Alliance Bank Personal Loan

Alliance Bank is a multinational bank with 60+ Branches. They offer 11 different Credit Cards, 2 Personal Loans and 1 Mortgage.Formed in 2001, Alliance Bank has emerged to be the Best SME Bank at the Asian Bank Excellence in Retail Financial Services International Awards in 2015. The bank is committed in providing unified financial services from investments, consumer banking, business banking solutions and Islamic banking in order to deliver the best customer banking experience.

Compare Personal Loans by Alliance Bank Malaysia


About the loan

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Features

Interest rates
(Until 30th September 2020)
approximately 3.99% per annum to 14.78% per annum (flat rate)
Effective interest ratesapproximately 7.40% per annum to 24.37% per annum based on 5 Years Financing tenure
Minimum loan tenure12 months or 1 year
Maximum loan tenure84 months or 7 years
Minimum loan amountRM5,000
Maximum loan amountRM150,000

Benefits

  • low monthly instalments
  • flexible financing tenure (up to 7 years)
  • ZERO processing fee
  • ZERO early settlement fee
  • no guarantor or collateral required
  • fast approval in 10 minutes
  • easy repayment via AllianceOnline
  • CashFirst Balance Refinancing - consolidate up to four credit cards and/or personal loans into one single monthly repayment plan (T&C apply)

Eligibility

  • minimum gross monthly income - RM3,000 (or RM36,000 p.a.)
  • minimum 21 years old and not more than 60 years old by the loan maturity time
  • Malaysian OR permanent resident working and residing in Malaysia
  • Malaysians working in Singapore but residing in Malaysia will be considered
Fees and Charges
  • processing fee - no charge
  • early settlement penalty - no charge
  • late payment fee - 1% p.a. on instalment amount overdue
  • stamp duty fee - 0.5% on total loan amount
Disbursement account particulars 
  • refers to a copy of the first page on your bank statement / passbook of disbursement account, with the applicant's sole name
Reference

[last updated: 24 Aug 2020]

Features

Profit rates
(Until 30th September 2020)
approximately 3.99% per annum to 14.78% per annum (flat rate)
Effective profit ratesapproximately 7.40% per annum to 24.37% per annum based on 5 Years Financing tenure
Minimum financing tenure12 months or 1 year
Maximum financing tenure84 months or 7 years
Minimum financing amountRM5,000
Maximum financing amountRM150,000

Benefits

  • unsecured Islamic personal finance product
  • Syariah-compliant
  • based on Tawarruq or Commodity Murabahah via a Wakalah contract
  • low monthly instalments from RM94
  • flexible financing tenure (up to 7 years)
  • ZERO processing fee
  • ZERO early settlement fee
  • no guarantor or collateral required
  • fast approval in 10 minutes
  • easy repayment via IBG/IBFT
  • CashVantage Balance Refinancing - consolidate up to four credit cards and/or personal financing into one single monthly repayment plan (T&C apply)
  • optional Group Credit Family Takaful coverage, which will be used to offset your financing balances in the event of death and total permanent disability

Eligibility 

  • minimum monthly gross income - RM3,000 (or RM36,000 p.a.)
  • minimum age requirement - 21 years old
  • maximum age requirement - 60 years old (upon loan maturity)
  • Malaysian OR permanent residents working and residing in Malaysia
  • Malaysians working in Singapore but residing in Malaysia will be considered

Fees and Charges

  • stamp duty fee - 0.5% on total approved financing amount
  • late payment fee - 1% on total arrears amount
  • brokerage fee - currently borne by the bank

Disbursement account particulars

  • refers to a copy of the first page on your bank statement / passbook of disbursement account, with the applicant's sole name
Reference

[last updated: 24 Aug 2020]

Alliance Bank is a Malaysian bank that offers end-to-end financing solutions for its customers such as credit cards and personal loans. They also provide other services to its users through its several subsidiaries such as investments and Islamic banking.

Formed in 2001, Alliance Bank has emerged to be the Best SME Bank at the Asian Bank Excellence in Retail Financial Services International Awards in 2015. The bank is committed to providing unified financial services from investments, consumer banking, business banking solutions and Islamic banking in order to deliver the best customer banking experience.

In 2001, the Alliance Banking Group, also known as the Alliance Financial Group, was formed after a successful merger of seven financial institutions. Merged entities were introduced to the public as the Alliance Banking Group which constitutes Alliance Bank Malaysia Berhad or the Alliance Bank, Alliance Unit Trust Management Berhad, Alliance Merchant Bank Berhad and Alliance Finance Berhad.

This dynamic and integrated financial services group offers an end-to-end financing solution through various segments such as Business Banking, Consumer Banking, Investment Banking and Islamic Banking. They continue to grow and expand by providing a wide range of financial products and services which include credit cards, personal loans, home loans, hire purchase and more!

Alliance Bank Malaysia provides fast approval Personal Loans with zero processing or early settlement fees. Established in 2001, Alliance Bank has emerged as a strong player in the banking industry with over 60 branches across Malaysia and robust online services.

Other than 2 Personal Loans, Alliance Bank also offers 11 different Credit Cards and 1 Mortgage to all Malaysians citizens and permanent residents over 21 years of age with minimum monthly earnings of RM5,000. Alliance Bank offers easy personal loans with a maximum tenure of 84 months or 7 years for up to a maximum loan of RM 100,000.

