The KFH Personal Financing-i Government Sector is a personal loan that is based on Shariah principles. It has been created specifically for government employees. This loan is based on the Islamic banking concept of Tawarruq. This is an unsecured loan.
|Loan Amount||Loan duration||Profit rate||Effective Profit Rate|
|Any amount||Any duration||4.33% p.a.||7.65% to 8.10% p.a.|
The following are the benefits and features of the KFH Personal Financing-i Government Sector Personal Loan:
|Fee type||Fee details|
|Handling and disbursement fee||No charge is applicable|
|Stamp Duty||It will be calculated as per the Stamp Duty Act 1949.|
|Early settlement fee||Will be applied on bank’s discretion|
|Advance Payment||There is no advance payment necessary|
|Late Payment Fee||1% of outstanding amount|
The following are the eligibility requirements for this loan:
The following documents are necessary to apply for the loan
Q. What happens after I have submitted the form and the required documents?
A. All the copies of your documents will be checked by executives of the bank and if the documents and application are verified and approved the loan amount will be transferred to your account.
Q. Do I need a guarantor for this personal loan?
A. No, you won’t require a guarantor or collateral of any kind to be eligible for this personal loan.
Q. Can I settle the amount before it matures? What charges do I have to bear in such cases?
A. The bank will charge a fee subject to its discretion. You will have to provide the bank with one month written notice in-case you choose to settle early.
Q. In case of the death of borrower before during the loan duration will the bank waive of any amount?
A. If the borrower dies during the repayment period the bank will waive off the amount that is covered by the Takaful protection.
Q. Is Takaful coverage compulsory for this personal loan?
A. Yes you will need compulsory Takaful coverage with this personal loan.
Q. If I settle the loan amount before the allotted loan period will I be eligible for rebate?
A. Yes, if you are successful in paying back the loan amount before the due date you will be eligible for rebate.