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.
|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.|
|Interest Rate||Starting from flat rate of 4.95% p.a.|
|Minimum Loan Amount||RM5,000|
|Maximum Loan Amount||Up to RM150,000|
|Loan Tenure||Up to 10 years|
|Government Servant?||Civil Servants and Malaysian Armed Forces|
The following are the benefits associated with 3P Special Package (3PS) Personal Financing-i:
|Stamp Duty Charges||As per the Stamp Duty Act 1949|
|Disbursement and Miscellaneous Fee||NA|
|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|
|Employment||Civil Servants: Government staff under pension scheme to retire within 5 years
Malaysian Armed Forces:
|Minimum Income Requirement||NA|
|Guarantor/Collateral Requirement||Guarantor or collateral not required|
|Should I have a linked bank account?||NA|
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.