Bank Muamalat Personal Loan
Bank Muamalat was the second Islamic bank to be set up in Malaysia and was incorporated in 1999. In the short duration since its inception, the bank has grown in both services provided and assets held to become a leading Islamic banking institution in Malaysia offering a range of Shariah-compliant banking products.
Among its credit offerings, the range of personal financing products offered by Bank Muamalat is a popular choice among its large consumer base. The personal financing products include multiple packages, each catering to a specific set of consumers ranging from civil servants and army personnel to pensioners and even to customers looking to purchase specific products or services.
You’re probably eligible for an Bank Muamalat Personal Loan if you are
At least 18 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Bank Muamalat Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 150,000
Installments of other loans lower
Increase your eligible Bank Muamalat Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 10 years
Documentation needed to apply for Bank Muamalat Personal Loan
- 1.Copy of NRIC
- 2. Latest 1 month Salary Slip (Flat Rate)
- 3.Latest 3 months original Salary Slip (Floating Rate)
- 4. Employment Confirmation Letter
- 5. Latest Settlement Statement
Bank Muamalat Personal Loan Interest RatesUpdated on 18 Jan 2018
Bank Muamalat Personal Loan Details
Types of Bank Muamalat Personal Loans
The following are the various personal loans available from Bank Muamalat
Pembiayaan Peribadi Pesara (3P): This loan is designed for personal consumption and the loan amount can be used in any way deemed fit by the borrower. The loan is available for pensioners, specifically Malaysian Armed Forces pensioners and all government pensioners. The loan comes with a minimum tenure of 3 years and a maximum tenure of 10 years. The minimum loan amount under this plan is RM5,000 and the maximum loan amount available is RM150,000. The loan requires a compulsory takaful cover and payment must be made through pension credited with BMMB. The loan is available in both fixed and floating profit rates.
Pembiayaan Pengurusan Kewangan (PPK): This loan is offered with a more specific use in mind. Loan amounts borrowed under this plan should be used either for investment purposes or for settling debt. The loan is available for staff of select organizations and for all Federal and State Government employees and Malaysian Armed Forces pensioners. The loan is offered either with a flat or a floating profit rate and has a minimum loan amount of RM5,000 with the maximum amount of RM150,000. Payment of instalments can either be made through crediting of pension with BMMB or salary deduction at the source. The tenure of the loan ranges from 3 to 10 years and requires the borrower to take out a compulsory takaful cover.
3P Special Package (3PS): The special package plan offered by Bank Muamalat can be utilised for cash consumption and can serve any need of the borrower. The loan comes in either a floating profit rate variant or a fixed/flat rate variant. The profit rates offered are highly competitive. The loan is available for all civil servants and Malaysian Armed Forces Personnel employed under the Tetap & Berpencen category. The minimum loan amount available under this package is RM5,000. The maximum loan amount provided by this package is RM150,000. The package also offers flexible tenures ranging up to 10 years. The loan requires a compulsory takaful cover and payment can be made either through pension credited with BMMB or salary deduction at the source.
PPK CUEPACS Debt Settlement: The loan is designed for the specific use of consolidating outstanding debt. The loan is available government staff that are above the age of 45 years and who are enrolled into the pension programme. The loan has a minimum tenure of 3 years with the maximum tenure going up to 10 years. The loan offers a minimum amount of RM5,000 with the maximum amount going up to RM150,000. The loan comes with a flat profit rate which is competitive. While the loan comes with an optional Waisat or will writing requirement, it requires a compulsory takaful cover. Payment can be made either through salary credited with BMMB or salary deducted at the source.
Micro Bazar Tok Guru: The loan is specifically designed to be used for business purposes. The loan is offered only with a flat profit rate. The minimum tenure available with this loan is 1 year whereas the maximum tenure can go as high as 7 years. The minimum loan amount one can borrow under this plan is RM5,000 while the maximum loan amount available is RM30,000. The eligibility of applicants is calculated by taking into consideration their repayment capability which is determined by NDI & DSR. The loan requires a compulsory takaful cover and is available only for traders of Bazar Tok Guru. Payment of instalments must be made through PPI using a CASA with Bank Muamalat.
Modenas Motorcycle: This loan package as the name suggests has been designed with a very specific use. The loan amount is to be utilised for the purchase of a Modenas motorcycle. The loan comes only with a competitive flat profit rate. The loan is available for all Federal and State Government employees along with employees from select organizations. The loan has a minimum tenure of 3 years and a maximum tenure going up to 5 years. The loan amount available under this package is a minimum of RM5,000 with the maximum amount going up to RM10,000. The loan requires a compulsory takaful cover and instalments must be paid either through salary credited with BMMB or through salary deduction at the source.
Umrah Ziarah: This loan package caters to making Umrah and Ziarah payments. The loan amount that can acquired under this package is a minimum of RM5,000 with the maximum loan amount available going up to RM50,000. The loan comes with a minimum tenure of 2 years and has a maximum tenure of 5 years. The loan can be acquired only in a flat profit rate variant. Profit rates offered are competitive allowing for easier and faster repayments. The loan requires a compulsory takaful cover however the will writing or Waisat is optional. The loan instalments can be paid either through salary credited with BMMB or salary deducted at the source. The loan is available for all Federal or State Government employees and employees from select organization staff.
Education: This package is meant to finance higher education and is available for all Federal Government employees, State Government employees and GLC and select organization staff employees who want to finance their children’s tertiary education at the ICAM or International college of Automotive. The loan has a minimum tenure of 5 years and a maximum tenure of 10 years. The loan has a minimum loan amount of RM5,000 and a maximum loan amount of RM50,000. The loan comes with a flat profit rate and instalments must be paid through salary credited with BMMB or deducted at the source. The loan requires a compulsory takaful cover.
