- Review everything carefully to make sure it's all correct, then tap “Submit application” when you're ready.
- Now, the waiting game! You'll get a push notification on your phone once your application is approved. Once you get it, make sure to tap “Accept” within 7 days to seal the deal.
- And just like that, the approved money will be disbursed directly into your AEON Bank Savings Account-i immediately!
How do I know if my financing is approved, and what is the disbursement process like?
You'll first need to download the AEON Bank app to apply for Personal Financing-i. AEON Bank will then notify you if your application is approved via a push notification in the app, so make sure you enable it on your phone. Once you receive the notification, you must tap “Accept” within 7 days, and the funds will be disbursed to your AEON Bank Savings Account-i within minutes.
When is my instalment due, and how do I pay for it monthly?
Your first instalment due should be a month after the financing disbursement. For instance, if the funds are credited to you on 10th April 2025, then your first instalment is due 10th May 2025, and so on.
For timely financing payment, funds are automatically debited from your AEON Bank Savings Account-i. Therefore, you must ensure that your account balance is sufficient by the due date to avoid delays. If the auto-debit fails, you can transfer funds from other banks to your AEON Bank Savings Account-i and manually settle the payment using the Bank’s app.
