The Hong Leong Group Malaysia, one of the biggest Asian corporations, includes Hong Leong Bank Berhad, which is involved in banking, real estate development and investment, hospitality and leisure, main investment, and manufacturing and distribution.
Types of Personal Loan from Hong Leong Bank
Hong Leong Bank provides 2 types of personal loans:
Image source: Hong Leong Bank
- Hong Leong Personal Loan
- Hong Leong Personal Financing-i
Benefits of Hong Leong Bank Personal Loan
As one of the pioneers of unsecured conventional personal loans in Malaysia, Hong Leong Personal Loan provides several attractive features for applicants. Here are the advantages of Hong Leong personal loans.
- Offered to all Malaysian citizens
This loan is offered to all citizens regardless of their employment sector.
- No collateral or guarantor required
This Hong Leong personal loan does not require any collateral or guarantor for you to apply.
- Flexible loan amount
The amount of financing offered for Hong Leong Personal Loan starts from RM5,000 up to RM150,000. Among the high amount of financing for conventional personal loans.
- Flexible financing period
Hong Leong Bank offers financing periods from 2 years up to 5 years.
- Application results within 48 hours
This loan offers a very fast decision period. You can know the result of your application only within 48 hours (working days) from the date you applied.
- No processing fee
Hong Leong does not charge any processing fee for this loan.
- No early termination charge
Unlike some conventional personal loans, Hong Leong Bank does not charge any early termination penalty (early termination penalty) if you want to complete this loan earlier than the contract period.
- Flexible monthly installment payment channels
You can make monthly installment payments through various channels such as Internet banking, cash deposits through CDM machines, over-the-counter payments, or standing instructions through the bank of your choice.
- Cash rebate
If your repayment is in good standing without any arrears, Hong Leong will give a cash rebate (cashback) of 20% on the interest rate paid (subject to terms and conditions).
Eligibility
Image source: Hong Leong Bank
Hong Leong offers this personal loan to all Malaysians regardless of job sector. In other words, Hong Leong Personal Loan loans are open to government employees, government-linked companies (GLCs), statutory bodies, private, self-employed and also retirees.
You only need to be 21 years old and above and have a monthly income with a minimum annual income of not less than RM2,000 to qualify for a Hong Leong Personal Loan. You can apply for a maximum loan amount of up to RM150,000 with a financing period of up to 5 years. This is a high amount of funding among conventional unsecured personal loan plans. The interest rate charged is as low as 6% p.a., and this is a fixed interest rate.
- Malaysian.
- Aged 21 years to 60 years.
- With a monthly income of RM2,000 per month (or more) or RM24,000 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.
Documents Needed to Apply for HLB Personal Loan
Here are the documents that need to be prepared to apply for a Hong Leong Personal Loan.
For Private/Govt/GLC/Pensioner Employees
- Copy of Identity Card (MyKad) front and back.
- Copy of 3 months salary slip/recent pension payment statement.
- A copy of the latest EPF statement.
- Latest EA form.
- Tax payment receipt
- Cash Investments (mutual funds, FD, etc.)
For Self Employed
- Copy of Identity Card (MyKad) front and back.
- Copy of Company Registration Certificate or Operating License.
- 6 months copy of latest company bank statement.
- A copy of the latest Form B.
- Optional documents rental income
- Tax payment receipt
- Cash Investments (mutual funds, FD, etc.)
Fees & Charges Included
The following are the charges imposed by Hong Leong Bank Berhad on Hong Leong Personal Loan personal loans.
- A Stamp duty payable of 0.5% of the loan amount (deducted from approved loans).
- Late payment charge (Late Penalty Fee) of 1% of the total loan balance.
Hong Leong does not charge any processing fees or early termination fees (Early Termination Fee).
How to Apply?
Image source: Hong Leong Bank
If you are interested in applying for a Hong Leong Personal Loan personal loan, you can apply by visiting the nearest Hong Leong Bank branch or applying through Connect Online Banking.
For applications made through Connect Online Banking, the applicant must have at least one (1) individual Hong Leong Bank Current/Savings Account that is current and in good standing (joint and corporate accounts are not eligible)
Frequently Asked Questions
What is my monthly installment?
Image source: Hong Leong Bank
An example of installment payment:
Given that you submit your application online through the bank’s website, your verified monthly income is RM8,000, the total amount of your approved facility is RM100,000, and the financing term is 5 years with an applicable interest/profit rate of 6.00% p.a.
If my application is successful, how long do I have to wait for the money to go into my account?
Money will be deposited into the account 24 to 48 hours on a working day. This is a given estimate. If you still haven’t received the money after this period of time, please contact Hong Leong Bank Berhad directly to follow up.
My salary deduction has exceeded 60%, can I apply for a Hong Leong Personal Loan?
The general eligibility requirement for the personal financing plan is that the salary deduction does not exceed 60%, unless stated otherwise in the application eligibility requirements section above. However, this is not the main factor that determines whether a loan application is approved or not because there are many other factors that play a role. In other words, even if the salary deduction is more than 60%, but the credit record or financial record and the debt service ratio (Debt Service Ratio) are beautiful – you can try to apply.
I have a blacklist on the CTOS report. Can I apply?
This plan is not offered to those who are blacklisted in the CTOS report or those who have a bad credit history. However, if the blacklist record in the CTOS report is not from a financial institution (bank/cooperative/AEON/PPW) and is from a telco company, motor shop, etc. – you can try to apply.
Hong Leong Bank Personal Loan Honest Review
Hong Leong Personal Loan offered by Hong Leong Bank Berhad is a conventional personal financing scheme that does not require collateral or a guarantor. This loan is very attractive because it is open to every sector of employment, including retirees. Another interesting feature of this loan is the facility amount provided up to RM250,000, and the financing period up to 7 years. The interest rate charged is also quite high compared to other loans in Malaysia. If you meet the conditions imposed by Hong Leong for this loan, you can try to apply because this loan is a personal loan with a high pass rate.