Among the various profitable products of the Bank Muamalat, the Personal Funding & Loan program comes with the highest profitable rates in the market. It is an ideal option for those who are looking to finance a personal expense such as education expenditure, medical care, trip to overseas or any emergency expense. Bank Muamalat Personal Loan allows customers to realize their dreams without putting their life savings at stake.
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 07 Dec 2016
|Minimum Income||RM 5,000|
Bank Muamalat is among the leading Islamic banking institutions in Malaysia. It offers comprehensive financial solutions and products and caters to personal banking, business banking and investment banking. Products offered by the bank are a long list that include financing, cash management services, wealth management, foreign exchange and capital market securities and the bank is headquartered in Kuala Lumpur.
Bank Muamalat Personal Loan Malaysia
Personal loans offered by Bank Muamalat provide the borrowers a wide range of loans that serve many purposes. A personal loan can be used in anyway deemed fit by the borrower but the Bank Muamalat loans have been specifically designed for people from different walks of life and cater to their needs be it for purchasing membership at the Glenmarie golf and country club or for meeting educational expenses. The loans offered by Bank Muamalat have a quick processing time and are offered at competitive rates.
Eligibility for Bank Muamalat Personal Loans
- The personal loans from Bank Muamalat are open to applicants who are employed in government agencies and open to those that serve in the armed forces.
- The micro bazar Tok Guru loan is open to traders of Bazar Tok Guru
- The corporate package loans are open to select non-government organizations
Due to the wide variety of purposes the many personal loans fulfil, the documents required vary on the loan taken and the documents that one needs are as follows
- A copy of the NRIC, both front and back
- A copy of the applicant’s pension card and pension ledger if applicable
- A BMMB Saving Passbook should be produced if needed along with any income evidence that is accepted by BMMB
- The applicant needs to carry their latest 1 month salary slip for flat rates and 3 months’ salary slip for floating rates along with a copy of their employment confirmation letter
- For debt consolidation loans, the applicant will need their latest Settlement Statement
- If the loan requires it, an applicant should also produce their Investment Statement and dividend statement
- If the loans are being applied for by a spouse of an Army Personnel then the husband’s latest salary slip is required
- If required, the applicants will need to submit their Business Registration / License
- Site Visit & Business Photo
- Applicants will need to furnish a copy of their utility bills
- Applicants will need a photocopy of BTG Membership
- For educational loans, the copy of the College offer letter is required
Types of Bank Muamalat personal loans
Bank Muamalat offers various types of personal loans and their salient features are given below
Pembiayaan Peribadi Pesara: This loan is for Malaysian armed forces and government pensioners and the cash loan is meant for personal use. It has a minimum tenure of 3 years and minimum loan amount of RM 5000 and the maximum tenure is up to 10 years with the maximum loan amount being RM 150000. Mode of payment is through pension with BMMB and a Takaful cover is compulsory
Pembiayaan Pengurusan Kewangan: This loan is designed for debt settlement and investment and is open for armed forces pensioners and select governmental staff. The minimum loan amount is RM 5000 with the maximum being RM 150000 and the loan tenures range from 3 to 10 years. Repayment of the loan can be done through salary deduction at the source and takaful is compulsory for the loan
3P Special Package: This loan is for personal consumption of cash and caters to civil servants and Malaysian armed forces. The loan requires the borrower to take out takaful cover. The loan can be availed up to a maximum of RM 150000 and has a maximum tenure of 10 years. The repayment for this loan can be done through salary deduction at the source
PPK CUEPACS Debt settlement: As the name suggests, this loan is designed specifically for debt settlement and is open to government employees above the age of 45 and under the pension scheme. The maximum loan amount available under this plan is RM 150000 with tenures ranging from 3 years to 10 years. Repayment needs to be done either through salary with BMMB or salary deduction at the source and a Takaful cover is compulsory for the loan
Micro financing: This loan is catered to armed forces pensioners and government pensioners along with wives of armed forces personnel. The loan is designed for business related expenses and has a maximum loan amount of RM 50000. The minimum loan amount that can be availed is RM 5000 and the loan tenures range from a minimum of 1 year to a maximum of 7 years. The repayment should be done through pension with BMMB or dividend with BMMB
Micro Bazar Tok Guru: This loan also serves to fulfil business related expenses but is open only to traders of the Bazar Tok Guru. The loan amounts offered are lower with the minimum amount being RM 5000 and the maximum amount being RM 30000. The profit rate offered is a flat rate and the tenures range from 1 year to 7 years. The loan has to be repaid through PPI through a CASA account in BMMB.
