| 1 |
Customer warrants to the Bank that he (reference to the masculine gender in these Terms includes all genders) is not an undischarged bankrupt, nor are there any bankruptcy proceedings, current/pending legal suits against him, and acknowledges reliance of the Bank on this warranty regardless of any checks the Bank may itself conduct in processing the application. While the Bank does not require a purpose to be stated, the Customer agrees that the Facility is intended for utilisation not contrary to the principles of Shariah (only applicable for CashVantage Financing-i). |
| 2 (h) |
The Customer may request for delivery of the Commodity at any Alliance Bank branches with prior notification given to the Bank before the Bank sells the commodity to any third party. Upon receipt of the Customer’s request, the Bank as Customer’s agent shall make arrangements for the said delivery on the Customer’s behalf. The delivery of the Commodity shall be in accordance with the procedures of the respective commodity trade service providers engaged by the Bank. The delivery process fee and all other delivery charges imposed by the commodity trade service provider shall be borne by the Customer. Upon taking delivery of the Commodity, the Customer shall make payment of the Selling Price to the Bank on a deferred basis and the Bank shall immediately be discharged from all further liabilities in relation to the Agency Agreement including its obligation to sell the Commodity to the commodity trade service providers. There will not be any disbursement of the financing to the customer when customer takes delivery of the asset. Disbursement will be made by the Bank to the commodity trade service provider as payment for the Commodity. In the event that the commodity trading is executed by the Bank on dual agency arrangement via straight through processing, the customer upon request is allowed to obtain possession of the Commodity provided that the Bank has yet to sell the Commodity to any third party. |
| 4 |
Payment of the Facility shall be made by the Customer by the number and in amount of monthly instalments as stated in the “Notice of Disbursement” (which is defined as a notice to Customer on the disbursement details). The monthly instalments will be due and payable on the 5th day of the month or on such other date as shall be fixed from time to time by the Bank. The first instalment due date is as follows:
| a) |
If the disbursement takes place between the 1st to 5th day of the month, the first instalment will be due and payable on the 5th day of the subsequent month; or |
| b) |
If the disbursement takes place between the 6th to 31st day of the month, the first instalment will be due and payable on the 5th day of the month following the subsequent month. |
The Notice of Disbursement shall be read together with and form part of the Alliance CashFirst Personal Loan/CashVantage Financing-i Application Form (“Application Form”). The former shall prevail in the event of inconsistency. Interest/Profit Rate on the Facility shall be calculated on a flat rate basis based on Rule 78 as stated in the Application Form and Product Disclosure Sheet. |
| 5 |
In the event that the account number provided in the Application Form for a joint account and/or is inaccurate, irrespective of whether or not the Facility was withdrawn and/or utilised by the joint account holder; customer shall continue to be solely liable to pay the following;
| a) |
Personal Loan/Financing Monthly Instalments |
| b) |
any unpaid payments due together with any interest/profit accrued |
| c) |
any other compensation charges and any other fees and charges imposed by the Bank as stipulated in the Terms and Conditions |
Customer shall be fully liable in the event the Facility is not deposited into or is paid to an incorrect account due to any negligence, omission, fraud or the provision of inaccurate, incorrect or misleading information in the Application Form. |
| 6 |
The Facility is offered to the Customer based on the affordability assessment from the credit check conducted on the Customer and information provided by the Customer at the point of the loan/financing application. In the event there is a deterioration in the Debt Service Ratio (DSR) at any point of time or subsequent credit record obtained by the Bank reveals the deterioration of Customer’s DSR, the Bank reserves the right to review the Facility, including suspending the disbursement of the Facility, vary the terms of the Facility including but not limited to reducing the loan/financing amount or the Bank has the right to cancel or recall the Facility due to the aforementioned reason and notice given to the Customer. With the variation, cancelation or termination of the Facility, the Customer shall still bear all the costs related to the Facility such as stamp duty charges or late payment charges.
