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

ongoing
promotion

- get cash rebate of 40% on your total interests charge
- enjoy interest rate from as low as 5.33% p.a. flat (after cash rebate)
- valid till 30th March 2020 through CompareHero only, T&C apply
    interest ratesfrom 8.38% p.a. to 14.78% p.a. (flat rate)
    effective interest ratesfrom 14.73% p.a. to 24.37% p.a. (flat rate, based on a 5 years loan tenure)
    minimum loan tenure12 months or 1 year
    maximum loan tenure84 months or 7 years
    minimum loan amountRM 5,000
    maximum loan amountRM 150,000
     

    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
    • 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 residents 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

      Required Documents

      CategoryDocuments to prepare
      Salaried Employee
      (MNC)

      compulsory

      • photocopy of MyKad (both sides)
      • disbursement account particulars

      any of the following where necessary

      • latest 1 month payslip if fixed income
      • latest 3 months' payslip if variable income
      • latest EA form
      • latest 6 months' EPF statement
      • latest BE Form with validated payment slip/receipt to LHDN
      Salaried Employee
      (non-MNC/PLC)

      compulsory

      • photocopy of MyKad (both sides)
      • disbursement account particulars
      any of the following where necessary

      • latest 3 months' payslip
      • latest 6 months' EPF statement
      • latest BE form with validated payment slip/receipt to LHDN
      Self-employed

      compulsory

      • photocopy of MyKad (both sides)
      • disbursement account particulars
      • copy of current valid business registration card
      • business must be established for a minimum of 2 years
      any of the following where necessary

      • latest 6 months' payslip
      • latest 6 months' company's principal bank statement reflecting business turnover
      • latest 6 months EPF statement
      • latest BE form with validated payment slip/receipt to LHDN
      Commission Earner

      compulsory

      • a copy of your MyKad (both sides)
      • disbursement account particulars
      any of the following where necessary

      • latest 6 months' commission statement
      • payment voucher verified against bank statements
      • latest EA form
      • latest BE form with validated payment slip or receipt to LHDN
        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

        [last updated: 13 Dec 2019]

        Features

        ongoing
        promotion

        - get cash rebate of 40% on your total profit rate charge
        - enjoy profit rate from as low as 5.33% p.a. flat (after cash rebate)
        - valid till 30th March 2020 through CompareHero only, T&C apply
          profit ratesfrom 8.38% p.a. to 14.78% p.a. (flat rate)
          effective profit ratesfrom 14.73% p.a. to 24.37% p.a. (flat rate, based on a 5 years financing tenure)
          minimum financing tenure12 months or 1 year
          maximum financing tenure84 months or 7 years
          minimum financing amountRM 5,000
          maximum financing amountRM 150,000
           

          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
          • 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

          Required Documents

          CategoryDocuments to prepare
          Salaried

          Employee
          (MNC)

          compulsory

          • photocopy of MyKad (both sides)
          • your disbursement account particulars

          any of the following where necessary

          • latest 1 month payslip if you earn a fixed income
          • latest 3 months payslip if you earn a variable income
          • latest EA form
          • latest 6 months EPF statement
          • latest BE form with validated payment slip or receipt to LHDN
          Salaried Employee
          (non-MNC/PLC)

          compulsory

          • photocopy of MyKad (both sides)
          • your disbursement account particulars
          any of the following where necessary
          • latest 3 months' payslip
          • latest 6 months' EPF statement
          • latest BE form with validated payment slip or receipt to LHDN
          Self-employed

          compulsory

          • photocopy of MyKad (both sides)
          • your disbursement account particulars
          • copy of current valid business registration card
          • business must be established for a minimum of 2 years

          any of the following where necessary

          • latest 6 months' payslip
          • latest 6 months' company's principal bank statement showing your business turnover
          • latest 6 months' EPF statement
          • latest B form together with validated payment slip or receipts to LHDN
          Commission Earner

          compulsory

          • a copy of your MyKad (both sides)
          • your disbursement account particulars

            any of the following where necessary

            • your latest 6 months' commission statement
            • payment voucher that is verified against bank statements
            • latest EA form
            • latest B form together with validated payment slip or receipt to LHDN

            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

            [last updated: 13 Dec 2019]

            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 in 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 RM 3,000. Alliance Bank offers easy personal loans with a maximum tenure of 84 months or 7 years for up to a maximum loan of RM 150,000.

            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 14.78%
            interest Rate TypeFlat Rate
            Minimum Loan Tenure1 Year
            Maximum Loan Tenure7 Years
            Minimum Loan/FinancingRM 5,000
            Maximum Loan/FinancingRM 150,000
            CollateralNone
            GuarantorNone
            Processing FeeNone

            You can also enjoy Exclusive Ongoing Promotion for Alliance Bank personal loan if you apply through CompareHero. Here is what you get from the promotional deal:

            Cashback40% of the total interest charge
            Interest Rate5.33% after cash rebate
            Validity30th March 2020

            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 IncomeRM 36,000
            Age21 to 60 years old
            Minimum LoanRM 5,000
            Maximum LoanRM 150,000
            NationalityMalaysians or Permanent Residents

            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
            Self-employed
            • Both sides photocopy of MyKad
            • Copy of Disbursement Account statement or first page of passbook
            • Latest 6-months company bank statement
            • Latest 6-months' company's principal bank statement
            • Copy of business registration certificate/SSM
            • Latest 2-years Borang B
            • Latest 1-year tax receipt
            Commission Earner
            • Both sides photocopy of MyKad
            • Copy of Disbursement Account statement or first page of passbook
            • Latest 6-months payslip
            • Latest 6-months bank statement showing commission
            • Latest EA form
            • Latest BE form with tax payment

            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 amountRM 20,000
            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. Their exclusive offer for CompareHero applicants covers easy personal loans with 40% cashback on the total interest charge, as well as an interest rate of 5.33% after the cash rebate.

            Without any collateral or guarantor, you can get a maximum personal loan of RM150,000. 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 RM3000, 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 RM3,000 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.