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    Bank Muamalat 3P Special Package (3PS) Personal Financing-i

    3P Special Package (3PS) Personal Financing-i is a personal loan facility for pensioners provided by Bank Muamalat. Based on the Shariah principle of Tawarruq, this facility can be used to get instant funds for personal use. Only civil servants and individuals working for Malaysian Armed Forces can apply for this loan. The loan can be used for holiday plans, investment purpose, mortgage repayment, medical emergencies, and many other purposes.

    Features

    Profit Rate (p.a.) 5.50% p.a. (Flat Rate)
    Loan Tenure 10 years
    Min. monthly income RM3,000
    Min. Loan Amount RM5,000
    Takaful Coverage Mandatory
    Islamic/Conventional Islamic

    Profit Rates

    The following are the profit rates associated with 3P Special Package (3PS) Personal Financing-i:

    Flat Rate Floating Rate (Base Rate + Spread)
    5.50% p.a. 11% p.a. (Maximum)

    Top Reasons to take 3P Special Package Personal Financing-i from Bank Muamalat

    The following are the features and benefits associated with 3P Special Package (3PS) Personal Financing-i:

    • The loan provides the customers a financing amount of up to RM150,000.
    • The facility comes with flexible tenures for repayment of up to 10 years.
    • The loan facility comes with a competitive flat and floating rate.
    • The customers don’t necessarily need to have a written wasiat or will in order to get the loan approved.
    • The customers can enjoy a rebate (Ibra) if they decide to settle the loan before the maturity date.
    • Repayment can be made through easy modes such as salary deduction at source, or salary credited with BMMB (Bank Muamalat Malaysia Berhad).
    • The takaful coverage is mandatory with this facility.

    Fees and charges

    The following is the list of all fees and charges associated with 3P Special Package (3PS) Personal Financing-i:

    Fee type Fee details
    Processing fee No charge
    Monthly repayment The monthly instalments are calculated using the formula below: M = [F+(F x R x T1)]/T2; Where M = Monthly repayment instalment; F = Financing amount approved; R = Profit rate imposed; T1 = Tenure in years; T2 = Tenure in months
    Handling and disbursement fee No charge
    Stamp Duty 0.5% of the total financing amount approved as per the Stamp Duty Act 1949
    Early settlement fee No charge
    Wakalah or Agency fee RM50
    Wasiat or Will Fee (Optional) An amount of RM212.00 in cases where the customer opts to choose for a written will or wasiat.
    Late Payment charges (Before maturity date) 1% p.a. of the instalments overdue on the payment will be charged during the financing period.
    Late Payment charges (After maturity date) The late payment charges on after the maturity period will be determined by Islamic Interbank Money Market (IIMM) on the amount due exceeding the maturity date.

    Please note that all the charges mentioned above are inclusive of 6% GST.

    Eligibility Criteria

    The eligibility criteria of 3P Special Package (3PS) Personal Financing-i are listed below:

    • The following is the list of individuals who can apply for 3P Special Package (3PS) Personal Financing-i:
      • Any civil servant who falls under government’s pension scheme and is set to retire in 5 years, and
      • Individuals working for Malaysian Armed Forces under “Tetap and Berpencen” category
      • The LLPs who are in service for at least 18 years, and
      • Officers with a minimum of 5 years before retirement can apply for this facility.
    • Age requirement to apply for 3P Special Package (3PS) Personal Financing-i:
      • Minimum age: 18 years by the beginning of the tenure
      • Maximum age: 65 years by the end of tenure
    • The repayment capacity is determined by NDI and DSR.

    What documents do I need to prepare for 3PS package Personal Loan appliacation?

    The following is the list of documents required in order to get the 3P Special Package (3PS) Personal Financing-i approved:

    • A copy of both front and back pages of ID or a copy of NRIC
    • Last 1 month’s salary slip
    • The latest settlement statement
    • The employment confirmation letter
    • The investment statement wherever applicable

    How to apply for 3P Special Package (3PS) Personal Financing-i?

    • Offline application: The applicants can directly walk in to the nearest Bank Muamalat’s branch and apply for the 3P Special Package (3PS) Personal Financing-i. Another option to apply for the plan is by calling the bank’s customer care numbers and putting in the request for the same. The process requires one to fill up the application form and submit it along with the supporting documents.
    • Online Application: One can also apply for 3P Special Package (3PS) Personal Financing-i on the bank’s website. This way one can save time as well as his efforts. The applicants can send their request and queries to the bank through the email service and get the required details.

    FAQs

    Q. How much amount I can apply for through this facility?

    A. The facility lets you apply for an amount ranging from a minimum of RM5,000 to a maximum of RM100,000.

    Q. Is it mandatory to opt the takaful coverage?

    A. Yes. It is absolutely mandatory for you to take the takaful coverage in order to get the 3P Special Package (3PS) Personal Financing-i approved.

    Q. Do I need to get a guarantor with me at the time of application?

    A. No. The process doesn’t require a guarantor or collateral.

    Q. What are the financing tenures available that I can opt for?

    A. The 3P Special Package (3PS) Personal Financing-i facility comes with a flexible tenures that range from 3 to 10 years.

    Q. I am 59 years old civil servant? Can I opt for a 10 year repayment tenure with this facility?

    A. No. Your maximum should not exceed your retirement age, i.e. 65 years by the time of the completion of the financing tenure. So the maximum period you can opt for, for the repayment is 6 years.

    Q. What if I choose to completely settle the loan before it matures? Will I be charged with any fee in such cases?

    A. No. The facility doesn’t charge you with any early repayment fee. However, you are eligible to earn a rebate (Ibra) in such cases. The rebate will be calculated on the basis of the months remaining from the original maturity period.

    Read More on Bank Muamalat Personal Loan
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