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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.
|Profit Rate (p.a.)||5.50% p.a. (Flat Rate)|
|Loan Tenure||10 years|
|Min. monthly income||RM3,000|
|Min. Loan Amount||RM5,000|
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)|
The following are the features and benefits associated with 3P Special Package (3PS) Personal Financing-i:
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.
The eligibility criteria of 3P Special Package (3PS) Personal Financing-i are listed below:
The following is the list of documents required in order to get the 3P Special Package (3PS) Personal Financing-i approved:
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|