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.