HSBC Amanah Personal Financing-i

HSBC Amanah Personal Financing-i is a personal loan for Malaysian citizens or Malaysian PR holders that are looking for a financing amount of up to RM 250,000. It also has a relatively low monthly payment as low as RM109 and decent financing with a medium gross income requirement of RM3,000 per month.

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

Income requirements: Minimum RM 3,000/month.

Pros:

• Maximum financing amount of RM 250,000
• Low income requirement (RM3,000/month)
• Wide age range eligibility (21 – 60 years old)
• Debt consolidation available for existing customers
• No guarantor required
• No stamp duty, no processing fee and no early settlement fee

• What is HSBC Amanah Personal Financing-i (APF-i)?

  HSBC Amanah Personal Financing-i is HSBC's islamic financing solution, which follows the shariah concept of Commodity Murabahah which refers to an arrangement to purchase and sell Shariah compliant commodities whereby the cost and profit margin (mark-up) are made known and agreed by all parties involved.

• How can I benefit from personal financing and why should I choose HSBC Amanah Personal Financing-i instead of the competitors?

  HSBC Amanah Personal Financing-i offers a lot of advantages compared to their competitors, such as a high financing amount, competitive profit rates, and a fast approval time.

• How to apply for HSBC Amanah Personal Financing-i online?

  You can apply for HSBC Amanah Personal Financing-i right here.

• What is the maximum financing amount?

  You can borrow up to RM 250,000.

• What is the maximum financing tenure?

  7 years.

• What are the minimum requirements to qualify for the personal financing?

  HSBC Amanah Personal Financing-i is open for any Malaysian or Malaysian PR between 21-60 years old with an income of RM3000 or more.

• What are the eligibility requirements?

  • Malaysian citizen or Malaysian PR Status
  • Age: 21 – 60 years old
  • Minimum gross income of RM3,000
  • Maximum loan of RM 250,000

• 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 the profit rate tier system?

  The profit rate offered to the customer depends on the financing amount applied for.

   

  HSBC Customer	Financing Amount	Profit Rate from (p.a.)	Maximum Tenure
  Premier customers	Financing amount from RM50,000 to RM250,000	Flat profit rate from as low as 4.88% p.a.	5 Years
  Existing customers	Financing amount from RM50,000 to RM250,000	Flat profit rate from as low as 7.5% p.a.	7 Years
  New customers	Financing amount from RM6,000 to RM120,000	Profit rate from as low as 10.5% p.a.	5 Years

• What are the fees and charges?

  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.

• When will the first instalment commence?

  The instalment date is dependent on the disbursement date.

  Disbursement date:

  1st - 4th of the month: instalment date is 1st of the following month

  5th - 15th of the month: instalment date is 4th of the following month

  16th - 20th of the month: instalment date is 1st of the following month

  21st - 25th of the month: instalment date is 10th of the following month

  26th - 31st of the month: instalment date is 15th of the following month

• Can I make prepayments during the financing tenure or early settlement before the maturity?

  Prepayment is not allowed. Customers can make early settlements at any point of time during the financing tenure. The bank would require a 1-month notice. No penalty is imposed in the case of early settlement.

• Can I restructure my instalment amount after the commencement of the first instalment?

  No, as the instalment amount and the selling price have been agreed initially.

• How do I make monthly payments for this financing?

  A standing instruction from the customer’s deposit account will be established to the facility account upon disbursement. Payment can be made via this deposit account.

• How long is the approval process?

  HSBC Amanah 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, HSBC Amanah can approve and disburse to you within 3 days.

• How can I check my HSBC personal financing status?

  You can contact HSBC Amanah customer support right here.

• Can I apply for HSBC Amanah Personal Financing-i under a joint application with my wife?

  No, HSBC Amanah Personal Financing-i is only for an individual sole account. Joint application is not allowed.

• Is this personal financing for Muslim customers only?

  No, this financing solution is open for anyone who is eligible.

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

  Unfortunately, no. HSBC Amanah 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.