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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 Tenure||Minimum Income||Profit Rate|
|Up to RM250,000||Up to 10 years||RM3,000 (minimum gross monthly income)||4.33% (flat rate basis)|
|Interest Rate||4.33% p.a. (flat rate basis)|
|Effective Rate||7.65% to 8.10%|
|Minimum Loan Amount||RM5,000|
|Maximum Loan Amount||Up to RM250,000|
|Loan Tenure||From 2 to 10 years|
|Government Servant?||Yes (confirmed and permanent staff)|
The following are the benefits and features of the KFH Personal Financing-i Government Sector Personal Loan:
|Stamp Duty Charges||As per the Stamp Duty Act 1949|
|Brokerage Fee||As per the bank’s discretion|
|Early Settlement Charges||Applicable as per the bank’s discretion (A customer can make an early settlement by giving a written notice 30 days prior)|
|Late Payment Charges||As per the bank’s discretion|
|Age Requirement||Minimum age: 21 years
Maximum age: 60 years
|Employment||Confirmed and permanent employee|
|Minimum Income Requirement||RM3,000 (minimum gross monthly income)|
|Guarantor/Collateral Requirement||Not required|
|Should I have a linked bank account?||NA|
|A copy of MyKad (both front and back)|
|Latest salary slips (for 3 months)|
|Any other document as asked by the bank or referral agent|
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.