• MBSB Personal Loan

    MBSB Personal Loan

    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

     MBSB Bank Personal Loan Minimum Age

    At least 19 years old

    MBSB Bank Personal Loan Maximum Age

    Less than 60 years old

    MBSB Bank Personal Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

     MBSB Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required

    Your MBSB Bank Personal Loan amount eligibility is based on these factors

    MBSB Bank Personal Loan Minimum Salary

    Minimum income required
    RM 3,500

    MBSB Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is RM 250,000

    MBSB Bank Personal Loan Installments

    Installments of other loans lower
    your eligibility

    Increase your eligible MBSB Bank Personal Loan amount by these steps

    MBSB Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

     MBSB Bank Personal Loan Tenure

    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 24 Oct 2017

    MBSB Bank Personal Loan Details
    Interest Rate 3.40%
    Tenure 10 years
    Guarantor Requirement No Guarantee Required

    Malaysia Building Society Berhad offers its customers a Shariah compliant personal loan. The MBSB Personal financing-i is based on the Shariah concept of Tawarruq and even offers borrowers the chance to enrol in a group takaful coverage. The personal financing comes in a host of attractive packages which are as follows:

    • Mumtaz-i
    • Afdhal-i
    • Private Sector PF-i

    Features of MBSB Personal Financing-i

    • The loan works on the Shariah concept of Tawarruq.
    • The loan has flexible tenures that range up to 10 years.
    • The loan offers a takaful coverage which covers any outstanding balances in the unfortunate case of death or permanent disablement of the borrower.
    • The loan is an unsecured loan and does not require a guarantor.
    • The loan offers quick approval time and comes with competitive profit rates.

    MBSB Personal Financing-i Interest Rates

    The MBSB Personal financing-I comes with a current effective cost of funds-i or ECOF-i of 6.75% p.a. with the ceiling profit rate standing at 15% p.a.

    • The interest rate for Mumtaz-i is as low as (ECOF-i – 0.20%.) The effective rate of the loan is 6.55% and the flat rate of the loan is 3.66% p.a.
    • The interest rate for Afdhal-i is as low as (ECOF-i + 1%). The effective rate of the loan is 7.75% and the flat rate of the loan is 4.40% p.a.
    • The interest rate for Private Sector-i is as low as (ECOF-i + 4.10%). The effective rate of the loan is 10.85% and the flat rate of the loan is 6.43% p.a.

    How to Apply for MBSB Personal Financing-i

    You can apply for MBSB Personal Financing-i through the following ways:

    • Applying online: New or existing MBSB customers can get a personal loan by submitting the online application form available on the MBSB website. This paperless process involves the borrower having to fill out the application form and submit it along with the supporting documents required. Supporting documents may range from documents pertaining to identity proof to income proof of the borrower.
    • Applying through a MBSB branch: Borrowers can also get a personal loan by visiting any of the banks’ participating branches and filling out the necessary application forms. The borrower will have to carry with them any supporting documents pertaining to their identity proof or income criteria.

    Personal Loan Packages Offered by MBSB

    • Mumtaz-i: This package offers financing amounts of up to RM250,000 and is designed to cater to the needs and requirements of permanent government employees and permanent employees of GLCs and select companies that have a tie-up with MBSB. The plan comes with an optional takaful coverage and offers flexible modes of repayment.
    • Afdhal-i: This personal loan package comes with higher loan amounts and is targeted at contract employees of government and high income individuals and permanent employees belonging to companies that have the salary deduction option with MBSB. Loan amounts can go up to RM400,000 and offer an optional takaful cover.
    • Private Sector PF-i: This loan is open to permanent salaried employees and self-employed applicants who have a business or firm that has been established for a minimum of 2 years. The loan amount can go as high as RM300,000.

    Documents Required for MBSB

    The supporting documents required at the time of application are as follows

    Salaried applicants:

    • A copy of the applicant’s MyKad or passport.
    • A copy of the latest payslips dating back at least 3 months.
    • A copy of the latest BE form and tax receipt.
    • A letter of confirmation from the employer.

    Self-employed applicants:

    • A copy of the applicant’s MyKad or passport.
    • A copy of the business registration form. Self-employed professionals will have to provide a certificate of license.
    • A copy of the latest form B and tax receipt.
    • A copy of the bank statement dating back at least 6 months.

    MBSB Personal Loan FAQs

    Q. What are the other fees associated with MBSB Personal financing-i?

    A. The Personal Financing-i comes with certain fees and charges. Borrowers will have to pay a Wakalah fee of RM36.04 and an IBG fee of RM4.24. The fees are inclusive of GST.

    Q. Is the Takaful coverage compulsory?

    A. No. The takaful cover provided is optional but does provide the borrower the added advantage of covering any outstanding balances in the unfortunate case of them meeting their demise or being rendered in a total or permanently disabled state.

    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

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