Who is eligible for this personal loan?
AmBank Islamic's personal loan is only for permanent employees of Federal and State Government and selected Statutory Bodies who have been in service with the Government for at least three months. You must earn more than RM 1,500 a month.
Employees working in the government-linked companies and private sector too can avail themselves to this personal financing at a flat profit rate of 6.9% p.a. Find out whether your company is qualified for AmBank Personal Financing-i here.
How much money can I borrow?
Subject to the usual credit check and approval you can borrow any amount between RM5,000 and RM200,000. The repayment terms are between two (2) to ten (10) years.
How much does AmBank Islamic Personal Financing-i cost?
There are a few fees with this personal loan, AmBank Islamic charges 4% of the approved amount as processing fee and RM10 for each Letter of Approval. You'll need to pay Government Stamp Duty, which is calculated as 0.5% of the total amount you borrow.
And of course you'll also have take Takaful insurance cover for the period of your loan. The one time premium is calculated from the amount you borrow, the tenure of your loan and your age. At least you'll be well protected in case of accident or injury that prevents you from making payments.
As this personal loan requires Biro Perkidmatan Angkasa (BPA) payment you'll have to pay 2% of your loan repayment every month for the auto deduction fee.
What do I need to apply for this personal loan?
AmBank Islamic Personal Financing-i is an unsecured personal loan so you will not need to provide a down payment or signup a guarantor. In order to make an application you have to provide supporting documents:
- 3 copies of MyKad (front and back) and certified true copy by your Head of Department.
- Latest one month’s salary slip
- 2 copies certified true copy by Head of Department for each pay slip or 3 copies for e-pay slip
- 1 copy of your Saving Account Passbook or Current Account statement where you want your loan to banked-in (front page with name and account number).
How do I get my hands on the money?
AmBank Islamic will take a few working days to process your application. As soon as your loan is approved, the money you are borrowing will be transferred into your Ambank account.
How do I pay the money back?
You can start repaying your loan repayment after the third month of borrowing. You need to sign up with Biro Perkhidmatan Angkasa, so loan payments will be automatically deducted from your salary until the total amount is repaid.
Can I pay my personal loan off early?
Definitely. If you have enough funds to pay off your loan before its term has ended you can go right ahead and inform the bank one month prior notice in writing. There are no penalty fees for early repayment and you should receive an Ibra’ (rebate) on the Interest charged for the total loan.
Is this personal loan Syariah compliant?
Yes, AmBank Islamic Personal Financing-i is fully complies with Syariah requirements following the concepts of Bai Inah.