Membership Personal Financing-i: Yet another loan catering to a specific purpose, the Membership loan package offers a loan amount that can be utilised only to purchase membership at the Glenmarie Golf & Country Club. The loan is available for all Federal Government employees, State Government employees and GLC and select organization staff employees who wish to acquire membership at the club. The loan comes with a minimum tenure of 3 years and has a maximum tenure of up to 10 years. The financing amount available under this loan is RM5,000 and the maximum loan amount that one can borrow is RM100,000. The loan comes with a competitive flat profit rate and instalments must be paid either through salary deducted at the source or credited with BMMB.
Corporate Package: The loan is designed for cash consumption and can be used in any way deemed fit by the borrower. The loan is available for employees of select Non-governmental organizations and DRB Hicom managerial level employees. The loan has a minimum tenure of 2 years and a maximum tenure of 7 years. The financing amount available under this plan is based on the nature of employment with DRB Hicom managerial level employees enjoying a minimum financing amount of RM10,000 with a maximum amount of RM150,000 whereas the staff of select non-governmental organizations can enjoy a minimum financing amount of RM10,000 and a maximum amount of RM100,000. The loan offers a competitive flat profit rate and requires a mandatory takaful cover.
Benefits and Features of Bank Muamalat Personal Loan
- The loan is available for all government employees, civil servants and armed forces personnel including those who are currently serving and pensioners.
- The loans are Shariah-compliant and work on the principle of Tawarruq.
- The loans are offered for a variety of purposes including cash consumption, personal use, debt settlement, education, and for the purchase of Modenas motorcycle among others.
- The loans come with flexible tenures that range from a minimum of 2 years going up to a maximum of 10 years.
- The borrowers can opt for a Waisat or Will-writing service.
- The loan requires a compulsory takaful cover.
- The loans can be acquired either with a fixed profit rate or a floating profit rate.
- The minimum loan amount available is RM5,000.
- The maximum loan amount available is RM150,000.
- Payment of the loan has to be made either through pension credited with Bank Muamalat (BMMB), salary credited with BMMB, or deduction at the source.
Interest Rates for Bank Muamalat Personal Loans
The interest rates offered on the personal loans from Bank Muamalat are flat rate & floating rate and is dependent on the type of loan, loan amount and tenure chosen.
Bank Muamalat Personal Loan Fees & Charges
Fees and Charges
||Net commission paid to Takaful Operator
Bank Muamalat Personal Loan Eligibility Criteria
For loan applications to be successfully approved, borrowers must first meet certain eligibility requirements which are as follows:
Age: Applicants are required to be over the age of 21 years. Depending on the type of loan package being opted, borrowers might have to face higher age restrictions. For example, loans for pensioners will require borrowers to have crossed the retirement age, other loan packages such as the PPK CUEPACS Debt Settlement require the minimum age of the borrower to be 45 years and so on.
Nature of employment: Most Bank Muamalat loans cater to Malaysian Armed Forces Pensioners and Federal/State Government employees and pensioners however loans such as the corporate package also cater to employees belonging to select non-governmental organizations.
Duration of employment: Borrowers who are government employees must be confirmed employees. Employees of non-governmental organizations must be permanent and confirmed employees that have completed a minimum of 3 years in service.
Repayment capacity: The repayment capacity of a borrower is determined by the NDI & DSR.
Who can apply?
The loan packages are available to the following borrowers:
- Malaysia Armed Forces Pensioner
- Malaysian Armed Forces Personnel
- Civil servants
- All Government Pensioners
- All Federal/State Government/GLC employees
- Employees of selected organizations
- Bazar Tok Guru Traders
Documentation needed to apply for Bank Muamalat Personal Loan
Borrowers must submit the following supporting documents at the time of submitting the application:
- Copy of applicant’s NRIC, both front and back
- For flat rate loans, the most recent 1 months’ payslip
- For floating rate loans, the most recent 3 months’ payslip
- A copy of an employment confirmation letter
- Business registration certificate
- Bank statements
- Utility bills
- Any applicable additional documents such as settlement statement, investment statement, Modenas price quotation, quotations from Panel Travel Agency, and college offer letters among others.
Bank Muamalat Personal Loan Calculator
Personal Loan Repayments can be calculated on the Bbazaar.my page where a loan repayment calculator is available. This calculator will display the monthly repayments along with the principle amount and interest amount. An aspiring candidate need only fill in parameters such as desired loan amount and desired tenure and enter the interest rate.
How to Apply for Bank Muamalat Personal Financing-i
Applicants can apply for the personal financing-i by contacting the bank through the bank website. Interested borrowers can leave their contact details on the website and a bank representative will get in touch with them to initiate the application process.
Borrowers can also visit the nearest Bank Muamalat branch and request for a loan application.
Bank Muamalat Personal Loan FAQs
Q.Is Takaful cover mandatory for Bank Muamalat Personal Financing?
A. Yes. The takaful cover is mandatory however the borrower is free to acquire a takaful cover of his/her choice.
Q. Is will writing mandatory for all Bank Muamalat Personal loans?
A. No. While Will writing or Waisat is not mandatory, it is encouraged.
Q. Is there a charge for Will writing services?
A. Yes. The charge applicable for will writing services is RM212.
Q. What happens when a borrower settles the loan prior to the tenure reaching maturity?
A. The borrower will be granted a rebate or Ibra in case of an early settlement.
Q. How is Ibra calculated?
A. Ibra or rebate is granted on the profit of the unutilised amount of the facility and is granted when there is a difference between the selling price and the total monthly instalment payable at the end of the financing tenure.