• Personal Loan BYTES FROM OUR KITCHEN

    Bank Muamalat Membership Personal Loan

    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.

    Features

    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
    Takaful Coverage Mandatory
    Islamic/Conventional Islamic

    Profit Rates

    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.)

    Top Reasons to take Membership Personal Loan

    The benefits and features associated with Membership Personal Loan by Bank Muamalat are listed below:

    • You can apply for up to RM100,000 loan amount with this financing facility.
    • You can obtains funds with a low flat profit rate of 4.95% p.a.
    • The loan scheme doesn’t need a collateral for the process.
    • You can opt to pay the instalments of the loan through convenient payment methods like salary with BMMB and salary deduction at source.
    • The facility comes with a flexible range of tenures with a maximum of 10 years.

    Fees and Charges

    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.

    Eligibility Criteria

    The eligibility criteria for the Bank Muamalat’s Membership Personal Loan are listed below:

    • Nationality criteria: Only Malaysian citizens can apply for this loan.
    • Age criteria: In order to apply for this loan scheme, you must be 21 years old or older at the time of application.
    • Employment criteria: The loan scheme is available for the following individuals only:
      • Confirmed Federal or State Government staff.
      • Permanent and confirmed non-government institutions’ staff with a minimum of 3 years into the service.
    • Repayment criteria: Determined by DSR (Debt Service Ratio) and NDI (National Democratic Institute).

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

    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:

    • Front and back page copies of your NRIC or an ID
    • Original copies of your latest 3 months’ salary slips
    • Completed form of Membership
    • The confirmation letter from your employer

    How to apply for Membership Personal Loan?

    • Offline application: In order to get the Membership Personal Loan, you need to either visit the nearest Bank Muamalat’s branch or reach to the bank through its hotline numbers.
    • Online Application: You can also opt for a time saving method by applying for the Membership Personal Loan online on the Bank Muamalat’s official website.

    FAQs

    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
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