What is HSBC Amanah Personal Financing-i (APF-i)?
HSBC Amanah Personal Financing-i is a term financing facility with fixed monthly instalments. It is based on the concept of Commodity Murabahah which refers to an arrangement to purchase and sell Shariah compliant commodities whereby the cost and profit margin (mark-up) are made known and agreed by all parties involved.
What is the difference between Conventional Bank Personal Loan & Islamic Bank Personal Financing?
- An Islamic bank personal financing is one that follows the Islamic banking principles. A personal loan offered by an Islamic bank, also known as an Islamic personal financing, is issued by Islamic banks in Malaysia. The financing tool uses the concept of Commodity Murabaha (cost plus profit), making it Shariah compliant.
- Being Shariah compliant means the loan does not have fixed or floating interest rates or fees (also known as riba, or usury) for the loan of money. This is prohibited according to the Islamic banking principles.
- Late settlement of Islamic Personal Financing can incur lower charges than Conventional personal loans because there is no concept of compounding interest calculation.
Is this personal financing for Muslim customers only?
No. It is available to all who are eligible; either Muslim or non-Muslim.
How can I know if I qualify for personal financing?
You must be at least aged between 21 and 60, Malaysian or have Malaysian PR status and minimum monthly salary of more than RM30001.
1Monthly salary of more than RM3,000 applies to existing customers who have any existing relationship with HSBC Amanah. Otherwise, the minimum monthly salary is RM5,000 per month.
How can I benefit from personal financing and why should I choose HSBC Amanah Personal Financing-i instead of the competitors?
- You can get financing up to RM150,000 with monthly payment as low as RM134.
- The fund can help you with your financial management such as treating your family to a holiday, paying for your child’s education, marriage, bill payments, savings for emergency, etc. In addition, it can be used for life's little emergencies and surprises too.
- This simple cash financing facility is an alternative to a credit card. Customers do not have to provide any collateral for this facility.
- There are no hidden costs for HSBC Amanah Personal Financing-i (e.g. no processing fees, no stamping fees).
- Fast approval: money can be in your account within 3 working days.
What is the minimum and maximum financing amount and duration allowed?
- Minimum amount: RM6,000
- Maximum amount: RM150,0002
Note: Financing amounts are in multiples of RM500.
2The maximum financing amount is capped at RM150,000 for existing customers and RM120,000 for new customers.
- Minimum: 2 years
- Maximum: 7 years3
3The maximum financing duration is up to 7 years for existing customers (customer must either have a deposit, mortgage or credit card with us) and 5 years for new customers.
What is the profit rate offered?
The profit rate offered is dependant on the financing amount applied:
- RM6,000 - RM19,500: 12.5%
- RM20,000 - RM49,500: 11.5%
- RM50,000 - RM150,000: 10.5%
Can I apply for HSBC Amanah Personal Financing-i under a joint application with my wife?
No, HSBC Amanah Personal Financing-i is only for an individual sole account. Joint application is not allowed.
How much is the processing fee?
The processing fee is currently waived.
When will the first instalment commence?
The instalment date is dependant on the disbursement date.
- 1st - 4th of the month: instalment date is 1st of the following month
- 5th - 15th of the month: instalment date is 4th of the following month
- 16th - 20th of the month: instalment date is 1st of the following month
- 21st - 25th of the month: instalment date is 10th of the following month
- 26th - 31st of the month: instalment date is 15th of the following month
Can I make prepayments during the financing tenure or early settlement before the maturity?
Prepayment is not allowed.
Customers can make early settlement at any point of time during the financing tenure. The bank would require a 1 month notice. No penalty is imposed in the case of early settlement.
Can I restructure my instalment amount after the commencement of the first instalment?
No, as the instalment amount and the selling price have been agreed initially.
How do I make monthly payments for this financing?
A standing instruction from the customer’s deposit account will be established to the facility account upon disbursement. Payment can be made via this deposit account.