• Personal Loan BYTES FROM OUR KITCHEN

    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.

    Features

    Profit Rate (p.a.) 5.50% p.a. (Flat Rate)
    Loan Tenure 10 years
    Min. monthly income RM 3,000
    Min. Loan Amount RM5,000
    Debt Consolidation Yes
    Islamic/Conventional Islamic

    Profit Rates

    Profit rate is described as follows for the scheme:

    Loan Tenure Processing Fee Flat Rate Floating Rate
    3 to 10 years No fee charged 5.50% Calculated as per the formula= Base Rate + Spread p.a. (Capped at 11%)

    Top Reasons to take Bank Muamalat PPK Cuepacs Debt Settlement Personal Financing-i

    • 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

    A customer needs to pay the following fees and charges when he/she obtains the personal financing scheme:

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

    Eligibility Criteria

    Given below are the eligibility criteria that require to be followed by a Bank Muamalat PPK Cuepacs Debt Settlement Personal Financing-i applicant:

    • Nationality criterion: Malaysian
    • Age criteria:
      • Minimum age: 21 years
      • Maximum age: 65 years (at the time of maturity of the loan tenure)
    • An applicant should be a confirmed government employee of Federal or State Government or GLC and Selected Organizations or a pensioner of Malaysia Armed Forces.
    • For a non-government employee, he/she should be a permanent and confirmed staff with at least 3 years of experience in the service.
    • Repayment capacity of the applicant should be as per the guidelines determined by NDI and DSR.

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

    Find below the list of documents required while applying for the personal financing scheme:

    • Copy of NRIC (Malaysian Identity Card) (both front and back sides)
    • Latest 3 months’ salary slips
    • Employment Confirmation Letter by the employer
    • Latest Settlement Statement
    • Investment Statement (if applicable)

    How to apply for Bank Muamalat PPK Cuepacs Debt Settlement Personal Financing-i?

    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.

    Read More on Bank Muamalat Personal Loan
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