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Bank Muamalat Micro Bazar Tok Guru Personal Financing-i

Bank Muamalat Micro Bazar Tok Guru Personal Financing-i offers personal loans to cater to various business requirements. Traders of Bazar Tok Guru are the eligible applicants for this type of personal loan which grants a finance amount of up to RM30,000. The financing is based on the Shariah principle of Tawarruq.

Features

Profit Rate (p.a.) 5.25% p.a. (Flat Rate)
Loan Tenure 10 years
Min. monthly income RM 3,000
Min. Loan Amount RM5,000
Takaful Coverage Mandatory
Islamic/Conventional Islamic

Profit Rates

There is no interest rate involved in the Islamic pattern of personal financing. The profit rate charged is as further:

Loan Tenure Processing Fee Profit Rate (Flat Rate)
1 to 7 years No fee charged 5.25% p.a.

Top Reasons to take Bank Muamalat Micro Bazar Tok Guru Personal Financing-i

  • The personal financing scheme works according to the Islamic concept of Tawarruq.
  • A competitive flat rate is offered in this personal financing scheme by Bank Muamalat Malaysia Berhad (BMMB).
  • Having a wasiat or will in written is a matter of choice and it is not mandatory for a customer to make one at the time of applying for this loan facility.
  • Having a takaful coverage /insurance is mandatory for a customer to obtain the personal financing.
  • The bank offers an easy mode of payment to its customers i.e. PPI through CASA with the BMMB.
  • A customer can get a maximum financing amount worth RM30,000 through the personal loan scheme.
  • A customer is given rebate by the bank if he/she settles the loan instalments before the maturity date of the scheme.
  • The bank holds the right to set-off the dues when a customer fails to make the repayment. In such case, the bank will debit the amount from any of the customer’s deposit accounts maintained with the bank. The bank will notify about the same to the customer 7 days prior to the action.

Fees and Charges

A customer requires to pay the following fees and charges when he/she obtains the personal loan:

Fee Type Fee Details
Processing fee No fee charged
Late payment fee 1% on the unsettled amount
Early termination fee As per the bank’s discretion
Wasiat (will) fee RM212
Stamp Duty As per the Stamp Act 1949 (Revised in 1989)
Takaful Contribution Net commission from contribution paid to the Takaful Operator

Eligibility Criteria

A customer has to fulfil following eligibility criteria to obtain personal financing through this scheme:

  • Nationality criterion: Malaysian
  • Age criterion:
    • Minimum age: 21 years
    • Maximum age: 75 years (at the end of financing tenure)
  • Only the traders of Bazar Tok Guru can apply for this personal financing scheme.
  • The applicant’s repayment capacity must be as per the guidelines of NDI and DSR.

What documents do I need to prepare for Bank Muamalat Micro Bazar Tok Guru Personal Financing-i?

Here is the list of documents that are needed to be submitted at the time of application:

  • Copy of Identity Card (front and back sides)
  • A copy of Business Registration or license details
  • Draft of any Income evidence or Bank Statement that is acceptable by BMMB
  • Utility Bills
  • A copy of BTG Membership
  • Site Visit and Business Photographs (if required)

How to apply for Bank Muamalat Micro Bazar Tok Guru Personal Financing-i?

The application process for the personal financing scheme takes place manually as described below:

Offline Application: A customer can apply for the personal financing by visiting the nearest branch of Bank Muamalat Malaysia Berhad (BMMB). Here, he/she needs to fill the application form and submit all the required supporting documents. The customer care representatives are also readily available at the centres for any assistance if required.

FAQs

Q. How is the Ibra’ (rebate) calculated when a customer settles his/her dues before the maturity date of the financing?

A. The bank offers rebate i.e. Ibra’ to customers who settle their payments before the maturity of their term. The rebates are calculated as per the following formula:

Ibra’ or Rebate = Outstanding Balance (Outstanding Selling Price) - Outstanding Principal Amount - Amount Due to the Bank* - Reduction of Ibra’ **

Where,

*= Any amount due by the customer upon early settlement such as current month profit, profit in arrears etc.

**= Cost that Customer needs to bear due to early settlement prior maturity (if applicable).

Q. For my business, what is the minimum amount of personal financing that I can obtain through Bank Muamalat Micro Bazar Tok Guru Personal Financing-i?

A. The minimum financing amount granted under the scheme is RM5,000 for an eligible customer.

Q. What is the mode of payment offered after acquiring the financing?

A. A customer can make his/her payments through Periodic Payment Instruction (PPI) via his/her current account-i or savings account-i (CASA) associated with BMMB (Bank Muamalat Malaysia Berhad).

Q. Can the bank take any legal action against me if I fail to make repayments in the allotted time?

A. Yes, if you fail to make the due payments on a regular basis, the bank will take legal action against you.

Q. From where can I get the information regarding the tenures if I am planning to apply for the loan?

A. You can contact the bank or call to the 24-hour active customer care service on 1300-88-8787 to have your queries answered.

Q. How do I get to know about changed fees and charges structure of the BMMB?

A. If there is any change in the structure of fees and charges applicable to the product, the bank will inform all its customers at least 21 calendar days in advance on their registered contact details. To get any such notices, you are advised to keep your contact details up-to-date.

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