A quiet retirement life isn’t for everyone, and the need for extra money may be at the back of your mind. Which is why Alliance Bank Pension Financing-i is an ideal plan if you’re a former government servant on pension in need of extra cash – whether to pay off an existing debt, start your own business or help pay for a grandchild’s education!
Who can apply for Alliance Bank Pension Financing-i?
Alliance Bank Pension Financing-i can fit into any pensioner’s money needs with its flexible borrowing period and low monthly instalments. Retired armed forces personnel under Scheme A pension can also apply.
How much cash can I borrow?
Borrow a minimum amount of RM3,000 or up to RM100,000 with Alliance Bank Pension Financing-i. Then choose between a tenure of 3 – 10 years to repay what you owe.
What are my monthly repayments?
Once your financing has been approved by Alliance Islamic Bank, you’ll be given a repayment schedule based on the amount you borrowed and chosen repayment tenure.
Starting with monthly instalments as low as RM38 each month when you borrow RM3,000, and up to a max of RM100,000.
What do I need to apply for Alliance Bank Pension Financing-i?
This Islamic financing plan for pensioners is an unsecured personal loan, which means you do not need to provide security or a guarantor. Just apply online, fill out the application form and provide your supporting documents to the bank.
Are there any fees I should be aware of?
To get your financing approved you’ll need to pay 0.55% for Stamp Duty charges and handling fees (0.5% and 0.05% respectively) on the total amount that you’re borrowing.
Can I settle what I owe early?
There’s no lock in period, so you always repay in full ahead of schedule to get some rebates (ibra) back. The savings that you get will be calculated for you by Alliance Islamic Bank based on the amount due and payable to the bank.
Is this personal loan Shariah compliant?
This Islamic financing plan meets all Shariah requirements set by Bank Negara Malaysia through the principles of commodity Murabaha, so you can trust that all investments are used for trade in accordance to the principals of your faith.