Cash woes? A personal loan to the rescue!
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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 product 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 Loans by Maybank Islamic

    Maybank Islamic offers only one Islamic personal financing facility. Read on to know more about the product: :

    • Maybank Islamic Personal Financing-i (MIPF-i): This is a Shariah-compliant personal financing is based on the concept of commodity-Murabahah. You don’t require a guarantor or collateral to apply for this facility. 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.

    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.

    Features and Benefits

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

    • The loan offers flexible repayment tenures
    • The minimum loan tenure is 2 years and the maximum tenure is 6 years
    • You can get a minimum loan amount of RM5,000 and a maximum of RM100,000
    • The financing facility comes with a fast approval time
    • It is an unsecured product and does not require a guarantor or collateral.

    Fees and Charges

    Fee Type Amount
    Processing Fee No charge
    Early Settlement Fee No fee
    Early settlement fee 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 60 years for the personal loan financing-i.
    • Income criteria: Borrowers must have a minimum income of RM30,000 p.a.

    What documents do I need to prepare?

    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

    How to apply for Personal Loan from Maybank Islamic Bank?

    Click on the ‘apply now’ option available online on the Maybank website to apply. You will have to fill in and submit the form online along with the required supporting documents.

    You 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, simply visit their nearest Maybank branch and initiate the application process.

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


    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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