AmBank Islamic AmMoneyLine Facility-i

AmMoneyLine Financing-i is a personal loan for Malaysian citizens that are looking for a financing amount of up to RM 150,000 or 5 times their salary. It also has a yearly instalment as low as 8% and decent financing with a low gross income requirement of RM2,000 per month.

Best for: Personal use including your kid’s education fund

Income requirements: Minimum RM 1,500/month.

Pros:

• Maximum financing amount of RM 150,000
• Low income requirement (RM2,000/month)
• Wide age range eligibility (21 – 60 years old)
• No guarantor required
• Rebate on early settlement (1 month notice)

• Why should I apply for Ambank Islamic Personal Financing-i?

  The Ambank Islamic Personal Financing-i is a good Islamic financing option, due to the low profit rate offered and the high financing amount offered.

• What is the Shariah concept used for AmMoneyLine Facility-i Personal Financing?

  The Shariah concepts applicable for this financing solution are Tawarruq, Wa’d, Murabahah and Wakalah.

• What is the maximum financing amount?

  You can borrow up to RM 150,000.

• What is the maximum financing tenure?

  5 years.

• Am I eligible for Ambank Islamic Personal Financing-i?

  The Ambank Islamic Personal Financing-i is eligible for anyone aged between 21-60 years old and making at least RM2000 monthly income.

• What are the eligibility requirements?

  • Malaysian citizen or Malaysian PR Status
  • Age: 21 – 60 years old
  • Minimum gross income of RM1,500
  • Maximum loan of RM 150,000
  • Takaful coverage encouraged

• What are the required documents?

  Once you have completed your application with iMoney, you are required to provide the following documents for your application:

  • Front & back copy of NRIC
  • Copy of current or previous’ month’s salary slips, OR
  • Copy of bank statements showing salary credited, OR
  • EPF statement, OR
  • Latest EA Statement, OR
  • Latest Tax Returns and Tax receipts, OR
  • BE Form, OR
  • Letter of Employment (if employed less than 3 months)

• What is Ambank Islamic Personal Financing-i profit rate?

  The Ambank Islamic Personal Financing-i offers a profit rate between 8.00% to 11.99% depending on how long your financing tenure is.

• How long is the approval process?

  Ambank Islamic will approve an application within 2 days, provided that full documentation and information are submitted.

  To speed up the process, you can apply through iMoney where our Call Centre Consultants will walk you through the eligibility checker, application form, and advise you on the required document submission.

  After we submit your documents and information, Ambank Islamic can approve and disburse to you within 2 days.

• What are the fees and charges?

  Stamp duty: 0.5% of total financing as contained in the Stamp Duty Act 1949

  Late payment charge: 1% per year on the outstanding payment

  For example, the fee is calculated as follow:
  Late payment charge = Outstanding monthly instalment X 1% X number of days outstanding/365 days

  * The charges will not be compounded

  Note: There are no upfront charges or additional fees when you apply through iMoney. We will also not request any deposit payment from you.

• What is my monthly commitment?

  Your monthly commitment depends on your financing amount, and the length of tenure as per agreed with the bank.

• When will the first instalment commence?

  Your first instalment will commence according to the due date of the financing facility as per agreed with the bank.

• Can I have an early settlement for my financing?

  Yes you can, but you have to notify the bank at least one month in advance in writing to help facilitate the early settlement process.

• Will I receive Ibra’ when I settle my AmMoneyLine Facility-i Personal Loan early?

  Yes you will, according to the terms set by the bank during the agreement of the financing facility.

• What happens if I do not pay my AmMoneyLine Personal Financing on time?

  You will be charged with late repayment charges according to the agreement you signed with the bank.

• Do I need a guarantor or collateral for AmMoneyLine Personal Financing?

  This financing solution does not require a collateral or a guarantor.

• Do I need a Takaful coverage?

  No, you do not. However, the bank may provide quotations to you for takaful coverage offered by its own panel of insurance operators as an option.

• Can I apply if I have a bad CCRIS/CTOS/credit score?

  Unfortunately, no. Ambank Islamic will check your credit history as part of their approval process. You are required to settle all overdue payments before applying and keep a healthy credit record before you apply for any personal financing or loan. We also highly recommend that you continue repaying your loans on time for another three months before reapplying.

  Check your iMoney CreditScore for free to find out how your credit health is.

• If you are looking for other personal loans, you may also consider

  Bank Rakyat Personal Financing-i (Private Sector)

  Bank Rakyat Personal Financing-i Private Sector is a guarantor-free personal loan that offers a financing amount of up to RM 150,000. It also has a relatively low instalment and decent financing with a relatively low gross income requirement of RM2,000 per month.

  Bank Rakyat Personal Financing-i (Public Sector)

  Bank Rakyat Personal Financing-i Public Sector is a personal loan for Malaysian citizens that are in the public sector, GLC companies and GLC subsidiaries. This personal loan offers a financing amount of up to RM 200,000. It also has a relatively low instalment and decent financing with a relatively low gross income requirement of RM1,000 per month.