Alliance Bank is a multinational bank with 60+ Branches. They offer a variety of Credit Cards, Personal Loans and Mortgage facilities. 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. Read more Show less
|Interest rates||As low as 4.99% per annum|
|Effective interest rates||approximately 7.40% per annum to 24.37% per annum based on 5 Years Financing tenure|
|Minimum loan tenure||12 months or 1 year|
|Maximum loan tenure||84 months or 7 years|
|Minimum loan amount||RM5,000|
|Maximum loan amount||RM150,000|
|Profit rates||As low as 4.99% per annum|
|Effective profit rates||approximately 7.40% per annum to 24.37% per annum based on 5 Years Financing tenure|
|Minimum financing tenure||12 months or 1 year|
|Maximum financing tenure||84 months or 7 years|
|Minimum financing amount||RM5,000|
|Maximum financing amount||RM150,000|
Fees and Charges
Disbursement account particulars
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 Annum||4.99% to 8.70%|
|interest Rate Type||Flat Rate|
|Minimum Loan Tenure||1 Year|
|Maximum Loan Tenure||7 Years|
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 Fee||1% on the total due amount|
|Stamp Duty||0.5% on the total loan amount|
|Early Termination Penalty||None|
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 Income||RM60,000|
|Age||21 to 60 years old|
|Nationality||Malaysian 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:
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 tenure||5 years (60 months)|
|Loan interest rate||10% 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
What is the total amount you repay over 5 years?
= RM20,000 + RM10,000
What is the monthly installment?
= RM30,000 ÷ 60 months (5 years)
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.