Getting a personal loans anywhere today is
not as easy as what it used to be years back. To make matters worse, with the
rising cost of living and the expenses that we have to bear today, a personal
loan does come in very handy especially in times of emergencies. Like most
places in the world, banks in Malaysia are ever ready to support those in need
and one of those banks is none other than the MBSB Bank. However, one thing
that you should know is that MBSB does not offer a loan just about to anyone.
Instead, all their loans are offered only to government and GLC workers here in
Malaysia.
Do
You Qualify For The MBSB Bank Personal Loan?
To qualify for the MBSB personal loan, you
would have to meet the age requirement that has been set by MBSB Bank whereby
you need to be at least 19 years old and above and you also cannot be more than
65 years of age. As what has been mentioned earlier, you must be a government
or a GLC employee in order to qualify for the loan.
MBSB
Bank Loan Fees & Charges
MBSB Bank has an annual percentage rate as
low as 3.4% which also depends on the financing amount and the period. There is
also a processing fee of RM 120 which will have to be paid to the bank. An
additional RM 38 will also be charged to you as a sales agent fee because this
is an Islamic loan and it is placed under the concept on the Tawarruq which
refers to the trading of a commodity. The good thing however is that there is
no stamp duty fee which will be charged to applicants. There is an early
termination fee which will be charged that amounts up to 5% and late payment
charges are 1% of the total outstanding amount. You will also service the loan
by having it deducted from your monthly salary. There is a catch to this
personal loan as those who get the loan will also need to take the Takaful
insurance altogether.
What
Will Some Of The Documents You Will Need In Order To Apply For This Loan?
The benefits of getting a loan from MBSB
Bank is that you will not need to find yourself a guarantor as security but you
will still need to hand in some important supporting documents to MBSB Bank.
What you will need to hand in is a copy of your MyKad, both front and back and
also your birth certificate. You will also need to bring along 2 copies of your
salary slips over the last 3 months and your pay slip needs to be certified by
your boss or your head of department. Apart from that, you will also need the
latest 6 months of your savings account or your current account statements and
a copy of your passbook to show the bank where your salary is debited into.
An
Overview
The MBSB Bank personal loan is perfect for
all those who are in need of money for their personal use as the interest rates
are fairly low and you will not have to worry about making your way to the bank
as your loan repayment will be deducted each month from your monthly salary.
The plus point to taking this loan is that you will get to repay your loan off
early and you will not be charge any fee. Remember that you will also need to
give a 1 month notice if you wish to terminate the loan and you will be charged
an early termination fee.