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  • Personal Loan BYTES FROM OUR KITCHEN

    Maybank Islamic Personal Loan

    Maybank is among the largest banking institutions in Malaysia that caters to commercial banking and consumer banking and also offers services pertaining to investment banking and wealth management. The bank offers comprehensive and holistic banking products and solutions in both, conventional and Islamic formats. The Islamic personal financing products offered by Maybank allow borrowers to acquire finances in a hassle-free manner making it an ideal choice to bridge the gap between their expenses and their finances.

    Compare Personal loan by Maybank Islamic

    The Maybank Islamic personal financing come in 2 main packages which are as follows:

    1. Maybank Islamic Personal Financing-i (MIPF-i): This loan is a Shariah-compliant loan based on the concept of commodity-Murabahah. The loan is hassle-free to apply and does not require a guarantor or collateral. The loan offers a minimum amount of RM5,000 and a maximum amount of RM100,000 and comes with tenures ranging from 2 to 6 years.
    2. ASB/ASB2 Financing-i: This Shariah-compliant term financing loan that is designed to purchase ASB/ASB2 units. The loan offers loan amounts starting from RM10,000 and goes up to RM200,000. The loan requires a compulsory takaful cover and offers borrowers 105% of the margin of financing as it also includes the cost of the Personal Reducing Term Takaful or PRTT.

    Profit Rates

    Maybank Personal Financing-i:

    Loan Amount Profit Rate(Fixed Rate)
    RM5,000 to RM20,000 8% p.a.
    RM20,001 to RM50,000 7% p.a.
    RM50,001 to RM100,000 6.5% p.a.

    ASB or ASB2 Financing-i:

    • The profit rate is BR + 2.50% p.a. for the first 3 years when the loan amount is below RM30,000 and BR + 2.55% p.a. for subsequent years of the tenure.
    • The profit rate is fixed throughout the tenure at BR + 2.20% p.a. when the loan amount exceeds RM30,000.

    Features and Benefits

    Following are the features and benefits of the Maybank Islamic personal loans:

    • The loan offers flexible repayment periods which allow borrowers to choose a tenure that results in an instalment amount that is affordable and can fit into their budget.
    • The minimum loan tenure for the personal financing-i package is 2 years and the maximum tenure is 6 years
    • The tenure of the ASB/ASB2 Financing-i can go as high as 30 years or until the borrower attains the age of 65 years.
    • The Islamic personal loan offers a minimum loan amount of RM5,000 and a maximum loan amount of RM100,000.
    • The ASB/ASB2 Financing-i has a minimum loan amount of RM10,000 and a maximum loan amount of RM200,000.
    • The loans come with a fast approval time making it an ideal choice for borrowers who are in need of additional finances urgently.
    • The Islamic personal loan is an unsecured product and does not require a guarantor or collateral.
    • The ASB/ASB2 Financing-i is a secured product and retains the ASB/ASB2 units certificate as collateral.

    Fees and Charges

    Fee Type Amount
    Stamp duty fee for ASB/ASB2 financing -i RM10 charged for letter offer
    Stamping duty for Personal Financing-i No charge
    Early settlement loan (ASB/ASB2 Financing) No fee
    Early settlement fee (personal financing-i) No charge
    Processing fees No charge
    Late payment fee 1% p.a. on overdue amount

    Eligibility Criteria

    • Nationality criterion: The facility is available for Malaysian citizens only.
    • Age criteria
      • Minimum age: Borrowers must have attained a minimum age of 18 years.
      • Maximum age: Borrowers cannot exceed the maximum age of 65 years for ASB/ASB2 financing. Borrowers cannot exceed the maximum age of 60 years for the personal loan financing-i.
    • Income criteria: Borrowers must earn a minimum income of RM30,000 p.a. for the Maybank Personal Financing-i.

    What documents do I need to prepare for Maybank Islamic Personal Loans

    Salaried applicants:

    • A copy of the applicant’s NRIC, both front and back
    • A copy of the applicant’s most recent 3 months’ salary slips
    • A copy of the current or savings account bank statement showing activity for the past 6 months
    • A copy of the latest BE Form with tax receipt

    Self-employed applicants:

    • A copy of the applicant’s NRIC, both front and back
    • Copy of the business registration certificate or
    • A copy of the current or savings account bank statement showing activity for the past 6 months
    • A copy of the latest BE Form with tax receipt

    Other documents:

    • For ASB/ASB2 financing, borrowers must submit a copy of their ASB Passbook if they are existing ASB unitholder customers.

    How to apply for Maybank Islamic Personal Loans?

    Borrowers who wish to apply for the Maybank Islamic personal loans can do so by clicking on the ‘apply now’ option available online on the Maybank website. They will have to fill in and submit the form online along with the required supporting documents.

    Borrowers can also download the application form from the bank website and submit the duly-filled form along with the supporting documents to the nearest Maybank branch. Otherwise, borrowers could simply visit their nearest Maybank branch and initiate the application process.

    FAQs

    Q. What is the Islamic personal loan concept based on?

    A. The Islamic personal loan is a Shariah-compliant product that is based on the concept of Commodity Murabahah.

    Q. Are there any hidden fees or additional charges that a borrower may incur with the Personal Financing-i package?

    A. The loan is free of any hidden or additional charges. The loan does not charge any processing fees, early repayment fees, or stamping duty fees. However, if the monthly instalment is paid by cheque and should the cheque be dishonoured, then a fee of RM10 will be charged on the returned cheque. If the borrower misses the monthly instalment as a result of this, then a late payment fee of 1% p.a. on the overdue amount will be imposed

    Q. Is there a compulsory takaful cover required for this loan?

    A. No. The takaful cover is optional but highly encouraged by the bank.

    Q. If the borrower opts for a takaful, will there be any security deposit or fee charged?

    A. Yes. When the borrower opts for a takaful cover, a security deposit will be deducted upfront from the approved loan amount.

    Q. How does a borrower apply for the takaful cover?

    A. Borrowers, at the time of acquiring the loan, must fill out the Etiqa takaful form and submit it along with the loan application form.

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