5% yearly rebate!Why should I get AmBank Islamic AmMoneyLine Facility-i personal financing?
Whether you want to elevate your lifestyle or need cash to cover unexpected expenses, AmBank Islamic AmMoneyLine Facility-i is your credit lifeline to fill in the necessary gap.
This unsecured Islamic personal loan charges zero processing fee upon approval and no penalty for early settlement.
Interestingly, you can get a 5% rebate if you consistently make prompt payments on your monthly instalment every year; that means you could be saving up to 25% for a 5-year worth of borrowing!
How much money can I borrow?
The minimum loan amount is RM2,000. Meanwhile, the maximum loan amount is RM100,000 for new-to-bank customers and RM150,000 for existing customers of AmBank Islamic. However, the final amount is subject to a credit check and the bank's approval.
The repayment terms are flexible between one to seven years. If you apply for this financing via AmOnline, you will only be able to apply for a maximum tenure of five years or 60 months.
The total cost of obtaining this personal financing includes statutory Stamp Duty charges, which are calculated as 0.50% of the total amount you borrow.
What is the profit rate for an AmBank Islamic personal loan?
The interest rate chargeable on AmMoneyLine Facility-i personal financing is based on a flat rate and tiered according to your type of employment and borrowing amount.
For salaried employees, you will be charged between 8.00% to 9.99% per annum; whereas for self-employed and commission earners, the personal loan interest rate will be as follows:
| Type of Employment | Loan Amount | Interest Rate |
| Self Employed and Commission Earners | RM2,000 - RM150,000 | 11.99% p.a. (flat) |
Your monthly instalment amount, whether fixed or variable income, is fixed throughout the tenure.
Do I need a Takaful cover?
The insurance policy, known as Reducing Term Takaful (RTT), to cover the personal loan unpaid outstanding balance is optional.
How do I pay AmBank Islamic personal financing monthly instalments?
Once you have received the money, your personal financing repayment will begin at the start of the following month.
You must commit to service your monthly instalment payment every month until the total outstanding balance of the loan is fully repaid.
Payment can be made by cheque or cash as AmBank Islamic does not demand standing instructions or salary deductions.
Should you fail to make your payment on time, AmBank Islamic will charge you a 1% late payment fee, which will be compounded if left unchecked!
You can pay your financing off before the end of tenure anytime, but AmBank Islamic requires you to give a 1-month notice, in writing, before you make your final payment.
What documents do I need to apply for AmMoneyLine Facility-i personal financing?
As this is unsecured personal financing, you don't need to stand by a guarantor or collateral.
Together with the application form, you will be asked to provide the following supporting documents:
Salaried Employee:
- Copy of IC (front and back)
- Latest 3-months salary slips OR
- Latest 3-months EPF statements OR
- Latest BE Form with tax payment receipt OR
- Latest 3-months bank statements
Self-Employed:
- Copy of IC (front and back)
- Business Registration Certificate (must be at least two years old)
- Latest 6-months personal or Company bank statement
- Latest BE and B Forms with tax payment receipt from the Inland Revenue Board (LHDN)
- E-Filing acknowledgement receipt
Commission Earner:
- Copy of IC (front and back)
- Latest 6-months commission statement
- Latest 6-months salary slips
- Latest 3-months EPF statement
- Latest BE Form with tax payment receipt
Am I qualified to apply for AmBank Islamic personal financing 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.
AmBank Islamic is more likely to approve your AmBank Islamic AmMoneyLine Facility-i application if you can show that you are managing your finances, rather than accumulating more debt.
