Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    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.

    Compare Personal Loans by Bank Muamalat

    Name of Personal Financing Flat Rate Max. Amount Min. Monthly Income Tenure More Info.
    Bank Muamalat Modenas Motorcycle Personal Financing Competitive Flat Rate RM10,000 - 3 to 5 years
    Bank Muamalat Umrah Ziarah Personal Financing 4.85% p.a. (without Ju’alah) RM50,000 - 3 to 5 years
    4.98% p.a. (with Ju’alah)
    Bank Muamalat Education Personal Financing 4.95% p.a. (Flat Rate) RM50,000 - 5 to 10 years
    Bank Muamalat Membership Personal Loan 4.95% p.a. (Flat Rate) RM100,000 - 3 to 10 years
    Bank Muamalat Pembiayaan Pengurusan Kewangan (PPK) Personal Financing-i Competitive Flat Rate RM150,000 - 3 to 10 years
    Bank Muamalat 3P Special Package (3PS) Personal Financing-i Competitive Flat Rate RM150,000 - Up to 10 years
    Bank Muamalat PPK Cuepacs Debt Settlement Personal Financing-i Competitive Flat Rate RM150,000   3 to 10 years
    Bank Muamalat Corporate Package 5.50% p.a. to 5.90% p.a. RM150,000 RM2,000 2 to 7 years

    *(Bank Muamalat current BR = 4% p.a. (as of 2 February 2018))

    Features

    Profit Rate (p.a.) Starting from 3.75% p.a.(Flat Rate)
    Loan Tenure Upto 10 years
    Min. Loan Amount RM5,000
    Islamic/Conventional Islamic
    Debt Consolidation Yes
    Takaful cover Mandatory

    Profit Rates

    The bank offers competitive profit rates for its personal loan schemes on flat and floating rate basis. Floating interest rates are capped at 11% p.a. whereas flat profit rates range from 3.75% p.a. To 6.99% p.a.

    Benefits

    • 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.

    Fees & Charges

    Fee Type Fees and Charges
    Wasiat Fee RM 212.00
    Takaful Fee Net commission paid to Takaful Operator

    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

    For Government Pensioners

    Bank Muamalat offer various personal loan schemes for government pensioners. These schemes include:

    • Pembiayaan Peribadi Pesara (3P)
    • Bank Muamalat 3P Special Package (3PS) Personal Financing-i is available for government servants under pension scheme (who are set) to retire within 5 years
    • PPK CUEPACS Debt Settlement scheme is available for government staffs aging 45 years and above under pension scheme

    What documents do I need to prepare for this personal loan application?

    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.

    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.

    Repayment Mode

    Repayments of your personal financing can be made in the following ways:

    • Salary with BMMB
    • Salary Deduction At Source

    Customer Care Number

    If you have any queries and doubts regarding the personal financing schemes offered by Bank Muamalat, you can contact the customer care department of the bank on 1300-88-8787 (local calls) and +603-2600 5500 (overseas calls). The customer care department of the bank stays open for 24 hours a day, also on public holidays.

    For any personal loan related queries, you could contact Bank Muamalat Personal Loan Customer Care Support.

    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.

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