MBSB Personal Loan

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.

Bank Rakyat Personal Loan

The Bank Rakyat Personal Loan is for those who need quick cash for their financial expenses. You need not put up any security or collateral to get this personal loan. The interest rate for this loan ranges from 7.3% to 8.34% depending on the loan amount and also the tenure of the loan. This form of financing would be suitable for all the younger ones who do not have a house ownership or any other property to use as collateral.

Do you qualify for a Bank Rakyat personal loan?

If you want to qualify for the Bank Rakyat personal loan, you would have to meet the age requirement that has been set by Bank Rakyat whereby you need to be at least 18 years old and above and you also cannot be more than 65 years of age. You have to be employed or self-employed and you must meet the minimum required salary in order to be qualified for the home loan.

Just how much can you really borrow?

Bank Rakyat has made it more than easy for anyone and everyone to borrow an essential amount of cash for their needs. The maximum limit allowed for the personal loan is RM 150,000 and the minimum salary you will need to qualify to be in the running to get a loan in the first place is RM 2,000. Do keep in mind that if you have any other instalments from other existing loans, it will make it a little harder to qualify for the full loan.

How do I improve my chances on a personal loan with Bank Rakyat?

Here are a couple of ways which you can use to increase your chances on getting that personal loan which you wanted from Bank Rakyat. What you need to do is to pay off all your credit card bills and any outstanding debt which you may have. You could also always choose a longer tenure which could be a 10 year tenure to make your repayments easier to lessen your burden.

What are the types of Bank Rakyat Personal Loan Packages offered?

There are a variety of packages available to suit almost anyone from all walks of life. Listed below are some of the packages offered.

Personal Finance-i Civil Servant:

This loan is also known as the ‘Rakan Pintar’, and is specifically to cater for public servants offering a lower rate of profit with a tenure of up to 10 years. It comes with a free premium banking membership and individuals can apply for a loan of up to 35X of their gross salary.

Personal Finance-i Public:

This loan scheme here is to cater for the public sector employees which allows a maximum amount of RM 200,000 required for financing. Government employees who draw a minimum of or RM 1,000 can apply for this loan without needing a guarantor.

Personal Finance-i Private:

Doctors, engineers and lawyers are encouraged to apply for this loan which offers financing of up to RM 150,000. RM 2,000 would be the minimum salary for the private employees, and RM 8,000 for contractual workers.

Personal Finance-i Pensioner:

Government pensioners below the age of 65 years are eligible to apply for this loan with the maximum financing limit of RM 100,000 or even a multiple of 15 on their monthly pension. The other 2 factors would be based on the maximum amount of instalment being 30% of monthly gross pension without house financing or even a maximum amount of instalment being 50% of monthly gross pension with house financing depending on whatever is lower.

The Conclusion

With all these packages offered, it is now more than easy for anyone to apply for a personal loan from Bank Rakyat. You are also entitled to a rebate based on the overcharged interest rates is you can manage to pay the whole outstanding principal sum in a lump-sum amount.

Source: http://www.personalloan.com.my/bank-rakyat-personal-loan-private/61/

Bank Islam Personal Financing-i

Bank Islam Malaysia Berhad is an Islamic bank based in Malaysia that currently provides Shariah-compliant card services and mobile banking. The bank was established in July 1983 primarily to assist the financial needs of the country’s Muslim population but has extended its services to the broader population. One of the bank’s services being offer is called Bank Islam Personal Financing-i.

Bank Islam Personal Financing-i is a Shariah compliant personal loan that is catered for employees who work in government sector, public sector, and selected government-linked company. This personal loan provides options for fixed flat rate or floating interest rates with no collateral or guarantor needed for the loan. The loan offers from RM 10,000 to RM 200,000 of financing with maximum of 10 years repayment upon retirement age.

Repayment

There are three tiers of fixed flat rate under the Bank Islam Personal Financing-i that start from 3.25% per annum (with Bank Islam and Takaful products such as Bank Islam Will Writing, BancaTakaful products subscription or Bank Islam Card-i) for 1 to 3 years, 3.50% per annum (without Bank Islam and Takaful products) for 1 to 3 years, and 4.99% per annum for 4 to 10 years while the floating rates which tied to Bank Islam’s base financing rate start from 1.65% per annum for 1 to 3 years and 0.35% per annum for 4 to 10 years.

Payment for the loan is made monthly via salary deduction, salary transfer to the bank with auto-debit fund transfer or standing instruction deduction. The maximum deductable would be 50% (if not a house owner) or 60% (if a house owner) of salary after statutory deduction and might goes up to 55% (if not a house owner) or 75% (if a house owner) if the salary is above RM 7,000.

Fees

There are no hidden charges or processing fees needed for the loan. However, a RM 50 Wakalah fee will be charge when you apply for the loan and a 0.5% stamp duty fees which is based on the financing amount. There are cases where Bank Islam may request an advanced payment amounting to 60 day’s repayment before the loan is approved.

Borrowers who want to pay off their loan early are entitled to an Ibra’ (rebate) which is equivalent to the remaining profit at the time of settlement with no penalty fees charged. If payments are not made on time, a 1% per annum penalty will be charged for any late repayment by Bank Islam which will increase the total outstanding amount.

Eligibility

It is clearly stated that the loan is only offered to Malaysian government sector, public sector, and selected government-linked company employees only. The loan is eligible to Malaysian citizen, age 18 and not exceeding the retirement age at the end of the payment period and earned a minimum fixed income of RM 2,000 monthly.

Documentations

For salaried applicant:

·         A copy of front and back NRIC

·         Most recent 3 months’ salary slips

·         Most recent confirmation letter by current employer

·         A choice from one of the documents below:

-          Most recent B/BE/EA/EC form with tax payment receipts attached

-          Most recent 3 months bank statements

-          Most recent EPF statement

For self-employed applicant:

·         A copy of front and back NRIC

·         A Business Registration Certificate

·         Most recent 6 months bank statements

·         Most recent 2 years financial statements

·         Most recent B/BE/EA/EC form with tax payment receipts attached

sources: http://www.personal-loan.my/bank-islam-personal-financing-i/95/