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.
|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.
Flat Rate: 4.95% p.a.
Floating Rate: Base Rate + Spread p.a. (capped at 11% p.a.)
|Minimum Loan Amount||RM5,000|
|Maximum Loan Amount||RM100,000|
|Loan Tenure||3 years to 10 years|
|Approval Duration||Not specified|
|Government Servant?||All State Government, Federal, GLC, and selected organisation staff|
The benefits and features associated with Membership Personal Loan by Bank Muamalat are listed below:
|Stamp Duty||As per Stamp Duty Act 1949 (Revised 1989)|
|Disbursement and Miscellaneous Fees||None|
|Wasiat (Will Writing)||RM212|
|Late Payment||Before maturity: 1% of the total outstanding amount After maturity: Equivalent sum to BNM’s IIMM rate (Islamic Interbank Money Market) on the outstanding principal amount|
|Employment||Government: Confirmed staff Non-government: Confirmed and permanent staff (minimum 3 years in service)|
|Linked Bank Account||No|
Copy of NRIC or MyKad (front and back)
Latest salary slip (3 months)
Confirmation letter of employment
Completed membership form
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.