Hong Leong Bank Personal Financing Rebate Promotion

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From October 2018 onwards. Hong Leong Bank financing now comes with a rebate when you repay the installment in time. You can enjoy up to 25% rebate !

Hong Long bank is an affordable Malaysian Personal loan which offers as low as 8% p.a interest for 2 to 5 years installment. There are 25% rebate when you paid your interest on time while there are also not penalty fees upon settling this debt earlier at 3 months notice

What is Pay on time ?

The repayment must be paid by the due date each month during the whole financing tenure. The 25% rebate is applicable based on interest rates payable. The rebate shall be paid month to qualified person from one day after 7 month installment.

Things you should know before applying for this loan

The flat rate for this loan sit at 8% which makes the EIR around 15%. You can only enjoy this interest applying for a minimum of RM20,0000 for 5 years. You can enjoy around RM41 montly savings at RM20,000 for 5 years installment.

Your fund must be disbursed before 30th 2018 November to be eligible for the rebate. Application can also be done via Hong Leong website.

The terms of conditions and eligibility is the same with previous Hong Leong bank Personal Loan. One is required to be from 21 to 60 years old. You can enjoy this rebate with application of HLB Personal loan, HLB Personal Loan Consolidation, HLB Personal Financing-i Consolidation and HLISB Personal Financing-i. The amount required would defer for the loan.

There is a 0.5% stamp duty applicable for this loan.

First 150 customer who are eligible shall also receive a car camcorder as a gift from Hong Leong. The fund must be disbursed by Nov 30th 2018. The gift shall be delivered by GDEX within 60 days of fund disbursement.

You can refer to here for more details on Hong Leong Personal Loan.

 

Mara Eduloan

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Everything You Need To Know About It

Education loans or scholarships in Malaysia today are something which most people dream off obtaining right after they finish their national examination here which is known as the ‘Sijil Pelajaran Malaysia’ or SPM for short, to most people around. The MARA EduLoan 2015 is known to be one of the most sought after scholarships which is only eligible for anyone who is a Bumiputera. The term Bumiputera here refers to all those who have either one parent which is a Malay and practicing Islam. Bumiputera can also mean the aborigines and indigenous for Sabah & Sarawak, their children are also Bumiputeras.

The cold hard truth is, while this is something which every student goes after, you would have to pass your SPM with flying colours in order to qualify. The EduLoan MARA 2015 is not something that is very hard to get but you sure would need a whole lot of luck to be on your side. Let us take a quick look as to what it is all about and just how someone like you can obtain it too.

Getting Started

The first thing which you would need to do is to check the MARA website right after your SPM examination to see if the application is open for you to apply. The process of applying for the MARA EduLoan is not as difficult as it may seem. What you will need to do is fill up the form with all your personal details and you will also need to decide which field you would like to major in and where you would like to go from there. You will be given two main choices and you will need to pay close attention to what you have decided to choose and in which order you have placed them because your first choice is what will be of priority to.

You will get a variety of options to choose your field of major in the PDF form which they have prepared for you and all you need to do is to remember to save all your written details once you are done filling up the form. The flexibility which you will be happy with is that you need not worry about your choices you have made as you still have time to change it before the final closing date of the application.

To all of you who don’t already know, MARA EduLoan is basically a loan which needs to be paid back once you have completed your degree and started working and the amount which you will pay back is based on the class you graduated with your degree. The good thing about the MARA EduLoan is that you will know exactly where your future will be headed to as the number of years to complete the courses and the types of courses available are very clearly stated.

Once you are done with the filling of the application form, you will then need to wait until you receive a notification stating that you have been shortlisted for the interview. You will also be able to check the status of your application just by logging in and checking if there are any issues or is something needs to be updated. There will also be instructions to guide you through out the whole process if you have any trouble with the process.

Take note that you will need to dress up formal for the interview buy you do not need anything over the top like a blazer or a coat. All you need to do is to go through a psychometric test. You will also be made to ask an essay do keep in mind that as much as you would like to show off your writing skills, you will need to keep within the word limit which has been set. Writing more than you should could actually cost you the scholarship itself so make sure you pay attention to the details of what is being asked.

 

The essay test taken in the final step which you will need to do and once that is done, you will need to wait for MARA to update your status on their website. It really is just that simple.

How To Know If You Are Eligible To Apply

  • You must be a Bumiputera in order to apply for the MARA scholarship
  • The duration of the programme must be more than 1 year
  • Your family income must not exceed RM 10,000 a month or 120,000 a year

Guidelines On How To Apply For The MARA EDU Loan

  • You must have an active bank account from either Maybank, Affin Islamic Berhad, Bank Kerjasama Rakyat, RHB Islamic Bank or CIMB Bank
  • You need to have an active e-mail address
  • You can go to click on the link to apply
  • You will receive a MARA agreement containing a loan offer letter, a few forms and a loan agreement
  • You will need to complete filling up the form before its due date
  • Your documents that are handed in have to be certified and approved by the commissioner of oath

