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 RM5,000. Alliance Bank offers easy personal loans with a maximum tenure of 84 months or 7 years for up to a maximum loan of RM 200,000.
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 Annum
| 4.99% to 8.70%
|
interest Rate Type
| Flat Rate
|
Minimum Loan Tenure
| 1 Year
|
Maximum Loan Tenure
| 7 Years
|
Minimum Loan/Financing
| RM5,000
|
Maximum Loan/Financing
| RM200,000
|
Collateral
| None
|
Guarantor
| None
|
Processing Fee
| None
|
Alliance Bank Personal Loan Fees & ChargesAlliance 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 Fee
| 1% on the total due amount
|
Stamp Duty
| 0.5% on the total loan amount
|
Early Termination Penalty
| None
|
Processing Fee
| None
|
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 Income
| RM60,000
|
Age
| 21 to 60 years old
|
Minimum Loan
| RM5,000
|
Maximum Loan
| RM200,000
|
Nationality
| Malaysian or Permanent Resident
|
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
|
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, 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 amount
| RM20,000
|
Loan tenure
| 5 years (60 months)
|
Loan interest rate
| 10% 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
Without any collateral or guarantor, you can get a maximum personal loan of RM100,000. 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 RM5,000, 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.