Modenas Motorcycle: This loan is open to all federal and state government employees and is designed to help borrowers purchase a Modenas motorcycle. He loan amounts offered are lower than others with the minimum loan amount being RM 3000 and the maximum loan amount being RM 10000. The tenures range from a minimum of 3 years to a maximum of 5 years and the loan is to be repaid through salary deduction at the source. A takaful cover is compulsory for this loan
Umrah Ziarah: This loan is designed for the purpose of performing Umrah and Ziarah and is open to federal government staff, state government staff and select organizational staff. The loan amounts range from a minimum of RM 5000 to a maximum of RM 50000 with tenures ranging from a minimum of 2 years to a maximum of 5 years. Repayment is to be made through salary deductions at the source and the loan requires borrowers to take out a takaful cover.
Education: This loan is open to all federal and state government staff and select organizational staff and is designed to help them carry out their child’s tertiary education in ICAM. The loan amount is a minimum of RM 5000 and a maximum of RM 50000 with tenures ranging from 5 years up to a maximum of 10 years. The loan requires a takaful cover and repayment needs to be done through salary deduction at the source
Membership: This loan is designed to allow borrowers to purchase membership at the Glenmarie golf and country club and is open to federal and state government staff and select organizational staff. The loan amounts range from a minimum of RM 5000 to a maximum of RM 100000 and the loan tenures range from a minimum of 3 years to a maximum of 10 years and has to be repaid through salary deductions at the source.
Corporate Package: This loan is open to DRB Hicom managerial level employees and employees from select non-governmental organizations. The loan is for personal consumption and the funds availed can be used in anyway deemed fit by the borrower. The loan amounts range from a minimum of RM 10,000 to a maximum of RM 150,000 for the DRB Hicom managerial level employees and is a minimum of RM 7000 to a maximum of RM 100,000 for the staff of select non-governmental organizations. The tenures are a minimum of 2 years and a maximum of 7 years. The takaful cover is compulsory for this loan and repayment should be done through salary deduction at the source.
Interest Rates for personal loans from Bank Muamalat
The interest rates offered on the loans from personal loans from Bank Muamalat is a flat rate of interest offered at a competitive rate and is dependent on the type of loan, loan amount and tenure chosen
How to apply for BMMB Personal loans
The application for personal loans from Bank Muamalat can be done online on their website. The aspiring applicant needs to download the application form and submit it online with the supporting documents or it can also be done at the nearest Bank Muamalat branch
How to calculate loan instalments for BMMB personal loans
Loan instalments can be calculated on the bbazaar.my page where a loan instalment calculator is available. This calculator will display the monthly instalment 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
F.A.Qs on Bank Muamalat Personal Loan
Q) Is takaful cover compulsory for all loans?
A) The personal loans require the borrower to take out a Takaful cover however a will-writing is optional
Q) Is there a particular mode of repayment that can be done?
A) The mode of repayment is solely dependent on the type of loan availed and can vary from pension allocation with BMMB to salary deduction at the source
Q) Are there any penalties involved for late payment of monthly instalments?
A) The late payment penalty for missed payments id 1% of the outstanding amount
Other Products offered by Bank Muamalat:
Apart from offering personal loan, Bank Muamalat offers other products and services which includes:
News About Bank Muamalat Personal Loan
Bank Muamalat’s pre-tax profit up by 37%.
The pre-tax profit of Bank Muamalat Malaysia Berhad is up by 37% to RM 1667.2million. Previously, it was RM122.0 million. The total revenue of the bank increased to RM1.21 billion from RM1.07 billion previously. The total overheads of the bank was minimized by 8.5% to RM345.1 million from RM 377.2 million in the previous year. This improved performance of the bank was reinforced by a steady growth in revenue due to growth in operating income and gross financing. Also, the cost management strategy of the bank helped in reducing cost remarkably. At the end of March, 2016, the gross financing of Bank Muamalat increased to RM14.8 billion from RM13.7 billion previously. The asset quality of the bank also grew up by 2.2% from 2.5% in the previous year. The total core capital ratio and total risk weighted capital ratio remained at 13.85% and 16.08% respectively. The bank now strives to expand its businesses in the field of gold and investment.
16th June 2016