Bank Muamalat Education Personal Loan

Education Personal Loan is a personal loan facility provided by Bank Muamalat that is designed to provide funds to parents to finance their children’s tertiary education in ICAM (International College of Automotive). The loan scheme provides the financial support to the individuals at a competitive profit rate.

Features

Profit Rate (p.a.)	4.95% p.a.(Flat Rate)
Loan Tenure	10 years
Min. Loan Amount	RM5,000
Takaful Coverage	Mandatory
Islamic/Conventional	Islamic

Profit Rates

The profit rate associated with the Education Personal Loan are as follows:

Loan Tenure	Processing Fee	Profit Rate
5-10 years	No charge	Flat rate: 4.95% p.a.
		Floating rate: Base Rate + Spread (Capped at 11% p.a.)

Top Reasons to take Education Personal Loan from Bank Muamalat

Let’s take a look at the benefits and features associated with Education Personal Loan by Bank Muamalat:

• With the Education Personal Loan, you can get up to RM50,000 at a low profit rate of 4.95% (flat rate).
• The Education Personal Loan comes with flexible tenures ranging from 5 to 10 years.
• The loan process doesn’t need you to be accompanied with a guarantor.
• You can make the repayment using the convenient payment modes like salary deduction at source and salary with BMMB.

Fees and Charges

The following are the fees and charges associated with Education Personal Loan by Bank Muamalat:

Fee type	Fee details
Processing fee	No charge.
Late Payment charges (Before the maturity date)	1% p.a. of the overdue instalment amount.
Late Payment charges (After the maturity date)	IIMM% of the total outstanding principal.
Early Termination Fee	As per the bank’s discretion.
Stamp Duty	As per the Stamp Duty Act 1949.
Will Fee or Wasiat	RM212.
Takaful contribution coverage	Depends upon the age of the applicant, tenure of the loan, and financing amount.

Please note that IIMM = Islamic Interbank Money Market.

Eligibility Criteria

The eligibility criteria for the Education Personal Loan by Bank Muamalat are as follows:

• Nationality criteria: Malaysian citizen.
• Age criteria: The minimum age required to apply for the loan is 21 years.
• Employment criteria: The following individuals can apply for the Education Personal Loan:
  • Confirmed employees of the Federal or State Government.
  • Permanent and confirmed employees of non-government institutions having 3 or more years in service.
• Repayment criteria: The repayment capacity will be determined by DSR (Debt Service Ratio) and NDI (National Democratic Institute).

What documents do I need to prepare for Education Personal Loan?

The list of documents required for Education Personal Loan process is given below:

• A copy of either NRIC or an ID (both sides)
• The confirmation letter from the employer
• A copy of the latest month’s salary slip
• The offer letter from the ICAM

How to apply for Education Personal Loan?

• Offline application: Applications for the Education Personal Loan by Bank Muamalat can be made at the nearest bank’s branch. The request can also be made through the hotline number of the bank.
• Online Application: In order to get the Bank Muamalat Education Personal Loan, you can visit the official website of the bank and complete the process online.

FAQs

Q. How much loan amount I can apply for with the Education Personal Loan?

A. You can apply for a minimum of RM5,000 and a maximum of RM50,000 with Bank Muamalat Education Loan.

Q. Should I opt to get the written will with this loan?

A. Though it is not mandatory to get the written will, it is highly recommended to opt for it with your loan.

Q. What is the benefit of takaful coverage? Is it necessary to get the coverage with my loan?

A. It’s compulsory to get the takaful coverage as it covers the outstanding loan amount in cases of any unfortunate circumstances such as death of the borrower or total permanent disability of the borrower during the loan period.

Q. What if I decide to pay the loan amount before the facility matures?

A. In such cases, you can earn rebate depending upon the unutilised amount of the total financing amount approved.

Q. Does the process need a collateral?

A. No. The Bank Muamalat Education Personal Loan doesn’t require a collateral.