AEON Credit Malaysia is a financial services company that started operations in 1997. It provides various services, including credit card issuance, easy payment schemes, personal financing schemes, and insurance products to the Malaysian market. It is a part of a larger network with operations extending to Japan, Malaysia, Hong Kong, Thailand, Taiwan, and China.
AEON Credit offers expert guidance and support to borrowers throughout their loan tenure, which can be invaluable for individuals to understand financial borrowing. AEON Credit also provides easy instalment plans for those purchasing home appliances, electronic products, or furniture, making it a favourable alternative to traditional bank loans.
Listed below are 4 types of products and services offered by AEON Credit:
- Personal Financing: AEON Credit’s personal financing provides the extra cash requirements of individuals, with loan amounts varying from RM1,000 to RM100,000.
- Credit Cards: It incorporates AEON MEMBER Card benefits, exclusive offers, higher discounts and increased payment flexibility.
- Hire Purchase Financing: AEON Credit proffers Shariah-compliant auto financing under the governance of the Hire Purchase Act 1967.
- Insurance Services: AEON Credit offers AEON Care Insurance covering accidental death/permanent disablement, medical expenses from accidents, ambulance fees, daily hospital cash, ATM assault and robbery, and outstanding loan amount coverage in accident cases.
1. Personal Financing
AEON Credit provides personal financing schemes to meet the extra cash needs of individuals. They offer loan amounts ranging from RM1,000 to RM100,000. Personal financing services are available to Malaysian citizens aged between 18 and 65. Applications for personal financing can be made online and it takes 10 to 15 minutes to complete the application process.
They offer a specific personal financing service known as AEON iCash Personal Financing which is ideal for individuals looking for quick cash. The loan tenure ranges from 6 months to 7 years with profit rates starting from as low as 7.92% per annum and going up to 18% per annum, depending on the financing amount.
2. Credit Cards
AEON cards include AEON MEMBER Card benefits that provide exclusive offers from AEON Stores nationwide, higher discounts, and more payment flexibility. The cards are accepted globally, allowing cardholders to enjoy exclusive offers at over 500 preferred merchants worldwide.
AEON Credit has a range of cards to suit different lifestyles, providing more choices and rewards to its cardholders. They recently updated the benefits of their AEON Classic, AEON Gold, and AEON Platinum cards.
3. Hire Purchase Financing
AEON Credit offers Shariah-compliant auto financing services governed under the Hire Purchase Act 1967. The profit rates for this financing start from 3.99% to 9.90% per annum, with the maximum loan amount being 90% of the car price. Cars eligible for financing can be up to 16 years old, and all brands of cars are eligible for financing.
The loan tenure for AEON Auto Financing HP-i can extend up to 9 years (108 months) for both new and used cars, with processing times within five working days. They also provide motorcycle financing with rates as low as 0.833% per month for bikes below 250cc under a similar Shariah-compliant framework.
4. Insurance Services
AEON Credit has diversified its insurance offerings through various products and a strategic acquisition. They offer AEON Care Insurance, which provides coverage like accidental death/permanent disablement, medical expenses due to accidents, ambulance fees, daily hospital cash, ATM assault and robbery, and coverage for outstanding loan amounts in the case of accidents.
Besides, they offer Group Credit Family Takaful insurance services arranged and managed by AEON Insurance Brokers (M) Sdn. Bhd. AEON Credit expanded its insurance offerings by acquiring Insurepro Sdn. Bhd., aiming to grow its insurance services further.