A Comprehensive Guide to Ambank Personal Loan (2023)

AmBank Group was first listed on Bursa Malaysia’s Main Market in 1988 and is currently the sixth-largest financial institution in terms of assets. AmBank offers a wide range of services, including wholesale banking, business banking, retail banking, investment banking, and allied financial services including Islamic banking, and general insurance. 

The bank has over three million clients and now operates 175 branches and 766 ATMs throughout Malaysia. The company’s main office is situated on the ground floor of AmBank Tower at 8 Jalan Yap Kwan Seng in Kampung Baru.

AmBank Islamic Personal Financing-i

Image source: Pinjaman Peribadi

AmBank Islamic Personal Financing-i is an unsecured Islamic personal loan by AmBank Islamic. AmBank Islamic, which is one of AmBank Group’s subsidiaries, is a banking institution that offers Islamic banking products and services. AmBank Personal Financing-i is one of the personal financing products offered by AmBank Islamic.

This AmBank Islamic personal loan is financing offered to public sector employees and private sector employees from selected companies. In other words, this loan is not open to all Government Linked Companies (GLC) employees and private employees. If you are a GLC employee or a private employee, you can check if your company is listed to be eligible to apply for an AmBank Islamic Personal Financing-i personal loan in the conditions section below.

AmBank Islamic Personal Financing-i is an unsecured personal loan. Therefore no collateral required and there is no need to introduce a guarantor to apply for this loan.

AmBank Islamic offers financing amounts from as low as RM5,000 to a maximum financing amount of RM200,000. The loan period is up to 10 years with a very reasonable profit rate charge, which is as low as 4.35% p.a. This charge is a fixed profit rate, and among the lowest charges for unsecured Islamic personal loans.

The applied qualification is also not burdensome. You only need to be at least 18 years old with a monthly income of RM1,500 or more.

Read more to find out the interesting features of the AmBank Islamic Personal Financing-i loan, complete eligibility requirements to apply, required documents, and how you can apply for this loan online.

Features & Advantages of AmBank Islamic Personal Financing-i

AmBank Islamic Personal Financing-i has several interesting features and advantages compared to other personal loans. Here are the advantages for this personal loan.

Shariah compliant personal loans

AmBank Islamic Personal Financing-i is an Islamic personal loan that uses the Bai Al-Inah concept.

Open to all government employees

AmBank Islamic opens this loan to all government employees and selected GLC/private employees.

Flexible financing amount

You can apply for a loan as low as RM5,000 up to RM200,000.

Flexible financing period

AmBank offers financing periods from 24 months (2 years) up to 120 months (10 years).

Fixed profit rate

The profit rate offered is a fixed rate of 4.35% p.a (for government employees) and 7.90%p.a (for GLC employees and private employees), among the lowest profit rates for Islamic personal loans in Malaysia.

No early termination charges

AmBank does not charge any early termination fee for this loan.

Rebate for early termination

AmBank Islamic will provide a rebate on your financing if you choose to make an early termination from the contract date.

Payment from salary deductions

You can make a payment by salary deduction using the services of the Space Bureau (BPA).

Eligibility Requirements To Apply

Image source: Ambank

The following are the conditions required to apply for an AmBank Islamic Personal Financing-i personal loan.

General conditions

  • Malaysian.
  • Aged 18 years to 60 years.
  • Earning RM1,500 per month (or more) or RM18,000 per year (or more).
  • Not blacklisted by AEON or any Bank in Malaysia.
  • No Accounts Under Special Observation (SAA).
  • Not under the auspices of AKPK.

Conditions for government employees

  • Employment status is permanent.
  • Serving more than 3 months of service.

Conditions for GLC staff and private staff

  • Working for more than 3 months.
  • Work at a company listed by AmBank Islamic. 

Required Documents

The following is a list of documents required to apply for an AmBank Islamic Personal Financing-i personal loan.

  • 3 copies of the identity card (MyKad) front and back certified by the department/company head.
  • Copy of 1 month of latest salary slip.
  • 2 copies certified by the department/company head for each salary slip; or 3 copies for online salary slips (e-pay).
  • A copy of the bank statement or bank book where the loan money will be entered.

Fees and Charges 

The following are the charges imposed by AmBank Islamic if the AmBank Islamic Personal Financing-i personal loan application is approved.

  • A stamp duty charge of 0.5% is deducted from the approved loan amount.
  • RM10.00 processing charge for approval letter.
  • The Space Bureau (BPA) monthly fee charge is 2% of the monthly payment.
  • Takaful contribution from AmMetLife Takaful Berhad – depending on the financing amount, financing period and age of the customer (where applicable).
  • A late payment charge of 1% of the total loan balance in case of late payment.
  • AmBank Islamic does not charge an early termination fee, in fact AmBank Islamic will give a rebate if you complete your loan earlier than the contract date.

Honest Review of AmBank Islamic Personal Financing-i

AmBank Islamic Personal Financing-i from AmBank Islamic is an unsecured personal loan that has several advantages over other personal loans in Malaysia. Among the factors that make this loan very attractive are the low fixed profit rate, very flexible loan amount, long financing period, and very low minimum qualification requirements. 

These factors make personal loans from AmBank Islamic very suitable for government employees. However, this loan is only open to selected GLC staff and private staff.

Pros: 

  • Low fixed rate of profit.
  • Flexible and high facility amount or loan amount.
  • Flexible financing period.
  • Minimum eligibility requirements.
  • Minimal required documents.
  • Payment through Space Services Bureau (biro perkhidmatan angkasa BPA) deduction.

Cons:

  • Only open to GLC staff and private staff from selected companies only.
  • Higher profit rates for GLC employees and private employees.
  • No monthly membership fee rebate for Early Settlement

Can I have my loan paid off sooner?

You can, indeed. There won’t be a charge for early settlement. It must be communicated in writing to the bank at least one month beforehand.
What’s my loan repayment amount? 

After taking out personal loans for three months, you can begin making your monthly instalment. Your monthly payment will be made up of the principal plus any applicable profit fees.

Until the term of your Islamic personal loan expires, you must continuously make your monthly payments. AmBank Islamic will charge you a daily-calculated late payment fee of 1% of the outstanding total if your payback is one month overdue.

If I’m blacklisted, am I still eligible to apply for AmBank Islamic Personal Financing-i?

Depending on your credit history with other banking firms, as all of this information (current debts for credit cards, personal loans, mortgages, and auto loans) will be recorded in CCRIS/CTOS.

The best course of action would be to change the habit and start making your payments on time in order to avoid more difficulties if you have bad credit because of irregular payments.

If you are able to demonstrate that you are managing your personal finances rather than taking on extra debt, AmBank Islamic is more likely to approve your application for AmBank Islamic Personal Financing-i.

Personal Financing Made Easy with Ambank Personal Loan 

A solid financial position is necessary for your ambitions to come true in terms of future planning, financing education, starting a business, preparing for upcoming medical needs, home improvement, or even just meeting the most basic demands for leading a healthy lifestyle. With Personal Financing-i, a shariah-compliant AmBank Islamic product built on the idea of Murabahah tawarruq, AmBank Islamic is prepared to assist you in realising your goals and finding success (MTQ).