Why should I apply for Hong Leong Personal Financing-i?
There are several contributing factors you might want to consider with Hong Leong Personal Financing-i, such as:
- Higher financing limits up to RM250,000;
- Flexible repayment tenure up to 5 years;
- Ibra (rebate) on early settlement; and
- No guarantor and collateral required.
That's not all, Hong Leong Bank is also offering a 20% cashback on interests paid on your loan, subject to terms and conditions. To qualify for this cashback offer, you must pay every installment of your personal loan on or before the due date.
How much money can I borrow?
For a limited time till 6 July 2019, you can apply any amount between RM5,000 and RM150,000 over period of two (2) to five (5) years at a flat profit rate of 6.00% p.a.
Hong Leong Bank does not charge a processing fee for this Personal Financing-i. Plus, you are also waived from paying the Government Stamp Duty for this Islamic facility.
How fast can I get my money?
Hong Leong Bank ensures a fast turnaround time for this personal financing. You could get your personal financing application approved within 48 hours, once you have submitted the application form and all relevant documents.
You can access to your money via a bank account maintained with Hong Leong Islamic Bank or other banks of your choice. However for the latter, it will be subjected to IBG transfer time and charges.
Do I need a Takaful coverage?
Takaful coverage for your personal financing is optional, however, highly encouraged as it will help cover for the outstanding financing balance in the event of death and total permanent disability.
If you want to opt in, you can sign up for Group Credit Term Takaful Plan with Hong Leong MSIG Takaful or the Islamic bank's approved Takaful panels. A one time premium charged will deducted from the total financing amount.
How do I make my monthly instalment payments?
Your personal financing repayments begin on the first day of the month following the date you have received the money and shall continue every month until the total amount of the financing is fully repaid.
There are many channels you can choose to make your personal financing instalment payment, such as:
- Standing Instructions from your Current Account or Savings Account
- Internet banking via Hong Leong Connect or other banks
- Cash payment at MEPS or via Interbank Giro
- Over-the-counter at branches or via cash deposit machine
Can I pay my Hong Leong Personal Financing off early?
Absolutely. There is no penalty for early settlement. In fact, you will receive an ibra' (rebate) on the remaining unpaid profit charges.
What documents I need to prepare for this personal financing application?
In order to process your personal financing application, you will be asked to provide some supporting documents before making your way to the nearest branch:
- Copy of MyKad (front and back)
- Latest 3-month salary slip
- Latest BE form with tax payment receipt
- Latest EPF statement with latest 6-month contributions
- Latest 3-month bank statement / savings passbook
- Letter of Employment.
- Copy of MyKad (front and back)
- Latest 6-month commission statement
- Latest 6-month Company's bank statement/ savings passbook
- Latest B form with tax payment receipt.
Am I qualified to apply for Hong Leong Bank personal loan 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.
Hong Leong Bank 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.