HSBC Amanah Personal Financing-i is a Shariah compliant personal financing plan based on the concept of Commodity Murabahah. Your financing amount can be used for just about everything - pay for your child's college fees, family holiday, home renovation or hospital bills.
What is so unique about HSBC Amanah personal financing?
The best thing about this personal financing from HSBC Amanah is that you can get your personal financing approved instantly through its hassle-free application; no sticky charges such as processing fee and Stamp Duty fee will be imposed on your total cash amount.
As this is an unsecured personal financing, you don't need to standby a collateral to back up for the application - you are your own paymaster and guarantor!
How much money can I borrow from this personal financing?
HSBC Amanah offers a higher financing limit of RM150,000 for existing customers, whereas for new-to-bank customers, you can borrow up to RM120,000. The minimum amount of borrowing you can apply is RM6,000 (in multiples of RM500) with the repayment terms extended up to 7 years.
How fast can I get my money?
Once you have furnished HSBC Amanah with completed documents, your Personal Financing-i application can be approved in no time and your money will be transferred to your bank account within 3 working days.
What is my monthly payment and consequences should I fail to pay?
Once HSBC Amanah signed and sealed your documents, your personal financing payment schedule will be handed to you, indicating the monthly instalment amount need to be repaid in amortization over the period of borrowing.
You will be required to open a Savings Account or Current Account with HSBC Amanah, as the bank would prefer you to have a Standing Instruction to automatically deduct the monthly payment from the account.
If you chose to make minimum monthly payment, the Islamic bank will charge 1% compensation fee on the unpaid outstanding balance. Worst, HSBC Amanah has the rights to increase the profit rate should you delinquent on your monthly instalment!
Can I settle my HSBC Amanah Personal Financing-i early?
Yes, you can make early settlement on your personal financing at any point of time during the financing period with no penalty to be charged. But, you are required to submit a 1-month notice to HSBC Amanah.
Who can apply for this Islamic personal financing?
Anyone aged between 21 to 60 years, holding an NRIC or permanent resident of Malaysia status, with a valid proof of income can apply for this personal financing.
The monthly salary of RM3,000 will be applied to existing HSBC and HSBC Amanah account holders, while RM5,000 monthly salary applied to new-to-bank customers.
What documents do I need to prepare for HSBC Amanah personal financing application?
If you are a salaried employee, you will need the following documents:
If you are self-employed, you are required to prepare the following documents:
HSBC reserves the right to request for additional income document as deemed necessary.
Am I qualified to apply for HSBC Amanah 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 collect 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.
HSBC Amanah is more likely to approve your personal loan application if you can show that you are managing your personal finances, rather than accumulating more debt.