Who is eligible for a Hong Leong Islamic Personal Financing-i?
This personal financing is open to all Malaysians aged over 21 years who earn more than RM24,000 a year.
How much money can I borrow from Hong Leong Islamic Personal Financing-i?
You can be granted from RM5,000 to RM150,000, generally, up to five (5) times your monthly income. The repayment terms are up to five (5) years for individuals who earn at least RM2,000 per month.
How much does Hong Leong Islamic Personal Financing-i cost?
You will need to pay a Wakalah (Agency) fee of RM15 and Government Stamp Duty, which is calculated at 0.5% of the total financed amount. If you sign up right now, you get a 20% discount on the Stamp Duty fee.
You also have to pay for legal fees as well, and sign up for a Group Credit Term Takaful Plan with Hong Leong MSIG, or Hong Leong Islamic Bank’s approved Takaful providers.
What do I need to apply for this personal financing?
Hong Leong Islamic Personal Financing-i is an unsecured financing so you do not have to provide any asset or collateral as security payment or find a guarantor.
For the application, you need to submit some supporting documents:
If you are a salary earner
- Copy of your MyKad (front and back)
- Latest 3 months salary slips
- Latest Form BE with tax receipts
- Latest EPF statements with at lease 6 months contributions
- Latest 3 months bank statement / saving passbook
- Letter of employment
If you are self-employed
- Latest 6 months bank statements or savings passbook
- Latest Form B with tax receipts
- Latest 6 months commission statements
- For Private Limited Companies
- Latest 3 years audited account
- Latest 6 months bank statements
- Latest Form B of the directors supported with tax payment receipt
How do I get my hands on the money?
Hong Leong Islamic Bank may take a few working days to process your application. As soon as your personal financing is approved, the money that you are granted will be transferred into the bank account you have assigned (after Hong Leong has deducted all the fees and charges).
How do I pay the personal financing installment back?
You have to start repaying your financing installment on the date stated in the Bank’s payment schedule, which is one month following the date you received the money. To avoid a late penalty of up of 1% on the overdue amount, you can sign up for a Standing Instruction to automatically deduct your repayment from your salary account.
This costs you RM10 one time for Stamp Duty and is the ultimate hassle free way to repay your financed amount and avoid late payment penalties.
Can I pay this personal financing off early?
Yes you can. You may at any time settle your financing earlier in full by giving the bank three months prior written notice. There will be no penalty fee for early repayment. The bank will grant you an Ibra (rebate) after the three months notice period.
Is this personal financing Syariah compliant?
Yes, Hong Leong Islamic Personal Financing-i fully complies with Syariah requirements following the concept of Commodity Murabahah /Tawarruq.