MBSB Personal Financing Afdhal-i
MBSB Personal Financing Afdhal-i is a special loan facility for public servants and employees of a selective range of private and public listed companies by the Malaysian financial institution Malaysia Building Society Berhad and offers competitive profit rates and a high financing amount.
The following table contains the interest rates for MBSB Personal Financing Afdhal-i:
|Up to 10 years
||(ECOF-i + 1.00)% p.a.
Where ECOF-i (Effective Cost of Fund-i) = 6.75% p.a.
Benefits & Features
- The loan facility comes with a high financing amount of up to RM400,000.
- The repayment period for this facility can be extended up to 10 years.
- Applicants can enjoy a flat rate of as low as 4.40% p.a. with this financing facility.
- The facility comes with easy repayment methods like salary deduction through Biro Angkasa, accountant general or employer salary deduction, standing instructions from any bank, and bank-specific payment methods like CIMB Clicks, RHB Now, and online bill payment services at Maybank2u.com among many others.
- The loan comes with a low processing and approval time.
Fees and charges
The following table has the major fees and charges associated with MBSB Personal Financing Afdhal-i:
||To be calculated by MBSB depending upon the tenure and financing amount.
|Early settlement fee
||To be calculated by MBSB in accordance with the financing amount and the repayment tenure.
|Wakalah or Will Fee
||The Wakalah or will fee is RM36.04.
|IBG Fee (Interbank GIRO)
||The Interbank Giro fee is RM4.24.
|Late Payment charges (Before maturity)
||1% of the outstanding amount of instalment.
|Late Payment charges (After maturity)
||Late payment charges after the facility period will be determined by IIMM (Islamic Interbank Money Market) rate.
The eligibility criteria for MBSB Personal Financing Afdhal-i are given below:
- At least 19 years at the time of application and not more than 60 years at the completion of the tenure or optional retirement.
Income and employment requirement:
- Government employees on contract must have at least 12 months of work experience with GLCs (Government Linked Companies), State GLCs, or local councils.
- Permanent and contract employees must have an income of RM180,000 p.a. with at least 5 years of work experience.
- Permanent employees of selected PLCs (Public Listed Companies) must have salary deduction arrangements with MBSB.
What documents are required?
- A copy of passport or MyKad, and
- Latest salary slips for 3 months, and
- The confirmation letter from the employer, and
- One of the latest EPF form, EA statement, or BE form with tax receipt, and
- Account statement for last 3 months from the account where the salary is being credited (savings/current account)
- The applicants might also need to present some of the below mentioned supporting documents:
- The completely filled application form, and
- Redemption statement for any other applicable settlement, and
- For Biro mode of payment: BPA 1/79 form (Sec. I and II) signed by the applicant and verified by the Head of Department (Sec. IV), and
- For Non-Biro payment mode: Undertaking letter from employer salary deduction, and
- The confirmation letter on retirement age, and
- Employer salary deduction form (for Federal and State AG), and
- A copy of savings account passbook
How to apply?
Applying offline: The applicants can walk into the nearest MBSB branch in order to apply for the MBSB Personal Financing Afdhal-i. The applicants are required to fill the form and submit the necessary documents along with it. Individuals can also put in their request via the MBSB helpline numbers or through a mail.
Applying online: The applicants can apply for MBSB Personal Financing Afdhal-i on the official website of MBSB. With this time-saving method, one can fill up the application form available online with required details. The applicants can upload the necessary documents and submit them along with the application form in order to apply for personal loan.
Q. What are the tenures available with this facility?
A. You can opt for repayment tenures from 2 to 10 years with MBSB Personal Financing Afdhal-i.
Q. Do I need to be accompanied with a guarantor at the time of application?
A. No. You don’t need to bring any guarantor with you at the time of application as the facility doesn’t require a collateral.
Q. Should I take the takaful coverage with this financing facility?
A. It’s optional to choose the takaful coverage. However it is highly recommended to opt for the same.
Q. What if I settle the whole financing amount before the repayment period ends? Will I be charged in such a case?
A. You can choose to fully pay the loan amount back at any time within or before the repayment period. MBSB can charge you with an early settlement fee in such cases. However, in these cases, you are also eligible to earn a rebate (Ibra).
Q. How much rebate can I get when I choose to fully settle the financing amount before the maturity date?
A. The rebate earned is calculated using the formula below:
Ibra = Deferred profit – Early settlement charges