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A loan stretched over a long tenure allows the borrower to pay lower monthly installment and hence be eligible for a higher loan amount. The maximum loan amount is RM250,000. In June 2013, in an effort to rein in rising household debt, Bank Negara restricted all personal loan borrowings to a maximum of 10 years.
Exactly a year later, iMoney received US$500,000 in seed funding from Asia Venture Group. [5] Later, they received a US$140,000 (RM500,000) grant from Cradle Fund — an agency under the Malaysian Ministry of Finance, [6] and US$2 million from a group of venture capital funds including Jungle Ventures and 500 Startups. [7]
[7] [8] The website was officially launched in 2013 to allow comparison of and application for credit cards, home loans, car loans, investments and insurance schemes. [9] In 2014, RinggitPlus.com merged with SaveMoney.my, an online portal that provides information on different credit cards, car loans, phone, travel and shopping in Malaysia. [10]
Hong Leong Bank began its operations in 1905 in Kuching, Sarawak, under the name of Kwong Lee Mortgage & Remittance Company. [2] The original company was founded by Cantonese brothers Lam Tee Chew (林子昭) and Lam Song Khee (林崧祺). [3]
Non-bank financial companies (NBFCs) offer most sorts of banking services, such as loans and credit facilities, private education funding, retirement planning, trading in money markets, underwriting stocks and shares, TFCs(Term Finance Certificate) and other obligations.
1. Credit cards. People often choose credit cards over personal loans because of the payment flexibility they offer. You can use as much or little of your available credit as you want, versus ...
Funding Societies is a Southeast Asian digital financing platform for small and medium-sized enterprises (SMEs), headquartered in Singapore.It was the first such platform in Singapore to engage an escrow agency to independently and safely manage investors’ funds. [3]
In a direct auto loan, a bank lends the money directly to a consumer. In an indirect auto loan, a car dealership (or a connected company) acts as an intermediary between the bank or financial institution and the consumer. Other forms of secured loans include loans against securities – such as shares, mutual funds, bonds, etc.