A Final Word

While these might seem like a hassle to do but in reality, it really does not take up that much time and the benefits you will reap from this scholarship later on will be priceless as it just might build a very bright future for you indeed

 

Foreign Currency Fixed Deposits in Malaysia

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Everyone should know what a fixed deposit is. It is a personal investment platform in which an amount of money is kept and given to either a bank or financial institution where the recipient will pay interest to the depositor at certain specified rate. Do take note that the rate of interest paid will differs from bank to bank, amount given and duration of time. Many people are investing more and more in fixed deposit especially foreign currency fixed deposits in Malaysia as it is considered as a safe haven for investors. Foreign currency fixed deposits are basically fixed deposits that are maintained in banks in Malaysia but in foreign currency instead of Malaysia Ringgit. Most banks in Malaysia offer this type of fixed deposits in major currencies like the US Dollar, Euro, Japanese Yen, Pound Sterling and Australian Dollar. More investments on fixed deposit as this is mainly because this type of investment does not have any risks. Moreover, it guarantees a high return as interest will be paid for depositing the money.   

Foreign currency fixed deposits are one of the smart ways to counter the growing inflation and currency fluctuations. It is also a great financial tool for those of you who deal with currencies other than your own national currency. Besides, it is good for those who have business all over the world. It sounds as good as it can be but bear in mind that the account opening for such fixed deposit is highly subject to guidelines published by the Bank Negara. There are quite a number of banks in Malaysia that are offering foreign currency fixed deposits to its Malaysian customers. Some of the banks are offering the foreign currency fixed deposits in both conventional and Islamic banking variants, which you can check out for further details with the respective banks.

Maybank is considered as the most preferred and common bank for the Malaysians. Maybank offers a wide range of deposit schemes to its customers with the foreign currency fixed deposit as one of them. The purpose of the scheme is for those of you who are interested to deposit money in other currencies in order to hedge inflation. Maybank is one of those banks that offer both the conventional and Islamic banking variants. Another common bank to the Malaysians is the CIMB Bank. Its foreign currency fixed deposits are available in popular currencies like the US Dollar and Euro, which offers flexibility in making deposit and withdrawals through cheques, drafts and telegraphic transfers.  

HSBC is also offering foreign currency fixed deposits along with PIDM protection. It is an excellent method to make savings in foreign currency and earn returns at the same time. It is also good for hedging against fluctuations in exchange rate. You can hold the deposit until you find the exchange rate beneficial for you. HSBC fixed deposits are available in almost all foreign currencies. Foreign currency fixed deposits from Ambank are also eligible for PIDM protection a stated in the guidelines prepared by the bank. If you choose Ambank, do take note that it offers these fixed deposits in both forms, either as deposit or current account. Similar to other banks, it is available in almost all major currencies and it provides remittance facility in most countries.

Public Bank is another option when it comes to foreign currency fixed deposit. Do know that the minimum amount required is RM10,000 with deposit period up to 12 months. The interest rate will be calculated based on the number of days that the deposit is being kept and will be paid in the same currency in which the deposit is made. One important point to take note is that premature withdrawal is allowed provided that the deposit has been placed for at least 15 days. Also, half the interest applicable daily will be paid to the deposit holder. Hong Leong Bank offers foreign currency fixed deposits in more than ten foreign currencies, besides offering preferential foreign exchange rates. These help to maximize returns on the foreign currency deposits. In addition, the banks offers free account statement every month and charges an optimum fees for any related services.

There are also OCBC Bank and UOB Bank offering foreign currency fixed deposit. OCBC Bank’s foreign deposits are only for Malaysians or customers with Malaysian PR, aged above 18 years old. The minimum amount of deposit is RM10,000 in any top currencies and the maximum period of deposit is 12 months. On the other hand, the UOB foreign currency fixed deposit is only available for Malaysians with age 21 years old and above. This is a good option if you wish to grow your money via foreign currency fluctuations. One benefit is the flexibility on the tenure, which can be in between 1 to 12 months depending on your choice.   

Citibank also offers foreign currency fixed deposits with choices from over ten different currencies. The minimum amount of deposit required is USD 3000 with tenure ranges from 1 to 12 months. Do take note that these deposits are eligible for PDIM protection according to the bank’ guidelines. For the foreign currency fixed deposits with Alliance Bank, you must be at least 18 years old and above in order to apply, in which the account can be availed either individually or jointly. Deposits from Alliance Bank offer competitive interest rates to its customers. One great benefit of this deposit is that it can be redeemed based on the market current exchange rate of the currency deposited. The bank offers these foreign currency fixed deposits through a huge network of branches. Nevertheless, foreign currency fixed deposits are also available from Standard Chartered Malaysia. These deposits are flexible to maintain and you may remit or convert at a favorable rate.

With so many banks offering foreign currency fixed deposits, it is advisable to look for one that suits you the most, from the amount to the purpose for depositing your money. Some deposits may be more suitable for business purposes while some may be suitable for customers who have children studying abroad or those who are employed overseas. All details in regards to these deposits are available to customers via online banking.