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Bank Muamalat PPK Cuepacs Debt Settlement Personal Financing-i

An islamic Personal Loan for debt settlements exclusively to pensioners of the Malaysia

Bank Muamalat PPK Cuepacs Debt Settlement Personal Financing-i is a type of personal financing that works on the Islamic principle of banking of Tawarruq. The personal loan is specifically designed for debt settlement. The financing scheme offers competitive flat and floating rates to its consumers. Read below to know further features and benefits of the personal loan scheme.

Profit Rates

Loan Amount Loan Tenure Minimum Income Profit Rate
Up to RM150,000 Up to 10 years NA Competitive flat interest rates

Features

Interest Rate Competitive flat rates
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? Government employees of 45 years and above under pension scheme

Benefits

  • The personal financing facility exclusively caters to pensioners of the Malaysia Armed Forces and all Federal or State Government or GLC and staff of selected organisations.
  • The loan facility which facilitates debt settlement, offers a maximum financing amount worth RM150,000.
  • Minimum loan offered under the scheme is RM5,000.
  • Minimum tenure of the personal financing is 3 years and it can be extended up to 10 years.
  • Monthly Instalments/payments will be conducted via auto debit of salary via BMMB (Bank Muamalat Malaysia Berhad) account or via salary deduction at source.
  • Writing a will or wasiat is optional for PPK Cuepacs Debt Settlement Personal Financing -i.
  • However, having a takaful coverage or personal insurance is a mandatory practice to obtain the financing.
  • The bank will grant Ibra’ or rebate when a customer opts for an early settlement of the loan.
  • A guarantor or collateral is not required to obtain the personal loan.

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 45 years and above
Employment Employment under Tetap and Berpencen Scheme
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 this loan application?

A copy of MyKad or NRIC (both front and back)
Latest salary slips for 3 months
Valid employment confirmation letter
Latest settlement statement

How to apply for this loan?

A customer should follow the below-given procedure of personal loan application:

Offline Application: The applicant needs to visit the nearest branch of Bank Muamalat Malaysia Berhad (BMMB) and fill in the application form personally. The candidate should submit all the supporting documents at the time of application.

FAQs

Q. Is it mandatory to have Wasiat (written will) and Takaful coverage to obtain the loan?

A. The wasiat or will-writing is an optional exercise for acquiring the PPK Cuepacs Debt Settlement Personal Financing-i though it is encouraged by the bank. However, having a takaful (insurance) coverage is mandatory for a customer for this specific type of personal loan.

Q. What is the mode of payment for the PPK Cuepacs Debt Settlement Personal Financing-i?

A. As the mode of repayment, a customer can choose to make his payments with his current or salary account with the Bank Muamalat Malaysia Berhad (BMMB). For the repayment, direct debit from the account is facilitated for this particular scheme.

Q. Does the floating rate remain the same all the time?

A. Not necessarily. The floating rate may change as per the changes taking place in the Base Rate (BR). However, the floating rate is capped at maximum of 11% p.a.

Q. How is the Base Rate derived?

A. The Base Rate consists of two parts – Cost of Funds (COF) and the Statutory Reserve Requirement (SRR), for which the costs are imposed by the Bank of Negara Malaysia. The CFO is sensitive to the fluctuating Overnight Policy Rate which may change as per the changes in any unforeseen international or local financial circumstances.

Q. Where can i have my queries answered regarding the personal financing scheme?

A. If you don’t get all your queries solved with the help of the brochure, you can call the customer care department on 1300-88-8787 and get an advice from the customer care representative. More details are also given on muamalat.com.my.

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