*CashVantage Financing-i is not appliable for applications via the Touch ‘n Go Digital platform. |
| 8 |
For CashFirst Personal Loan, the Bank may vary the interest rate quoted and/or prescribed by the Bank in respect of the Facility (‘the Prescribed Rate”), monthly instalment amount(s) and/or tenure of payment at any time and from time to time according to its policies if the Customer’s account is two (2) months or sixty (60) days overdue whichever is earlier by providing the Customer twenty one (21) days’ notice. The Bank’s right to change the Prescribed Interest Rate, monthly instalment amount(s) and/or tenure of repayment does not affect the Bank’s right to terminate the Facility with prior notice at any time in the event of default. |
| 9 |
The Bank may vary the Terms and Conditions, fees and charges applicable to the Facility by providing at least twenty one (21) calendar days’ notice before the variation is effective. The notice of the variation may be given to the Customers via:
| a) |
SMS; and/or |
| b) |
email; and/or |
| c) |
announcement at the Bank’s website; and/or |
| d) |
insertion in the statement of account; and/or |
| e) |
by any other means of notification which the Bank may select according to its policies. |
Customers are reminded to access the Bank’s website at regular intervals to view the terms and conditions of the Facility and to ensure that they are kept up-to date with any changes or variations to these terms and conditions. The Bank will not exercise any rights to vary the terms of this Facility arbitrarily or unreasonably. Any variation shall only be made for justifiable commercial, regulatory, or risk-related reasons, and will be communicated to the Customer with at least 21 days’ prior written notice. |
| 10 |
The Bank may reduce the Facility amount based on the application evaluation according to its policies with prior reason and notice given to customer. Any reduction on the Facility amount shall be regarded as final and shall be credited into the Customer’s account number as provided in the Application Form. The approved Facility amount, interest/profit rate or tenure as per the Confirmation of Terms Form shall not affect the essence and the validity of these Terms, and customer’s signature on the Confirmation of Terms shall serve as a confirmation of their agreement to obtain the loan/financing for the Facility amount as approved by the Bank. |
| 13 |
The Bank may review the Facility at any time or from time to time, whether or not an event of default has occurred, and may vary any terms and/or impose any conditions in the event of credit deterioration or any change in regulatory requirements, by giving twenty one (21) days’ notice to the Customer. The variation shall take effect from the date specified in the Bank’s notice and the decision of the Bank as to the variation shall be final and conclusive. |
| 14 |
The full Facility amount, any unpaid balance or any other sums due shall become immediately payable upon demand if any of the following events of default occur:
| a) |
defaults in the payment of any monies payable or any other sums or monies due under the Aqad on sale of the Commodity (applicable to Alliance CashVantage-Financing-i) or if Customer’s account has been unsatisfactorily conducted according to the Bank’s policies; or |
| b) |
fails to observe or perform any of the agreements, covenants, stipulation, terms and conditions to be observed or performed on his part; or |
| c) |
dies or becomes of unsound mind; or |
| d) |
is unable to pay his debts or suspends payment thereof or enters into any arrangement or composition with his credits or commits an act of bankruptcy; or |
| e) |
has other indebtedness arising to the Bank or any third party due prematurely by reason of his default or otherwise, or the security becomes enforceable, including due to his failure to pay within the required period any such debts incurred; or |
| f) |
a distress of execution is levied or enforced upon any of the Customer’s properties; or |
| g) |
for any reason any guarantee or security given to the Bank for the payment of this Facility shall be terminated or lapse for any reason or if the guarantor and/or security provider shall be in default under the terms of the guarantee and/or security documents or dies or becomes of unsound mind or is wound-up or commits any act of bankruptcy; or |
| h) |
ceases or threatens to cease carrying on his business or transfers or disposes or intends to the transfer or dispose of a substantial part of his assets or changes the nature or scope of his business as now conducted; or |
| i) |
has petition presented against him for bankruptcy or a trustee, or similar official, is appointed over all or a substantial part of his assets or if execution or any form of action is levied or taken against his assets; or |
| j) |
in the Bank’s opinion, undergoes any change or threatened change in circumstances which would adversely affect his business or financial condition or ability to perform obligations under the Facility, or any other agreement with the Bank; or |
| k) |
makes or has made representations and warranties to the Bank and/or provides or has provided information to the Bank which are untrue, incorrect and/or materially misleading; or |
| l) |
applicable law or regulations or in the interpretation or application shall become unlawful for the Bank to comply with its obligations to continue to make available the Facility; or |
| m) |
has any of his current accounts closed by any bank as per the applicable regulations governing dishonored cheques and/or policies of the said bank maintaining such current accounts, notwithstanding that his current account(s) with Bank, whether held solely or jointly with others, has been conducted satisfactorily; or |
| n) |
there is a breach of any of the provisions contained in the Financial Service Act 2013 or any prevailing laws or regulatory requirements or directives or guidelines issued or which may be issued or amended by BNM pertaining to the grant of this Facility generally or to persons connected with the Bank |
|
| 19 |
The Bank shall be entitled (but shall not be obligated) at any time with seven (7) days’ notice to combine, consolidate or merge all or any of the Customer’s then existing accounts and liabilities with and to the Bank, whether in or outside Malaysia, whether individually or jointly with any other person(s); and to transfer and/or, set off any monies in credit in any one or more of such accounts in or towards satisfaction of any moneys owing or obligations or liabilities of the Customer to the Bank, according to its policies, whether in principal or surety, whether present or future, actual or contingent, primary or collateral, individually or jointly with any other persons(s), and to effect any necessary currency conversions at the Bank’s own rate of exchange then prevailing. |
| 20 |
The Bank reserves the right to require payment on demand of such amounts with prior notice of twenty one (21) days, if it determines in good faith that due to any change in law or regulation, the cost to the Bank of providing, maintaining, or funding this Facility has materially reduced. |
| 21 |
Early Settlement of Facility
CashFirst Personal Loan: The Bank shall provide a refund of the unearned portion of interest calculated on a daily pro-rate basis, in accordance with the Bank’s policy and applicable regulatory guidelines.
