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.
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.
Here is the list of benefits and features of this financing package:
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.|
You need to present the following list of documents at the time of MBSB Personal Financing Mumtaz-i application:
You can apply for the financing facility by directly walking into the nearest MBSB branch or put in your request via the following channels:
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.
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.