You do not need to provide any guarantor or collateral when applying for a Personal Loan at Alliance Bank. With a good credit score, you can get your Personal Loan for as low as 3.99% per annum flat if you apply online through CompareHero.

Alliance Bank Personal Loan Features At A Glance

Interest Rates Per Annum3.99% to 8.38%
interest Rate TypeFlat Rate
Minimum Loan Tenure1 Year
Maximum Loan Tenure7 Years
Minimum Loan/FinancingRM5,000
Maximum Loan/FinancingRM150,000
CollateralNone
GuarantorNone
Processing FeeNone
Alliance Bank Personal Loan Fees & Charges

Alliance Bank offers easy and quick personal loans with transparent fees and charges. You can find a list of all their fees for fast approval Personal Loans below:

Late Payment Fee1% on the total due amount
Stamp Duty0.5% on the total loan amount
Early Termination PenaltyNone
Processing FeeNone

Eligibility Criteria For Alliance Bank Personal Loan

You can apply for an Alliance Bank fast approval personal loans if you match the following criteria:

Minimum Yearly IncomeRM60,000
Age21 to 60 years old
Minimum LoanRM5,000
Maximum LoanRM150,000
NationalityMalaysian or Permanent Resident

Documents Required For Alliance Bank Personal Loan

You’ll need to have the following documents ready if you want to apply for an Alliance Bank fast approval personal loan through CompareHero:

Salaried Employees
  • Both sides photocopy of MyKad
  • Copy of Disbursement Account statement or first page of passbook
  • Latest 3-months payslips
  • Latest 13-month EPF statement
  • Latest EA form
  • Latest BE Form with tax payment receipt

Interest Rate Calculation For Alliance Bank Personal Loan

Alliance Bank offers personal loans at a flat interest rate, making it easy for you to calculate how much interest you would need to pay over the loan tenure. Here is the formula to find the total interest or profit of an Alliance Bank Personal Loan:

Total Interest = Loan (RM) x Interest Rate (%) x No. of Years

For example, if you are looking to get RM20,000 from Alliance Bank to consolidate all your existing debts, and they offered you an interest rate of 10% per annum for a loan tenure of 5 years, this is the interest you can expect:

Loan amountRM20,000
Loan tenure5 years (60 months)
Loan interest rate10% p.a. flat

How much interest to be paid over 5 years?

= RM20,000 x 10% p.a. 

= RM2,000 per year x 5 years 

= RM10,000

What is the total amount you repay over 5 years?

= RM20,000 + RM10,000 

= RM30,000

What is the monthly installment?

= RM30,000 ÷ 60 months (5 years)

=RM500

In short, if you take RM20,000 loan at an interest rate of 10% for 5 years, your total interest over those 5 years would be RM10,000 and your monthly installment would be RM500.

Why Should I Apply For An Alliance Bank Personal Loan

Alliance Bank Personal Loan gives you the opportunity to consolidate all your existing debts into one monthly payment.

Without any collateral or guarantor, you can get a maximum personal loan of RM100,000. You can consider Alliance Bank if you are in need of urgent cash injection. Their online loan approval service boasts loan approval in as little as 10 minutes and disbursement within 24 hours. Available for any Malaysians or permanent residents with a monthly income of RM5,000, you can apply for an Alliance Bank Personal Loan from anywhere and at any time! 

How Fast Is The Alliance Bank Personal Loan Application Process

Alliance Bank has a robust online service offering fast approval personal loans with an approval time as little as 10 minutes! Once approved you can receive the money within 24 hours at a bank account of your choice.

How To Make Monthly Installments For An Alliance Bank Personal Loan?

Alliance Bank offers convenient installment payment options for their customers. You can either pay with cash, through the internet or even from your current or savings account!

What Happens If You Make Late Payments For An Alliance Bank Personal Loan?

If you are late for installment payment you will have to pay a penalty fee of 1% p.a. on that total installment amount overdue.

You should always try to pay the installments on time because late payments will negatively affect your credit score. Without a good credit score, you will find it hard to get your future loans approved.

What Happens For Early Alliance Bank Personal Loan Settlement?

Alliance Bank lets you pay your personal loan off early without any penalty or fee. However, the bank will ask you to give 3 months' written notice or interest payment.

What If You Have A Bad Credit History Or Bad Credit Score?

Banks will always prefer to loan to people with great credit ratings. They do not like taking the risk that you may not pay your loan back.

If you have a bad credit history or bad credit score because of late installment payments, you may have trouble getting your loan approved. The bank may think that you are a credit risk and can reject your application. You may also get charged a higher interest rate instead. However, if you can show the bank that you are responsible and will pay your installments on time, you may get your Alliance Bank Personal Loan approved.

No, you do not. It is optional and can offset loan balances in the event of disabilities or death.

If you are a Malaysian or a permanent resident currently residing and working in Malaysia, earning a minimum income of RM5,000 per month and is aged 21 years and above, then yes.

Yes, you can. You are required to send a 3-month written notice or pay a 3-month interest rate without the notice. You will also receive a rebate that is calculated using the Rule 78 formula.

The Shariah concept applicable is Tawarruq. It consists of two sale and purchase contracts, which the bank will enter into an arrangement with the customer.

You will be imposed a Late Payment Charged. If late payment is before maturity, then a 1% charge will be imposed. If late payment is after maturity, a rate depending on the Islamic Inter-bank Money Market will be imposed.

Yes, you will receive Ibra’ if there is early settlement, either through full payment, restructuring, or early termination. It will be calculated using Rule 78.