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Membership Personal Loan is a personal loan scheme by Bank Muamalat that provides individuals with a loan to purchase membership of Glenmarie Golf and Country Club. The loan specifically serves the staff of Federal and State Government, Government Linked Companies (GLCs), and selected organisation staff. The funds obtained through this loan come at a competitive profit rate.
|Profit Rate (p.a.)||4.95% p.a. (Flat Rate)|
|Loan Tenure||10 years|
|Min. monthly income||RM 3,000|
|Min. Loan Amount||RM5,000|
The following table contains the flat and floating profit rate associated with the Membership Personal Loan:
|Loan Tenure||Processing Fee||Profit Rate|
|Up to 10 years||No charge||Flat rate: 4.95% p.a.|
|Floating rate: Base Rate + Spread (With a maximum of 11% p.a.)|
The benefits and features associated with Membership Personal Loan by Bank Muamalat are listed below:
The following table contains the fees and charges related to the Bank Muamalat’s Membership Personal Loan:
|Fee type||Fee details|
|Processing fee||No charge.|
|Late Payment charges (Before the maturity date)||1% p.a. of the amount of the instalment overdue.|
|Late Payment charges (After the maturity date)||IIMM% of the amount of the outstanding principal.|
|Early Termination Fee||As per the bank’s discretion.|
|Stamp Duty||Stamp duty will be charged as per the Stamp Duty Act 1949.|
|Will Fee or Wasiat||RM212.|
|Takaful contribution coverage||Depends upon the loan amount, applicant’s age, and the period of the facility.|
Please note that IIMM stands for Islamic Interbank Money Market.
The eligibility criteria for the Bank Muamalat’s Membership Personal Loan are listed below:
The following is the list of documents you need to present at the time of application for the Bank Muamalat’s Membership Personal Loan process:
Q. >What is the financing amount available with this facility?
A. You can apply for any amount from RM5,000 to RM100,000 through the Bank Muamalat’s Membership Personal Loan.
Q. What is the minimum repayment duration available with this scheme?
A. The facility allows you to choose any tenure between 3 to 10 years. However you can decide to settle the loan amount entirely any time during the period.
Q. Is there any advantage of opting for the early settlement of the loan?
A. Yes. You are eligible to earn a rebate in such cases.
Q. What is the takaful coverage? What if I don’t choose to get one with my loan?
A. It’s mandatory to opt for the takaful coverage with your loan as this protection plan covers your outstanding loan amount in event of an unfortunate circumstance during the loan period.
Q. Is it mandatory to opt for the written will with my Membership Personal Loan?
A. No. It’s optional to opt for the will but encouraged to opt for the same.
|Read More on Bank Muamalat Personal Loan|