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 Rate (p.a.)||5.50% p.a. (Flat Rate)|
|Loan Tenure||10 years|
|Min. monthly income||RM 3,000|
|Min. Loan Amount||RM5,000|
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%)|
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|
Given below are the eligibility criteria that require to be followed by a Bank Muamalat PPK Cuepacs Debt Settlement Personal Financing-i applicant:
Find below the list of documents required while applying for the personal financing scheme:
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.
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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