AEON Bank Personal Financing-i

What's this AEON Bank Personal Financing-i all about?

Imagine you have a big goal – maybe it's sprucing up your home, continuing your education, handling unexpected medical bills, finally taking that dream vacation, or even snagging that big purchase you've been eyeing.

That's where AEON Bank Personal Financing-i comes in! It's a brand-new personal financing offered by AEON Bank, which is actually Malaysia's very first Islamic digital bank.

What's great about it is that it's Shariah-compliant. This means it follows Islamic principles, specifically through Murabahah via Tawarruq arrangement, which essentially involves buying and selling Shariah-approved items, making it an ethical and responsible choice if you're looking for financing that aligns with those values.

How much financing am I actually eligible for, and for how long?

With AEON Bank Personal Financing-i, you can get the financing anywhere from RM1,000 all the way up to RM100,000.

The exact amount you can get depends on your credit limit and what AEON Bank's team decides after looking at your financial situation.

Here's a little tip: if you've been good with your finances and have a strong credit score, you might have a better shot at getting a higher amount.

As for how long you have to pay it back, you've got options! You can choose a payment period anywhere from 3 months to 84 months (that's 7 years!). This flexibility allows you to pick a timeframe that comfortably fits your budget.

What about the cost? (A.k.a. Profit Rates!)

When it comes to the cost of financing, AEON Bank Personal Financing-i offers profit rates from as low as 3.88% p.a., subject to terms and conditions.

Are there any extra costs I should know about?

Transparency is key, right? So yes, there are a couple of small fees to be aware of:

● Wakalah Fee: This is a small fee of RM1 that's charged from your approved financing amount when the money is given to you. Think of it as a small processing fee.
● Late Penalty Fee: If you do happen to miss a payment, there's a 1% per annum fee on the overdue amount. This is calculated from the day your payment was due until you catch up.

Can I pay off my personal financing-i early?

Absolutely! If you find yourself in a good financial spot and want to settle your AEON Bank Personal Financing-i ahead of schedule, you totally can. You'll need to do this through the AEON Bank app.

Just make sure to give them a one-month heads-up in writing. The good news is that if you pay early, you'll get a rebate from the bank, which is a nice perk! For all the nitty-gritty details, you can always check out their Product Disclosure Sheet.

Do I need Takaful coverage for this personal financing-i?

No, you're not required to! AEON Bank Personal Financing-i doesn't offer Takaful coverage, so that's one less thing you need to worry about.

Who can apply for this financing?

Good news for many! This financing is open to:

● All Malaysian citizens
● Those aged between 18 and 55 years old
● Anyone with a monthly gross income of RM2,500 or more
● And here's a big plus: Self-employed, gig workers and commission earners are also welcome to apply!

What documents do I need to get ready?

To make your application smooth, AEON Bank will need a few documents from you, which you'll upload as PDF files through their app:

● For Salaried Employees: Your latest 6 months' EPF Detailed Statement
● For Self-Employed, Gig Workers, and Commission-Based Earners: Your latest 6 months' bank statements

I'm in! How do I apply for AEON Bank Personal Financing-i?

It's straightforward, just a few taps away!

1. First things first, download the AEON Bank app (you can find it in the Apple App Store or Google Play Store).
2. Once you're in the app, start the registration for AEON Bank Savings Account-i.
3. Once the Savings Account-i is activated, look for "Financing" and tap on “Let’s get started”.

4. Fill in your personal details, the amount you want to apply, and your preferred payment period.
5. Time to upload those required documents!
6. Review everything carefully to make sure it's all correct, then tap “Submit application” when you're ready.
7. Now, the waiting game! You'll get a push notification on your phone once your application is approved. Once you get it, make sure to tap “Accept” within 7 days to seal the deal.
8. And just like that, the approved money will be disbursed directly into your AEON Bank Savings Account-i immediately!

How do I know if my personal financing-i is approved, and when do I get the money?

As mentioned, you'll apply through the AEON Bank app. AEON Bank will send you a push notification on your phone to let you know if your application is approved. So, make sure your app notifications are turned on!

Once you get that notification, you have 7 days to tap "Accept". After you accept, the funds will be transferred to your AEON Bank Savings Account-i within minutes!

When do I start paying, and how do I do it?

Your first payment is due one month after the money is disbursed to you. So, if you get the funds on, say, April 10th, 2025, your first payment will be due on May 10th, 2025, and so on.

The best part? AEON Bank makes it super easy for you. Your monthly payments are automatically debited from your AEON Bank Savings Account-i. This means you just need to ensure you have enough money in that account by the due date.

If, for some reason, the auto-debit doesn't go through (perhaps due to insufficient funds), don't panic! You can simply transfer money from another bank into your AEON Bank Savings Account-i and then manually make the payment using their app.