CashVantage Financing-i: The Bank shall grant an Ibra’ (rebate) for the unearned portion of the profit, in accordance with Shariah principles and BNM’s Guidelines on Ibra' (Rebate) for Sale-Based Financing. |
| 23 |
Unless otherwise specified herein, our fees exclude any current and future taxes (if any) that may be imposed under applicable legislation. Upon the effective date of such taxes, the Bank shall be entitled to recover them from Customer, subject to prevailing charges published in the Bank’s official fee table, Product Disclosure Sheet (PDS), or as notified by the Bank with at least 21 calendar days’ notice in accordance with regulatory requirements. |
| 24 |
Customer gives the Bank his express and irrevocable consent through the declaration in the Application Form (“Declaration”) to disclose information relating to the Facility, his accounts and other facilities presently held or which may otherwise be opened or obtained with the Bank from time to time (“Information”) to such extent as the Bank may consider necessary to:
| a) |
any person the Bank considers necessary in relation to the provision of the Facility and other services, or the operating procedures of the Bank (Including its accounting, client relationship or risk management functions), including all companies and subsidiaries within Alliance Bank Malaysia Berhad and any service provider (including debt collection agencies); |
| b) |
any bureaus or agencies established by Bank Negara Malaysia (including the Central Credit Reference Information System – “CCRIS”) or by other regulatory authorities including the Association of Banks in Malaysia;/ Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), AIBIM is only applicable to Alliance CashVantage-I |
| c) |
the Bank’s potential assignee. Information may be used, stored, transferred, compiled, matched, obtained and/or exchanged by or with the aforementioned parties (‘Users’) and kept confidential by users, save where disclosure is required under any laws or regulations applicable to them. |
|
| 25 |
The Customer consents to and authorises the Bank and its officers and employees to disclose and furnish all information concerning the Customer’s particulars and affairs (financial or otherwise), account details, relationship with the Bank, the terms of agreement and any other matters relating to the Customer or its business and operations to the following classes of persons according to its policies as the Bank may consider necessary:
| a) |
the Bank's related companies or any associated company of the Bank (the Bank together with the aforesaid related/associated companies are collectively referred as "Alliance Bank Group") and their assignees and successors-in-title. For avoidance of doubt, disclosure to the Alliance Bank Group shall be for facilitating the operations and, business of the Bank and/or the Alliance Bank Group; |
| b) |
any person for or in connection with any action or proceeding taken to recover monies due and payable by the Customer to the Bank; |
| c) |
regulatory bodies, government agencies, tax authorities, the police, law and enforcement agencies and courts, both within and outside Malaysia including but not limited to disclosure pursuant to the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS); |
| d) |
Cagamas Berhad, Credit Guarantee Corporation (Malaysia) Berhad (if applicable) and any other relevant authority as may be authorised by law to obtain such information, or such authorities/agencies established by Bank Negara Malaysia, or any agency established by the Association of Banks ABM) /Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), AIBIM is only applicable to Alliance CashVantage-I |
| e) |
Central Credit Reference Information System, credit bureau, credit reporting agencies govern under Credit Reporting Agencies Act 2010; |
| f) |
the Bank’s accountants, auditors, lawyers, advisors, consultants and/or other authorised agents as may be required for the proper performance of their functions, duties and obligations to the Bank and the Alliance Bank Group; |
| g) |
the Bank’s service providers, nominees, agents, contractors or third-party service providers engaged by the Bank and its related or associated companies to carry out the Bank’s functions and activities; |
| h) |
an external party as may be required for any corporate exercises/due diligence activities undertaken by the Bank and/or the Alliance Bank Group; |
| i) |
