HLB Islamic Personal Financing-i
HLB Islamic Personal Financing-i for Malaysians working in Singapore
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Fees and Charges
Eligibility
- Applicable to Malaysians working in Singapore, at least SGD24,000 a year
- Copy of identity card (front & back)
- Latest 1 month salary slip
- Latest 12 months EPF statement
- Latest 3 months bank statement (with salary being credited)
- Latest B/BE Form with official tax receipt
- Copy of identity card (front & back)
- Business Registration Certificate (SSM) / Forms 9, 24 and 49 / M&A
- Latest B/BE Form with official tax receipt
- Latest 6 months bank statement
- Latest 6 months EPF statement
- Optional rental income document
Loan Repayment Table
| Financing Amount | Financing Tenure | Min. Income | Profit Rate |
|---|---|---|---|
| RM 5,000 - RM 150,000 | 24 - 60 months | min. RM 24,000 | 8.50% p.a. - 10.50% p.a. |
Features
Enjoy exclusive financing rates from 8.5% p.a.
Affordable instalments for financing tenures from 2 to 5 years
Shariah compliant
Terms and Conditions
Product Review by CompareHero
Why apply for HLB Islamic Personal Financing-i?
Hong Leong Islamic Personal Financing-i comes with several features:
- Financing limits up to RM150,000.
- Repayment tenure up to 5 years.
- Shariah contract based on the Tawarruq principle, using a sale-and-buyback arrangement instead of interest.
- Ibra' (rebate) on early settlement.
- No guarantor or collateral required.
Who can apply for HLB Islamic Personal Financing-i?
This financing is designed for working Malaysians, whether employed locally or working in Singapore.
To be eligible, applicants need to meet the following criteria:
- Be a Malaysian citizen aged between 21 and 60 years old.
- Be employed or self-employed (including sole proprietors) in Malaysia, with a minimum annual income of RM24,000.
- Or, be working in Singapore, earning at least SGD24,000 a year.
How fast is the financing approved?
Once the application form and all required documents have been submitted, applicants can typically expect approval within 48 hours.
After approval, funds can be disbursed to an account held with Hong Leong Islamic Bank, or to an account at another bank of the applicant's choice. Transfers to other banks are subject to standard IBG transfer times and charges.
Is Takaful coverage required?
Takaful coverage isn't compulsory. It covers the outstanding financing balance if the borrower passes away or becomes totally and permanently disabled.
Applicants who want this protection can sign up for the Group Credit Term Takaful Plan through Hong Leong MSIG Takaful, or one of the Islamic bank's approved Takaful panels. The cost is a one-time premium, deducted directly from the total financing amount at disbursement.
How are monthly instalments paid?
Repayments begin on the first day of the month following the date the financing is disbursed, and continue every month until the full amount is repaid.
Payment channels include:
- Standing Instructions from a Current or Savings Account.
- Internet banking, either through Hong Leong Connect or other banks.
- Cash payment at MEPS terminals or via Interbank GIRO.
- Over-the-counter payment at Hong Leong branches, or via a cash deposit machine.
Can the financing be settled early?
Yes, with no penalty. Applicants who settle their financing ahead of schedule receive an ibra' (rebate) on the remaining unpaid profit charges, since profit is only charged on the period the financing is actually outstanding.
What documents are needed to apply for HLB Islamic Personal Financing-i?
The documents required depend on the applicant's employment type and income structure.
Salaried employee with fixed income (MNC):
- Copy of IC (front and back)
- Latest 1 month's salary slip, OR
- Latest 3 months' bank statement of the salary-crediting account, OR
- Latest 3 months' EPF statement, OR
- Latest EA Form / IR Form (for Malaysians working in Singapore), OR
- Latest 2-year Form BE with matching payment receipt, or latest 2-year NOA (for Malaysians working in Singapore)
Salaried employee with fixed income (Non-MNC):
- Copy of IC (front and back)
- Latest 3 months' salary slip, AND
- Latest 3 months' bank statement of the salary-crediting account, OR
- Latest 3 months' EPF statement, OR
- Latest 2-year Form BE with matching payment receipt, or latest 2-year NOA (for Malaysians working in Singapore)
Salaried employee with variable income (MNC):
- Copy of IC (front and back)
- Latest 6 months' salary slip, OR
- Latest 6 months' commission slips, OR
- Latest 6 months' EPF statement, OR
- Latest 2-year Form BE with matching payment receipt, or latest 2-year NOA (for Malaysians working in Singapore)
Salaried employee with variable income (Non-MNC):
- Copy of IC (front and back)
- Latest 6 months' salary slip, PLUS latest 6 months' bank statement of the salary-crediting account, OR
- Latest 6 months' commission slips, PLUS latest 6 months' bank statement of the salary-crediting account, OR
- Latest 6 months' EPF statement, OR
- Latest 2-year Form BE with matching payment receipt, or latest 2-year NOA (for Malaysians working in Singapore)
Self-employed (sole proprietor, partnership, private limited, or public listed):
- Copy of IC (front and back)
- Business registration certificate showing at least 2 years of operation, OR
- Professional/practicing certificate with proof of at least 2 years of operation, OR
- Latest 2-year business license (for Sabah & Sarawak), AND
- Latest 6 months' company bank statements, OR
- Latest 1-year Form B with payment receipt, or latest 2-year Form BE with matching payment receipt, OR
- Latest 6 months' EPF contribution (for Sdn Bhd companies only)
- Optional: rental income document, supported by a valid tenancy agreement, latest 3 months' bank statement showing rental credit, and latest 1 month's utility bill
Can someone with a poor credit history apply for HLB Islamic Personal Financing-i?
Credit history with other financial institutions plays a role in the approval decision. CCRIS is a system that records a borrower's credit facilities, including outstanding credit cards, personal loans, home loans, and car loans, along with their repayment conduct. CTOS is a separate credit reporting agency that compiles similar financial information, often drawing from CCRIS along with other public and legal records, to generate a credit score. Neither system blacklists borrowers; they record repayment history rather than banning anyone from future borrowing.
Applicants with a history of irregular payments should focus on making payments on time going forward. Hong Leong Bank is more likely to approve an application from someone who shows they're managing their finances responsibly, rather than accumulating more debt.