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MBSB Personal Financing Mumtaz-i

MBSB Personal Financing Mumtaz-i is a personal financing facility offered exclusively to public servants and employees of those organisations that have salary deduction arrangement with MBSB. With a flexible range of tenures for you to choose from, the funds obtainable through this financing scheme come at competitive rates.

Interest Rates

Let’s take a look at the profit rates at which you can obtain funds via this financing facility:

Tenure Profit Rate Flat Rate Ceiling Rate
Up to 10 years (ECOF-i – 0.20)% p.a. 3.63% p.a. 15% p.a.

Where ECOF-i (Effective Cost of Fund-i) = 7.00% p.a.

Benefits & Features

Here is the list of benefits and features of this financing package:

  • You can get up to RM250,000 through this financing facility.
  • You can obtain funds at a low profit rate that is equivalent to a flat rate of 3.63% p.a. for 10 years with 15% ceiling rate.
  • You can make the payment for this facility via easy payment methods like employer salary deduction, salary deduction through Biro Angkasa, and accountant general.
  • The financing scheme comes with a low processing time and quick approval.

Eligibility Criteria

  • Minimum age required at the time of application: 19 years.
  • Maximum allowed age at the time of facility’s maturity: 60 years.
  • Employment requirement: The facility is open for permanent employees of GLCs, local councils, permanent government employees, and permanent employees of selected companies that have salary deduction arrangements with MBSB.
  • Minimum employment duration: You must be in service for at least 12 months in order to apply for personal loan.

Fees and Charges

The fees and charges associated with MBSB Personal Financing Mumtaz-i are contained in the table given below:

Fee Type Fee Details
Wakalah or Will Fee RM36.04.
IBG Fee (Interbank GIRO) RM4.24.
Late Payment charges (Before maturity) 1% of the outstanding amount of instalment.
Late Payment charges (After maturity) IIMM% (Islamic Interbank Money Market) of the due instalment amount calculated on a daily basis.

What documents are required?

You need to present the following list of documents at the time of MBSB Personal Financing Mumtaz-i application:

  • One copy of passport or MyKad.
  • The confirmation letter from your employer.
  • Salary slips for the last 3 months.
  • One of the following:
    • Latest EPF statement not older than 12 months
    • EA statement
    • BE form with tax receipt
  • Account statement for the last 3 months from the salary crediting account (savings/current account)
  • One or multiple supporting documents from the following list:
    • Duly filled application form.
    • For state/federal AG: Employer salary deduction form.
    • For Biro mode of payment: Duly signed BPA 1/79 form (Sec. I and II) and verified by the Head of Department (Sec. IV).
    • Redemption statement for any other settlement (wherever applicable).
    • One copy of your savings account’s passbook.
    • For Non-Biro payment mode: Undertaking letter for salary deduction from your employer.
    • Your retirement age confirmation letter.

How to apply?

You can apply for the financing facility by directly walking into the nearest MBSB branch or put in your request via the following channels:

  • Helpline number: 03-2096 3000
  • Email: enquiry@mbsb.com.my
  • Online: Apply through MBSB’s website by downloading the application form.

Contact Number

You can reach out to MBSB for any query related to the personal financing package via the following customer service number:

03-2096 3000 and 03-2082 3000.

The personal loan facility is based on Tawarruq concepts. Also, remember that you need to have a minimum monthly income of RM3,000 to qualify for the loan. Read the terms and conditions and sign up for the financing facility based on your requirements.

FAQs

Q. Does MBSB Personal Financing Mumtaz-i require a collateral for the application process?

A. No. The process doesn’t require a guarantor or collateral.

Q. Is it mandatory for me to get the takaful coverage with this financing scheme?

A. Although it is not mandatory for you to take the takaful coverage with your financial package, it is highly recommended to opt for the same.

Q. How much does the takaful coverage charge?

A. The takaful coverage contribution depends upon the financing amount, loan tenure, and the profit rate at which you obtain the funds.

Q. Is it allowed to make an early settlement on the financing package before the facility reaches its maturity?

A. Yes, MBSB lets you opt for an early settlement on the loan scheme at any time during the facility’s term. In such a case, you will be entitled to a rebate (Ibra).

Q. What are the charges I have to bear if I opt for an early settlement on my loan?

A. The settlement amount can be calculated using the formula below:

Settlement amount = Outstanding selling price + Amount of the instalments due + Late payment charges (if any) – Adjustment on Ibra’ due to any fluctuations of Effective Profit Rate (EPR) – Ibra’ obtainable at settlement time.

Q. At what rate Ibra is calculated?

A. The rebate earned is calculated using the following formula:

Ibra (rebate) = Deferred profit – Early settlement charges.

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