An Unbiased Review : Alliance Islamic Bank CashVantage Personal Financing-i

The Alliance Islamic Bank CashVantage Personal Financing-iis a personal financing facility provided by Alliance Islamic Bank. Seeing that it is a facility provided by Alliance Islamic Bank, it is a Shariah-compliant financing facility that is based upon the system of Murabahah via Tawarruq (also known as Commodity Murabahah).

Main features of Alliance Islamic Bank CashVantage Personal Financing-i

Base profit rate : Starts from 4.99% p.a
Minimum financing amount : RM5000
Maximum financing amount : RM300,000
Approval duration: 24 hours.
Minimum financing tenure : 1 year
Maximum financing tenure : 7 years

Other special features : Online application, no processing fees, no collateral required, no guarantor required, 24 hours disbursement.

Profit rate

Let’s start with the profit rate because ultimately, the make or break factor for a financing facility will always be the profit rate.

So the Alliance Islamic Bank CashVantage Personal Financing-i offers a fixed profit rate that starts from 4.99% p.a, which is to be honest very ‘middle-of-the-pack’ compared to their peers.

This means that it’s not the highest, but it’s also not the lowest profit rate available in the market.

For example, Al Rajhi Bank’s Personal Financing-i offers a profit rate of 5.37% p.a, while AmBank Islamic’s AmMoneyLine Facility-i offers a profit rate of 8.00% p.a, which are both very high compared to the CashVantage Personal Financing.

But, there are also other financing facilities that offer a much lower profit rate, such as Public Islamic Bank’s BAE Personal Financing-i at 3.99%, or BSN MyRinggit-i (Professional) at 2.91%.

Financing amount

The CashVantage Personal Financing-i offers a minimum financing amount of RM5000 and a maximum financing amount of RM300,000.

Now if we compare this to other personal financing facilities, the maximum financing amount is where CashVantage Personal Financing-i shines.

In fact, according to our research, only one other financing facility offers a higher maximum financing amount, which is the BSN MyRinggit-i.

So if you’re looking for a personal financing facility that can lend you bigger amounts of money, then CashVantage Personal Financing-i is worth looking at.

However, if you’re looking for a smaller amount, then you might be better off looking at other financing facilities. This financing facilities’ minimum financing amount is RM5000, so if you want any lower than that you’re out of luck.

Approval and disbursal duration

The CashVantage Personal Financing-i boasts an approval duration of only 24 hours, and a disbursal duration of 24 hours.

This means that if you apply for the financing facility today, you will know if your application is approved in 24 hours, and if you’re approved, you will get the money in another 24 hours.

Which means that within 48 hours of your application, you will find the money in your bank account already. This makes it perfect for anyone who needs money quickly.

Other features

So what about the other features? Well one of the best things about CashVantage Personal Financing-i is that the financing facility also allows you to apply exclusively online, without ever showing your face at any Alliance Bank branch.

This allows for an easier application process, as you can do it wherever you want.

CashVantage Personal Financing-i also allows you to apply without a guarantor or a collateral, which also increases its convenience factor.

What we like

Approval and disbursement duration : As mentioned earlier, CashVantage Personal Financing-i boasts of a combined 48 hours approval and disbursement duration. This makes it one of the quickest financing facilities available out there, and perfect for people in need of a quick money fix.

No guarantor or collateral needed : The ability to apply and get approved for financing without engaging a guarantor or giving up collateral should not be taken for granted. This makes it easier for you to apply for the needed financing facility.

No processing fees : When your application is approved, the only thing you have to pay for is the stamping fees, which is 0.5% of your loan amount.

Things to consider

Middling profit rate : As mentioned above, the profit rate boasted by CashVantage Personal Financing-i is somewhat in the middle. Sure, it’s not the highest, but it’s not the lowest either. Seeing that profit rate is usually the make or break factor when someone applies for financing, then this might not be the best option.

Financing amount : Yes, it’s good that the CashVantage Personal Financing-i offers a relatively high maximum financing amount, but the minimum financing amount can be a problem. If you’re looking for financing that is lower than RM5000, then you have to look elsewhere.

Conclusion

Boasting a very quick approval and disbursement duration, Alliance Bank’s CashVantage Personal Financing-i can be a very good option for people who need financing quickly.

However, there are still things you should consider before choosing this financing facility, because you might find that there are better options out there, especially when it comes to the profit rate.

So, you have to consider your needs and options carefully, before deciding on any financing facility.