any party which in the future may express intention to acquire an interest/shareholding in the Bank/pursuant to any proposed arrangement, composition, merger, acquisition/restructuring between the Bank and such parties; and the security parties/guarantors or any party providing security in respect of the Facility(ies); and |
| j) |
any other persons or entities with the Customer’s prior consent. |
The Customer consents to such disclosure and confirms that the Bank, Alliance Bank Group, its officers and employees shall not be liable for furnishing such information or for the consequences of any reliance which may be placed on the information furnished in accordance with the terms contained herein. The disclosure will be conducted in accordance with BNM’s Policy Document on Management of Customer Information and Permitted Disclosures (MCIPD). |
| 27 |
The Customer declares and agrees through the said Declaration that any data/information (including personal data) relating to the Customer’s application and also information pertaining to the Customer’s affairs on this application may be held, used and disclosed by the Bank for purposes of processing this application in accordance to BNM’s Policy Document on Management of Customer Information and Permitted Disclosures (MCIPD). |
| 29 |
Any provision of these Terms which is prohibited or unenforceable by law (whether Shariah or otherwise) shall be ineffective to the extent only of such prohibition or unenforceability without invalidating or affecting the remaining Terms or the validity or enforceability of any remaining Terms. The Bank may terminate the CashVantage Financing-i in the event that the financing granted is utilised for Shariah non-compliance activities as determined by the Bank's Shariah Committee according to the Shariah law/rules with reasonable notice. |
| 31 |
Services of Notice:
| 31.1 |
Any notice, demand, statement, or other communication (including computer generated notices/statements that do not require any signature) (“Notices”) from the Bank to the Customer may be delivered personally, sent by registered post, courier, facsimile, electronic mail, or other digital means to the Customer’s last known address, contact number, or email address as maintained in the Bank’s records. |
| 31.2 |
Notices shall be deemed duly served:
| a) |
if delivered personally, at the time of delivery; |
| b) |
if sent by registered post or courier, three (3) business days after posting; |
| c) |
if sent by facsimile, electronic mail, or other digital means, at the time of transmission, provided no delivery failure notification is received. |
|
| 31.3 |
Service of any legal process, including but not limited to writs, summonses, subpoenas, or other court documents, shall be deemed validly served if delivered in accordance with Clause 31.1 and 31.2, and such service shall constitute proper service for all legal and procedural purposes. |
| 31.4 |
The Customer shall promptly notify the Bank in writing or via phone call of any change in contact details. Until such notification is received and acknowledged by the Bank, all communications sent to the last known contact details as maintained in the Bank’s records shall be deemed valid and binding. |
|
| 35 |
Subject to proper verification, the Bank may rely and act upon any verbal or written instructions received from the Customer through any mode acceptable to the Bank according to its policies including but not limited to, by telephone, online or facsimile. The Bank shall not be held responsible for any losses or damages incurred that may arise as a consequence of the Bank acting on or acceding to any Customer‘s instruction or request. |
| - |
Contact Points for Enquiries and Complaints
| • |
If you wish to enquire or lodge a complaint on the products or services provided by us, you may contact us at:
Alliance Bank Malaysia Berhad, Customer Care Unit,
Level 22 Menara Alliance Bank, No. 159 Jalan Ampang, 50450 Kuala Lumpur
Tel: 03-2600 1800; Email: info@alliancefg.com |
| • |
If your query or complaint is not satisfactorily resolved by us, you can call Bank Negara Malaysia LINK or TELELINK at:
Bank Negara Malaysia,
P.O.Box 10922, 50929 Kuala Lumpur
Tel: 1-300-88-5465; Fax: 03-2174 1515; Email: bnmtelelink@bnm.gov.my |
| • |
You may also contact Financial Markets Ombudsman Service (FMOS) at:
Level 14, Main Block, Menara Takaful Malaysia,
No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur.
Tel: 03-2272 2811; Fax: 03-2272 1577; Website: www.fmos.org.my |
|
