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  • Personal Loan BYTES FROM OUR KITCHEN

    MBSB Personal Financing Private Sector PF-i

    MBSB Personal Financing Private Sector PF-i is a loan facility by the Malaysian financial institution Malaysia Building Society Berhad. This is an unsecured loan that is based on the concept of Tawarruq. The loan facility provides you with the financial flexibility that you desire with quick approval and processing time. The funds can be used for business expansion or development, weddings and vacations, educational purposes, and for many other purposes.

    Interest Rates

    The interest rates for MBSB Personal Financing Private Sector PF-i are mentioned below:

    Tenure Profit Rate Flat Rate Effective Rate
    Up to 10 years (ECOF-i + 4.10)% p.a. 6.43% p.a. 10.85% p.a.

    Where ECOF-i stands for Effective Cost of Fund-i and has a value of 6.75% p.a.

    Benefits & Features

    • The loan facility provides you with funds up to RM300,000.
    • It comes with a financing tenure of up to 10 years.
    • The loan facility comes with quick approval and no hidden charges.
    • This facility comes with a flat rate of as low as 6.43% p.a.
    • The repayments for the loan can be made through easy modes of payment like Biro Angkasa, salary deduction, and over-the-counter payment.

    Fees and charges

    The fees and charges associated with MBSB Personal Financing Private Sector PF-i are given below:

    Fee type Fee details
    Monthly Repayment Calculated by MBSB and depends upon the tenure and financing amount.
    Early settlement fee Determined by the calculations done by MBSB.
    Wakalah or Will Fee RM36.04.
    IBG Fee (Interbank GIRO) RM4.24
    Late Payment charges (Before maturity) 1% of the overdue amount of instalment.
    Late Payment charges (After maturity) Late payment charges after the facility period are determined by IIMM (Islamic Interbank Money Market) rate.

    Eligibility Criteria

    • Age Requirement: The applicants must be at least 21 years old at the time of application and must not be older than 60 years by the time of expiration of the loan facility.
    • Employment Requirement: The applicant must meet with one of the below mentioned employment criteria:
      • Must be a permanent employee of PLC (Public Listed Company), GLC (Government-Linked Company), State GLC, MNC (Multinational Corporation), any Education Sector Company and its subsidiaries that are listed by MBSB.
      • Must be a permanent employee of any private company with a valid professional certificate.
      • Must be self-employed with a professional certificate with the business established for over 2 years.

    What documents do i need to prepare for this loan application?

    • Salaried employees:
      • A copy of MyKad or passport, and
      • Last 3 months’ salary slips, and
      • The confirmation letter from the employer, and
      • One of the latest EA form, EPF statement, or BE form with tax receipt, and
      • Last 3 months’ account statement from the account where the salary is being credited (savings/current account)
    • Self-employed individuals:
      • The copy of passport MyKad, and
      • Licence for professional certificate, and
      • Latest B form with tax receipt, and
      • One of the following: Business registration form, Memorandum & Articles of Association, or Form 9,24, 49, B and D, and
      • Last 6 months’ company and personal account statement.
    • The applicants might also need to present some of the below mentioned supporting documents:
      • The application form, and
      • Redemption statement for other settlement (if applicable), and
      • For Biro: 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: Undertaking letter from employer salary deduction, and
      • The confirmation letter mentioning the retirement age, and
      • A copy of savings account passbook

    How to apply for MBSB Personal Financing Private Sector PF-i?

    • Offline application: One way to apply for MBSB Personal Financing Private Sector PF-i is to apply at the MBSB’s branch. You can directly walk into the nearest MBSB branch where you will need to fill the application form with the required details and present all the supporting documents in order to get MBSB Personal Financing Private Sector PF-i approved. You can also contact the institution via email or the helpline numbers through which you can put in your request for MBSB Personal Financing Private Sector PF-i.
    • Online Application: T You can fill the application form available online on the bank website with the necessary details and upload the supporting documents.

    FAQs

    Q. What are the repayment tenures available with this loan facility?

    A. MBSB Personal Financing Private Sector PF-i comes with a range of 2 to 10 years of repayment tenure.

    Q. Do I need to bring any guarantor with me for the application process?

    A. No. The loan facility doesn’t require any collateral or guarantor.

    Q. Is the mandatory to take the takaful coverage with this loan facility?

    A. No. It is not mandatory to take the takaful coverage. But it is advised that the applicants should opt for it as it covers the amount due in case of emergencies like death or total permanent disability.

    Q. If I decide to settle the entire loan amount before it expires, will I be charged with any fee?

    A. Yes. In cases of early settlement of the loan amount, MBSB has a right to charge you with an early settlement fee that depends upon the original tenure and total outstanding amount at the time of early settlement.

    Q. Is there a benefit if I choose to settle the entire loan amount prior to its maturity?

    A. Yes. In such cases, you are eligible to earn a rebate (Ibra) that is calculated using the formula below:

    Ibra = Deferred profit – Early settlement charges

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