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    AgroCash-i Personal Loan

    AgroCash-i personal financing facility by Agro Bank provides financing to consumers for agriculture and agro-based activities. The facility works under the Shariah banking principle of Tawarruq. This facility comes with a fast approval and you can obtain financing at low profit rates.

    Features and Benefits

    The features and benefits of this financing plan is listed below:

    • The facility comes with a high range of financing with a maximum obtainable amount of RM200,000.
    • You can choose from a flexible range of repayment tenures that has a maximum limit of 10 years.
    • The profit rates associated with the package is charged on a floating basis and is pegged to the bank’s base rate.
    • It's a fast approval loan.
    • The facility is open for government employees and GLC staff.

    Profit Rates

    Let’s look at the profit rates associated with the facility:

    For employees of federal government

    Tenures available Profit rate
    Up to 3 years (Base rate + 2.85)% p.a.
    4-10 years (Base rate + 3.35)% p.a.

    For employees of the state government

    Tenures available Profit rate
    Up to 3 years (Base rate + 3.22)% p.a.
    4-10 years (Base rate + 3.67)% p.a.

    For individuals who have exceeded MIA-2 in the past 12 months

    Tenures available Profit rate
    Up to 10 years (Base rate + 4.25)% p.a.

    Current base rate = 3.85% p.a.

    Fees and Charges

    The following table consists of fees and charges associated with AgroCash-i personal financing:

    Fee type Fee details
    Stamp Duty Will be charged as per the Stamp Duty Act 1949.
    Advance instalment Equivalent to the amount of 3 months’ instalments.
    Brokerage fee For financing amount under RM50,000: RM30 per Tawarruq transaction.
    For financing amount over RM50,000: RM50 per Tawarruq transaction.

    Eligibility Criteria

    The eligibility criteria of this financing facility are given below:

    • Age requirement:
      • Government employees:
        • Minimum age required: 18 years.
        • Maximum allowed age at the facility’s maturity: 60 years.
      • GLC staff:
        • Minimum age required: 21 years.
        • Maximum allowed age at the facility’s maturity: 60 years.
    • Minimum income requirement:
      • Government employees: RM12,000 p.a.
      • GLC staff: RM24,000 p.a.
    • Employment requirement:
      • Government employees: Government staff should be working on permanent basis with at least 6 months in service.
      • GLC staff: Permanent and confirmed employees of GLCs with at least one year in service.
    • Other eligibility criteria:
      • You are required to have salary deduction via BPA.
      • You should not have a special attention account (SAA).
      • You should not have Rescheduling and Reconstructing (R&R) status.

    What documents are required?

    The following are the documents you require to present at the time of application of this financing scheme:

    • A copy of NRIC.
    • Income proof.
    • Employment proof.

    How to Apply?

    You can contact the bank via its customer service numbers or apply for the loan scheme at the bank’s official website.

    Contact Number

    For more information associated with the loan scheme, you can contact the bank via the following helpline numbers:

    • Local: 1-300 88 2476
    • International: +603-2079 0600

    So, if you require funds for agriculture-based activity, AgroCash-i personal financing can be a good option to go for. Ensure that you have read the fine print thoroughly before signing up.

    FAQs

    Q. What is the minimum tenure that I can get with AgroCash-i?

    A. The minimum tenure associated with repayments of this plan is 1 year.

    Q. Do I need a guarantor or a collateral for the process?

    A. No, you do not need a collateral or guarantor for the loan process.

    Q. What is the minimum amount I can apply for via this financing plan?

    A. The minimum amount that you can apply for is RM1,000.

    Q. What are the factors that affect the profit rate at which I will obtain financing?

    A. Profit rate associated with the package will depend upon the following factors:

    • Whether you are an existing or new customer.
    • Your CCRIS report for last 12 months should not exceed MIA-2.

    Q. Do I require to take the takaful coverage with this financing scheme?

    A. It is highly encouraged that you take takaful coverage with AgroCash-i.

    Q. Can I make a prepayment on the monthly instalment?

    A. Yes, you are allowed to make prepayments with this facility.

    Q. Can I settle the financing amount fully before the scheme matures?

    A. Yes, you can settle the loan amount fully before the maturity of this facility.

    Q. Is there a benefit associated with the early settlement of AgroCash-i?

    A. Yes, if you opt to settle the entire financing amount before the facility matures, you can earn rebate on the unused portion of the tenure.

    The rebate (Ibra) will be calculated using the formula below:

    Ibra = Deferred profit – Early settlement charges.

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