Who is eligible for AmBank Islamic’s AmMoneyLine Facility-i?
Only Government employees are eligible to apply for this product.
How much money can I borrow?
You can borrow between RM5,000 and RM100,000 with an AmMoneyLine Facility-i. Terms for repayment can run up to eight years. The loan interest rate offered will be subject to your application credit check.
How much does an AmBank Islamic AmMoneyLine Facility-i Personal Loan cost?
There are no processing fees or hidden charges with an AmMoneyLine Facility-i. You will need to pay Government Stamp Duty, which is calculated at 0.5% of the total amount you borrow.
What do I need to apply for AmMoneyLine Facility-i?
As this is an unsecured personal loan you will not need to provide a guarantor or down payment. To make an application you will be asked to provide supporting documents:
- Copy of MyKad (front and back)
- Last three month’s payment slip or EPF statements.
- Last three month’s bank savings account passbook or current/savings account statement.
- Letter of designation from Head of Department.
How do I get my hands on the money?
AmMoneyLine Facility-i applications are usually processed within 48 hours. When your application is approved the borrowed money will be transferred to the account of your choice within a day.
How do I pay the money back?
Loan repayments start the first day of the month after you’ve received the money you are borrowing. Payments need to be made every month until the total amount of the loan is repaid.
You can make your loan payments by cheque or cash, AmBank Islamic does not demand standing instructions or salary deductions though you can set those up if you want to. If you make your payments on time each month you will be entitled to a 5% rebate on the interest charged every 13th month.
AmMoneyLine Facility-i is a flat rate personal loan, but if you do not make your payments on time AmBank Islamic will have the right to charge Ta’widh (compensation) with a 1% late payment fee.
Can I pay my AmMoneyline Facility-i loan off early?
You can end your loan by paying the total amount owing whenever you want but you will need to give one months notice, in writing, before you make your final payment. There are no penalty fees for early repayment.
Is the AmBank Islamic AmMoneyLine Facility-i Syariah compliant?
Yes, the facility is based on the Syariah concept of Bai’Inah, a contract of sale and purchase whereby AmBank Islamic sells an asset to the borrower on a deferred payment basis.
How do I clear my name if I have a weak credit report?
It is unlikely that the bank will approve your loan if you have a bad credit rating on Bank Negara’s CCRIS. If you’d like to take steps towards improving your credit history, you should start by making regular payments and repaying all your debts.
If you’d like some help, you can also get in touch with AKPK. With the assistance of your bank, their counsellors can develop a personalised debt repayment plan to help you manage your finances.