If you are looking to make ends meet with a personal loan, AEON is here to provide help. In this article, we take a look at how to apply for an AEON loan, check if you are eligible and so on. Let’s go there step by step.
Preparation Before Applying for AEON Loan
Before applying for an AEON loan, there are a few things that you need to prepare. Knowing what the process is all about will hasten your application approval. Here’s what you need to do first:
Ensure Applicant Eligibility
Requirements and conditions: The first step before applying for a loan is knowing whether you meet the requirements that AEON wants. First, you must be a Malaysian citizen. You should also be between the ages of 18 and 65. AEON gives loans only to people who have a monthly income of at least RM1,500. For those employed in the public sector, having permanent employment status is one of the important requirements. For those in the private sector, being employed with the same employer for more than six months and having EPF contributions or proof of salary payment through a bank is necessary.
Prepare Required Documents
Once you have confirmed your eligibility, the next step is to prepare the required documents, which AEON will usually request as follows:
- A copy of your identification card
- Payslips for the last 6 months
- Bank statement for employees without EPF contributions
- For business owners, a copy of the company registration and the company’s bank statement
The quicker you have all requested documents, the quicker the application process will go!
How to Apply for AEON Loan Online
The AEON loan application process is straightforward with its online application system. Just follow these steps to apply for an AEON loan online:
Access AEON Credit Website
The first step is to go to the AEON Credit official website at www.aeoncredit.com.my and select “Submit A New Application” on AEON Credit homepage. This application will take you about 10 – 15 minutes to fill up all the information needed!
Fill in Personal and Financial Information
Next, fill in personal information, like name, address, phone number, and email. Then, fill in financial information like monthly income, employment status and the amount of loan you are asking for. Again, try to be as accurate as possible to avoid issues later on in the process.
AEON Loan Eligibility Criteria
Ensure that you meet AEON’s eligibility requirements before applying for their loan. These include:
- Malaysian: You must be a Malaysian citizen
- Age: You must be between 18 and 65
- Minimum Income: Your income must be at least RM1,500 a month
- Not Blacklisted: You must not be blacklisted by AEON or any bank
- Supporting documents: payslip, bank statement, business registration etc.
If you meet all of these requirements, you are eligible to apply for an AEON loan.
Loan Assessment and Approval Process
After you apply for AEON loan, your application will go to the assessment stage. Here, AEON will assess the information you submitted, including your credit eligibility. If your information is not lacking and meets the requirements, your application will be approved. You will receive a decision in several working days. If your application is approved, the amount will be remitted to the bank account you registered.
However, if you’re looking for other options, I’d recommend looking at Amanahkredit’s RM500 Instant Loan. With an easy application and quick approval, the RM500 instant loan is a very good option for those who need funds urgently.
Loan Payment Options and Processing Fees
AEON provides several payment options to help borrowers repay their loans. You can select a repayment period of several months to several years depending on your loan amount and repayment capability. AEON also charges a processing fee ranging depending on the amount of the loan taken:
- Processing fee for loans below RM10,000: 4% of the loan amount
- Processing fee for loans exceeding RM10,000: 2% of the loan amount with maximum fee capped at RM400
The fee required is essentially a service charge for the processing and administration of loans.
Risks and Responsibilities as an AEON Loan Applicant
You are assuming the risk of being a loan applicant. You are borrowing. You must then pay back the money during the specified period. Failure to make timely payments may result in your incurring late payment fees. You may even risk suffering damage to your credit score.
Before you apply, understand the cost implications of the loan you’re choosing and be sure to pick a loan that you can afford to repay. Do not get stuck in loans that could harm your long term finances.
By following this guide, you are now better prepared to apply for an AEON loan confidently and wisely. Be sure to understand each step and requirement to ensure the application process goes smoothly.