High financing!Why should I apply for Hong Leong Islamic Personal Financing-i?
There are several contributing factors you might want to consider with Hong Leong Islamic 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
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 or 2 days, 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, the latter will be subjected to IBG transfer time and charges.
Do I need Takaful coverage?
Takaful coverage for your personal financing is optional, however, highly encouraged as it will help cover 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 charge will be 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 loan 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 do I need to prepare for this Islamic personal loan 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:
Salaried Employee with Fixed Income (MNC):
- Copy of IC (front and back)
- Latest 1-month salary slip; OR
- Latest 3-months bank statement of your salary crediting account; OR
- Latest 3-months EPF statement; OR
- Latest EA Form / IR Form (for Malaysians working in Singapore); OR
- Latest 2-year Form BE with matching payment receipt / Latest 2-year NOA (for Malaysians working in Singapore)
Salaried Employee with Fixed Income (Non-MNC):
- Copy of IC (front and back)
- Latest 3-months salary slip; AND
- Latest 3-months bank statement of your salary crediting account; OR
- Latest 3-months EPF statement; OR
- Latest 2-year Form BE with matching payment receipt / Latest 2-year NOA (for Malaysians working in Singapore)
Salaried Employee with Variable Income (MNC):
- Copy of IC (front and back)
- Latest 6-months salary slip; OR
- Latest 6-months commission slips; OR
- Latest 6-months EPF statement; OR
- Latest 2-year Form BE with matching payment receipt / Latest 2-year NOA (for Malaysians working in Singapore)
Salaried Employee with Variable Income (Non-MNC):
- Copy of IC (front and back)
- Latest 6-months salary slip; PLUS
- Latest 6-months bank statement of your salary crediting account; OR
- Latest 6-months commission slips; PLUS
- Latest 6-months bank statement of your salary crediting account; OR
- Latest 6-months EPF statement; OR
- Latest 2-year Form BE with matching payment receipt / Latest 2-year NOA (for Malaysians working in Singapore)
Self-Employed (Sole-Prop / Partnership / Private Limited / Public Listed):
- Copy of IC (front and back)
- Business registration certificate (proof of minimum 2 years of operating); OR
- Professional/Practicing certificate & proof of business operating minimum 2 years; OR
- Latest 2-year Business License (for Sabah & Sarawak); AND
- Latest 6-months company bank statements; OR
- Latest 1-year Form B with payment receipt / latest 2-year Form BE with matching payment receipt; OR
- Latest 6-months EPF contribution (only for Sdn Bhd companies)
- Optional rental income document (with valid Tenancy Agreement with latest 3-months bank statement crediting proof and latest 1-month Utility Bill)
Am I qualified to apply for Hong Leong Personal Financing-i if I'm blacklisted?
Depending on your credit history with other financial institutions because all this information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS / CTOS (a system that collects credit information on borrowers, not blacklisting them).
Assuming you have poor credit standing due to irregular payments, the best course 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 Hong Leong Personal Financing-i application if you can show that you are managing your personal finances, rather than accumulating more debt.
