The need for money will always be a constant in life. May be the money is required to fund a exotic vacation for the family, may be its required to provide that much needed service and upgrade to your car. Whatever the reason may be, the need for money is constant and an individual will at some point in their life find themselves needing a little extra cash. At such instances, a personal loan is the most viable way of securing the additional finances required. The personal loans from MBSB offer personal loans for an individual’s requirements at some of the most competitive profit rates available at the market.
These loans are easy on the pocket and fit into an individual’s budget through its low profit rates and its policy of no hidden charges. Borrowers will know exactly how much they would be paying for a loan and to help plan their finances ahead, the personal loans from MBSB even come in fixed rate packages. The loan approval process is quick and it does not require a guarantor thus making it an apt choice for those in need of additional finances during an emergency. The loan tenures offered by MBSB can go as high as up to 10 years. The features of the personal loans offered by MBSB are given below.
You’re probably eligible for an MBSB Bank Personal Loan if you are
At least 19 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your MBSB Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 250,000
Installments of other loans lower
Increase your eligible MBSB Bank 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 MBSB Bank Personal Loan
- 1.Photocopy of My Kad
- 2. Latest 3 month's salary slip
- 3. Confirmation Letter from Employer
- 4.Bank Account Statement
- 5.Any other latest supporting documents if required
MBSB Bank Personal Loan Interest RatesUpdated on 22 Jan 2017
|Guarantor Requirement||No Guarantee Required|
Why choose MBSB Personal Loans
The company was granted the status of an Exempt Financial Company in the year 1972. The status remains so till date and was granted so as to enable the company to carry out financial business without having a banking license.
Other than low interest rates, MBSB personal financing plans require no guarantor to approve their personal loan. All Malaysian citizens can apply for these loans for a maximum loan tenure of up to 10 years. These financing packages could be sought by any Malaysian who is working in a government or private organization. Personal loans from MBSB are one of the most effective financial instruments for keeping your savings intact while making up for any urgent expenses.
Types of Personal Loans offered by MBSB
Here are a few types of personal loans along with their key features to help you select the most relevant MBSB personal loan for your times of financial trouble.
Mumtaz-I (MBSB Personal Financing-i for Government and Selected Companies)
- Under this personal funding scheme, any Malaysian employee working in a government organization or a listed organization in tie-up with MBSB, is eligible for a funding of up to RM400,000.
- It is a totally Shariah compliant loan scheme which is open to Malaysian citizens aged 19 to 60 years.
- The profit rate has been kept low at 3.40% and the loan amount includes Takaful Coverage to safeguard the interests of family members in case of death or permanent disability.
- The loan repayment installments are to be paid per month via Employer Salary Deduction or AG or Biro.
Afdhal-I (MBSB Personal Financing-i for Private Sector Companies)
The employees of government listed companies (GLC), state GLC, public listed companies, MNCs and other organizations listed under the MBSB banking are eligible for this personal financing loan
- Any Malaysian citizen of age 21 years and below 60 years can apply for this personal loan
- Customers can get financing of up to RM300,000 given that the minimum monthly income is RM3500
- MBSB offers a low fixed profit rate of up to 4.50% which depends upon the loan tenure
- Since it is an Islamic banking product, it also comes with Takaful Coverage to provide a cover against death and permanent disability.
Private Sector, PF-i
Following are some of the most striking features of this loan scheme from MBSB.
- High finance amounts of up to RM 3,00,000
- Can be availed by permanent employees of Public Listed Companies, GLC, State GLC, Multi-National Corporations and other subsidiaries listed by MBSB. Professionals with permanent employment can also apply for this loan. Self-employed professionals with an establishment for minimum 2 years can also apply for the MBSB personal loan
- Risk-based rate of interest translates to as low as 6.5% flat rate over a loan tenure of 10 years
- Takaful coverage can be optionally availed by customers for extended protection
- Malaysian nationals aged between 21 and 60 years can avail this personal finance scheme
How to Calculate Loan Installment for MBSB Personal Loan?
MBSB personal loan installment calculator hosted on bbazaar.my is a handy calculator for letting you plan effectively, the repayment calculator of your personal loan. The calculator takes in input parameters like loan amount, rate of interest and loan tenure and processes this raw data to furnish the tentative installment amount for your personal loan. The installment information helps you learn how much amount is required to be paid back each month. The calculator also furnishes an amortization table which is a depiction of the outstanding loan amount as well as the balance interest. Knowing your installment amount even before availing loan is an excellent idea with respect to financial planning.
FAQs on MBSB Personal Loan
How quick is the processing of personal loan offered by MBSB?
The personal finance schemes have a processing time as low as 4 hours. This is in case there are no connectivity failures or malfunction of systems.
Can I submit the personal loan application online?
No. Submission of personal loan application form along with relevant documents needs to be done by the loan applicant in physical form and while being present at the company branch.
Do I need to be an existing customer to avail personal loan from MBSB?
No. Existing as well as new customers are free to apply for personal finance schemes from MBSB.
How do I repay my personal loan installments?
Personal loan installments can be repaid based on the type of loan availed. For PF-I schemes, Biro Angsaka salary deduction is carried out for deduction of monthly installment. Similarly, for other loan schemes, repayments can be made either online or via cheque.
What is the maximum finance amount under the Mumtaz-I personal finance scheme?
The maximum loan amount disbursed as part of Mumtaz-I loan scheme is RM 2,50,000.
Am I eligible for takaful coverage (insurance protection) under the loan schemes from MBSB?
Yes. Although Takaful coverage is optional and can be chosen by customers based on their insurance requirement.
What is the maximum personal finance amount under the Afdhal-I personal loan scheme?
The maximum loan amount under the Afdhal-I personal loan scheme is RM 4,00,000. This is the highest loan amount offered under all personal loan schemes from MBSB. This loan limit however is dependent upon the income of the applicant as well as on the loan tenure.
Can self-employed customers apply for personal finance from MBSB?
Yes. Self-employed customers too can apply for personal finance schemes from MBSB. In such cases, appropriate business proofs need to be submitted to the company. Also, certain other documents may be required as per company’s discretion.
What is the maximum personal loan tenure offered by MBSB?
The maximum loan tenure for personal finance schemes is 10 years.
What is the age eligibility of applicants under the Mumtaz-I loan scheme?
Malaysian citizens aged 19 years or more and not exceeding 60 years of age are eligible to avail the Mumtaz-I loan scheme.
Who should I contact for detailed information on personal loan products from MBSB?
Detailed information on all loan schemes can be sought via the company branches or by calling up the customer care number.
Other Products offered by MBSB:
Apart from offering personal loan, MBSB offers other products and services which includes:
News About MBSB Personal Loan
MBSB Plans Merge with Bank Muamalat, As An Initiative To Become A complete Islamic Banker
Malaysia Building Society Bhd (MBSB), has announced its plans intending to obtain a full Islamic banking license, along with a merger with Bank Muamalat.
Bank Muamalat is DRB-Hicom Bhd, currently is controlling 70% of the group, hence the largest shareholder. The second largest controller is the Government’s investment arm Khazanah Nasional Bhd with a 30% stake.
Employees Provident Fund (EPF) controls 65% of MBSB migrating to become a fully functional conventional bank to enhance its ranking in competitiveness.
A huddle on the way for MBSB, remains to be unable to tap low-cost funds from the cash market which otherwise accessible to conventional banks, reducing its capacity to develop a loan base. The other huddle might be the bank’s pricing.
MBSB has been able to set higher provisions in the past 2 years by showing aggression in its loan products to enhance its portfolio to be competitive with conventional banks.
4th August 2015