AmBank Islamic Personal Financing-i

Ambank Islamic Personal Financing-i is a personal loan for Malaysian citizens that are looking for a financing amount of up to RM 200,000. It also has a relatively low installment (as low as 4.08%) and decent financing with a low gross income requirement of RM1,500 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 200,000
• Low income requirement (RM1,500/month)
• Wide age range eligibility (18 – 60 years old)
• Debt consolidation available
• No guarantor required
• Rebate on early settlement

• How to apply for AmBank Islamic Personal Financing-i?

  You can apply for the AmBank Islamic Personal Financing-i right here.

• What is the maximum financing amount?

  You can borrow up to RM 200,000.

• What is the maximum financing tenure?

  10 years.

• What are the requirements when applying for an AmBank Islamic Personal Financing-i?

  AmBank Islamic Personal Financing-i is open for;

  • Malaysian citizens between 18-60 years old
  • Working for at least three (3) months
  • Income less than RM1500

• How long is the approval process?

  Ambank Islamic will approve an application within 3 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 3 days.

• 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)

• How does the AmBank Islamic Personal Financing-i calculator work?

  You can calculate your monthly repayments using the AmBank Islamic Personal Financing-i calculator right here. All you have to do is key in the financing amount and the tenure duration you'd like.

• How much do I have to pay monthly?

  The amount you have to pay depends on the financing amount you applied for and the tenure period of the financing amount.

• 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.

• How do I make my repayment?

  For civil servant and staff of selected statutory bodies or GLCs, you can pay through the Biro Perkhidmatan Angkasa (BPA): Salary deduction, while for other employees, you can pay via Auto Debit / Standing Instruction via AmBank Islamic Current / Savings account-i, Autopay via AmBank@Work or payroll solution or ​​​Via HR Direct Salary Deduction

• Can I do early settlement with the AmBank Islamic Personal Financing-i?

  Early settlement in full is allowed at any point of time before its maturity. A rebate (Ibra’) may be given at the financial institution's discretion.

• Where can I download the Ambank Islamic Personal Financing-i application form?

  There's no downloadable application form, but you can apply for the AmBank Islamic Personal Financing online right here.

• Is it required to have Takaful contribution coverage?

  Yes, Takaful contribution is required for this financing solution. The amount is determined by your age, financing amount, and the tenure period.

• Do you have the Ambank Islamic Personal Financing-i repayment table?

  You can find the AmBank Islamic Personal Financing table right here.

• 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.