• Personal Loan BYTES FROM OUR KITCHEN

    Bank Muamalat Pembiayaan Pengurusan Kewangan (PPK) Personal Financing-i

    An Islamic Personal Loan Exclusively for Armed Forces Pensioners and Government Organization Staff

    The Pembiayaan Pengurusan Kewangan (PPK) Personal Financing-i is an Islamic concept of personal financing offered by the Bank Muamalat Malaysia Berhad (BMMB). This personal financing scheme caters exclusively to the Armed Forces Pensioners and Government Organization Staff who are looking for debt settlement and investment. All Federal, State Government or GLC staff can obtain this scheme of personal financing. The loan works on the concept of Tawarruq.

    Features

    Profit Rate (p.a.) 5.5% p.a.
    Loan Tenure 10 years
    Min. monthly income RM3,000
    Min. Loan Amount RM5,000
    Debt Consolidation Yes
    Islamic/Conventional Islamic

    Interest Rate/Profit Rate

    As the personal loan comes under the Islamic concept of personal financing, no interest rate will be applied on it. A flat and floating profit rate will be determined by the bank on the amount financed to the customer.

    Profit rate (Flat Rate) Floating Rate
    5.5% p.a. Calculated as per the formula given below: Floating Rate = Base Rate + Spread p.a. (capped at 11% p.a.)

    Top Reasons to take Bank Muamalat Pembiayaan Pengurusan Kewangan (PPK) Personal Financing-i

    • This is a personal financing scheme exclusively for the Armed Forces customers and Government Staffs to settle their debts or use the financing for investment.
    • The facility comes with a minimum tenure of 3 years and a maximum term expanding up to 10 years.
    • A customer can obtain a personal loan up to a maximum of RM150,000.
    • The financing works on the Islamic concept of Tawarruq.
    • Will writing or wasiat is optional.
    • A takaful policy is compulsory.
    • Rebate will be offered if the customer settles the loan before maturity date of the scheme.
    • The bank holds a right to set-off overdue instalment amount 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.

    Fees and Charges

    A customer will have to pay the fees and charges mentioned below when he chooses the Bank Muamalat Pembiayaan Pengurusan Kewangan (PPK) Personal Financing-i:

    (The charges mentioned below are inclusive of 6% GST (Goods and Services Tax) wherever it is applicable.)

    Fee type Fee details
    Wasiat Fee RM212
    Takaful Contribution Net commission from contribution paid to the Takaful Operator
    Late Payment Fee 1% p.a. of the unsettled instalment
    Stamp Duty As per the Stamp Duty Act 1949 (Revised in 1989)
    Processing Fee NA
    Handling Fee NA

    Eligibility Criteria

    • Malaysian Armed Forces Pensioners along with all Federal or State Government staff and GLC Selected Organization Staff can apply for the personal financing.
    • An applicant should fall under the repayment capacity guidelines determined by NDI and DSR.
    • For government employee: An applicant must be a confirmed staff of the organization.
    • For non-government employee: An applicant should be a permanent and confirmed staff with minimum 3 years of experience in the service.
    • The candidate applying for the personal loan should be minimum 18 years old.
    • The applicant’s age must not exceed 65 years at the maturity of the financing tenure.

    What documents do I need to prepare for this loan application?

    • Copy of NRIC or Identity card (both front and back)
    • Latest 1 month salary slip (for flat profit rate loan)
    • Latest 3 months’ salary slip (for floating profit rate loan)
    • Employment Confirmation Letter
    • Latest Settlement Statement for details
    • Investment Statement (if applicable)

    How to apply for Bank Muamalat Pembiayaan Pengurusan Kewangan (PPK) Personal Financing-i?

    Offline Application: A customer can apply for the personal financing by visiting the nearest branch of Bank Muamalat and will have to fill and submit the application along with all the required supporting documents.

    FAQs

    Q. What is the minimum amount of personal financing that I can obtain through Bank Muamalat Pembiayaan Pengurusan Kewangan (PPK) Personal Financing-i?

    A. The minimum limit for financing amount is RM5,000 for any eligible customer.

    Q. What will be the mode of payment after obtaining the loan?

    A. A customer can make payments through their salary account with Bank Muamalat Malaysia Berhad or can also opt for salary deduction at source.

    Q. How do I know if the fees and charges applicable are changed by the bank?

    A. The bank will inform to all its customers at least 21 calendar days in advance if there are any changes in fee structure and charges of this product.

    Q. What will happen if as a customer, I fail to make repayments in the allotted time?

    A. You can contact to the bank in such cases so that the bank will inform you about the alternatives. If you fail to make the payments on a regular basis, the bank may take a legal action against you and inform you so through the letters and notices.

    Q. For what purpose can I use the Bank Muamalat Pembiayaan Pengurusan Kewangan (PPK) Personal Financing-i?

    A. The Bank Muamalat Pembiayaan Pengurusan Kewangan (PPK) Personal Financing-i is ideal for your debt settlement and any investment you want to make without sabotaging your savings. Government employees and pensioners can make the best of the scheme with its competitive flat and floating profit rates.

    Read More on Bank Muamalat Personal Loan
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