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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.

    Interest Rates

    Loan Amount Loan Tenure Minimum Income Interest Rate
    Up to RM150,000 Up to 10 years NA 4.95% p.a. (flat rate) Floating rate capped at 11% p.a.

    Features

    Interest Rate Starting from flat rate of 4.95% p.a.
    Effective Rate NA
    Minimum Loan Amount RM5,000
    Maximum Loan Amount Up to RM150,000
    Loan Tenure Up to 10 years
    Islamic/Conventional Islamic
    Debt Consolidation NA
    Takaful Coverage Optional
    Wasiat/Will-writing Compulsory
    Approval Duration NA
    Government Servant? Civil Servants and Malaysian Armed Forces

    Benefits

    The following are the 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

    Stamp Duty Charges As per the Stamp Duty Act 1949
    Processing Fee NA
    Disbursement and Miscellaneous Fee NA

    Penalties

    Early Settlement Charges No fee charged Bank may provide ibra’ (rebate) on early settlement of the financing facility
    Late Payment Charges/ Ta’widh 1% p.a. of the pending instalments

    Eligibility Criteria

    Nationality Malaysian citizen
    Age Requirement NA
    Employment Civil Servants: Government staff under pension scheme to retire within 5 years Malaysian Armed Forces:
    • Employment under ‘Tetap and Berpencen’ category
    • For LLP (at least 18 years in services)
    • For officer (minimum 5 years before retirement)
    Minimum Income Requirement NA
    Guarantor/Collateral Requirement Guarantor or collateral not required
    Should I have a linked bank account? NA

    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 MyKad or NRIC (both front and back)
    • Latest salary slip for 1 month
    • Valid employment confirmation letter
    • Latest settlement statement
    • Investment statement (if applicable)

    How to apply for this?

    • 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.

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