Why should I get AmBank Islamic AmMoneyLine Facility-i personal financing?
Whether you want to elevate your lifestyle or in need of cash to cover the unexpected expenses, AmMoneyLine Facility-i is your credit lifeline to fill in the necessary gap. This unsecured personal financing charges zero processing fee upon approval and no penalty for early settlement.
Interestingly, you can get a 5% rebate if you consistently make prompt payment on your monthly instalment every year; that means you could be saving up to 25% for a 5 year-worth of borrowing!
How much money can I borrow?
You can borrow from RM2,000 to a maximum of RM100,000 with AmMoneyLine Facility-i personal financing, subject to credit check and AmBank Islamic's approval. The repayment terms is flexible between 1 to 5 years.
The total cost of obtaining this personal financing includes a statutory Stamp Duty charges, which is calculated as 0.50% of the total amount you borrow.
What is the profit rate for AmBank Islamic personal financing?
The interest rate chargeable on AmMoneyLine Facility-i personal financing is based on a flat rate and tiered according to your type of employment and borrowing amount.
For salaried employees, you will be charged between 8% to 9.99% p.a.; whereas self-employed and commission earners, the personal loan interest rate will be as follows:
| Type of Employment | Loan Amount | Interest Rate |
| Self Employed and Commission Earners | RM2,000 - RM100,000 | 11.99% (flat) |
Your monthly instalment amount, whether fixed or variable income, is fixed throughout the tenure.
Do I need a Takaful cover?
The insurance policy, known as Reducing Term Takaful (RTT), to cover the personal loan unpaid outstanding balance is optional.
How do I pay AmBank Islamic personal financing monthly instalment?
Once you have received the money, your personal financing repayment will begin from the start of the following month. You must commit to service your monthly instalment payment every month until the total outstanding balance of the loan is fully repaid.
Payment can be made by cheque or cash as AmBank Islamic does not demand standing instructions or salary deductions. Should you fail to make your payment on time, AmBank Islamic will charge you a 1% late payment fee, which will be compounded if left unchecked!
You can pay your personal financing off before the end of tenure anytime, but AmBank Islamic requires you give a 1-month notice, in writing, before you make your final payment.
What documents I need to apply for AmMoneyLine Facility-i personal financing?
As this is an unsecured personal financing, you don't need to standby a guarantor or collateral. Together with the application form, you will be asked to provide following supporting documents:
Salaried Employee:
- Copy of MyKad (front and back)
- Latest 3-month salary slips OR
- Latest 3-month EPF statement OR
- Latest BE Form with tax payment receipt OR
- Latest EA Form
- Latest 6-months bank statement
Self-Employed:
- Copy of MyKad (front and back)
- Business Registration Certificate (must be at least two years old)
- Latest 6-month personal or Company's bank statement
- Latest B Form from the Inland Revenue Board ( LHDN)
- Latest EPF statement
Commission earner:
- Copy of MyKad (front and back)
- Latest 6-month salary slip (for salary employee with commission)
- Latest 3-month salary slip (for salary employee with variable income)
- Latest 6-month commission statement
- Latest EPF statement
- Latest 6-month bank statement where commission (and salary, if any) is credited
- Latest B / BE Form with tax payment receipt
- Latest EA Form
Am I qualified to apply for AmBank Islamic personal financing if I'm blacklisted?
Depending on your credit history with other financial institutions because all these information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS / CTOS (a system that collects credit information on borrowers, not blacklisting them).
Assuming you have poor credit standing due to irregular payments, the best course of action would be to break the habit and start making your payments on time to avoid future hurdles.
AmBank Islamic is more likely to approve your personal financing application if you can show that you are managing your personal finances, rather than accumulating more debt.