Modenas Motorcycle Personal Loan is a personal loan scheme by Bank Muamalat that is designed for the employees of Federal Government, State Government, GLCs (Government Linked Companies), and selected organization staff. The facility provides these individuals funds to purchase Modenas Motorcycle at competitive profit rates.
|Profit Rate (p.a.)||5.5% p.a.(Flat Rate)|
|Loan Tenure||5 years|
|Min. monthly income||RM 3,000|
|Min. Loan Amount||RM3,000|
The following table contains the profit rate associated with the Modenas Motorcycle Personal Loan:
|Loan Tenure||Processing Fee||Profit Rate|
|Up to 5 years||No charge||Flat Rate: 5.50% p.a.|
|Floating Rate: Base Rate + Spread (Capped at 11% p.a.)|
The following are the benefits associated with Modenas Motorcycle Personal Loan:
The fees and charges you have to bear with Modenas Motorcycle Personal Loan are mentioned in the table below:
|Fee type||Fee details|
|Processing fee||No charge.|
|Late Payment charges (Before the maturity date)||1% p.a. of the outstanding instalment amount before the maturity of the facility.|
|Late Payment charges (After the maturity date)||IIMM% of the total due principal after the maturity of the facility.|
|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||The takaful coverage contribution depends upon the age of the applicant, loan amount approved under the loan facility, and the financing period chosen.|
Here IIMM stands for Islamic Interbank Money Market.
The eligibility criteria for Modenas Motorcycle Personal Loan is given below:
The following is the list of documents required for Modenas Motorcycle Personal Loan process:
Q. What is the maximum and minimum amount one can apply for through this scheme?
A. One can get funds ranging from RM3,000 to RM10,000 with the loan.
Q. What is the range of tenures available with this scheme?
A. The tenures available are 3 to 5 years.
Q. Is it mandatory to get the written will with my loan?
A. No. It’s optional to choose for the written will. However it is encouraged to opt for the same.
Q. Why do I have to get the takaful coverage? Is it mandatory?
A. Yes, it’s compulsory to opt for the takaful coverage with your loan as it keeps you insured against death or total permanent disability.
Q. What if I decide to settle the loan before it reaches its maturity?
A. In such cases, you will earn a rebate (Ibra). The rebate is calculated as:
Ibra = Outstanding balance or selling price – Outstanding Principal amount – Amount due to the bank – Reduction of Ibra(i)
Where Ibra(i) is the cost the consumer needs to bear if he chooses for the early settlement of the loan.