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 31st October 2019 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: 17 Oct 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 31st October 2019 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

            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!

            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.