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.
|Financing Amount||Financing Tenure||Minimum Income||Profit Rate|
|Up to RM50,000||Up to 10 years||NA||
Flat Rate:4.95% p.a.
Floating Rate: Capped at 11% p.a.
Starting 4.95% p.a. (flat rate)
Floating Rate: Base Rate + Spread p.a.; capped at 11% p.a.
|Effective Profit Rate||NA|
|Minimum Financing Amount||RM5,000|
|Maximum Financing Amount||RM50,000|
|Financing Tenure||From 5 to 10 years|
|Government Servant?||All federal, state government, GLC, and selected organisation staff|
Let’s take a look at the benefits and features associated with Education Personal Loan by Bank Muamalat:
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.
The eligibility criteria for the Education Personal Loan by Bank Muamalat are as follows:
The list of documents required for Education Personal Loan process is given below:
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.