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    Bank Muamalat Modenas Motorcycle Personal Loan

    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.

    Features

    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
    Takaful Coverage Mandatory
    Islamic/Conventional Islamic

    Profit Rates

    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.)

    Top Reasons to take Modenas Motorcycle Personal Loan from Bank Muamalat

    The following are the benefits associated with Modenas Motorcycle Personal Loan:

    • With Modenas Motorcycle Personal Loan, you can get a loan of up to RM10,000.
    • The facility provides you funds to purchase Modenas Motorcycle at a flat rate of 5.5% p.a.
    • The repayments period with the loan scheme can be extended up to 5 years.
    • The process doesn’t require a collateral or guarantor.
    • The facility lets you repay the loan amount via easy payment methods like salary deduction at source and salary with BMMB.

    Fees and charges

    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.

    Eligibility Criteria

    The eligibility criteria for Modenas Motorcycle Personal Loan is given below:

    • Nationality criteria: The applicant must be a Malaysian citizen.
    • Age criteria: The applicants must be at least 21 years old in order to get this loan.
    • Employment criteria: The applicants must be confirmed employees of the State Government or Federal Government. The permanent and confirmed employees of non-government institutions with at least 3 years in service are also eligible to apply for this loan.
    • Repayment criteria: The repayment capacity is determined by NDI (National Democratic Institute) and DSR (Debt Service Ratio).

    What documents do I need to prepare for Modenas Motorcycle Personal Loan?

    The following is the list of documents required for Modenas Motorcycle Personal Loan process:

    • Copies of both sides of NRIC or ID proof
    • Copy of salary slip for the latest month
    • Price quotation for Modenas Motorcycle

    How to apply for Modenas Motorcycle Personal Loan?

    • Offline application: The Modenas Motorcycle Personal Loan can be applied at the nearest Bank Muamalat’s branch by submitting the application form filled with required details and supporting documents. The request can also be put in through the bank’s hotline numbers.
    • Online Application: You can also put an application through the official website of Bank Muamalat in order to get the Modenas Motorcycle Personal Loan approved.

    FAQs

    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.

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