MBSB offers personal financing to the private sector employees and self-employed practicing professionals. Based on the Shariah principle of Tawarruq and Murabahah, the MBSB Personal Financing-i Private Sector is calculated on variable rate basis.
As the loan is given as per the Islamic principle of personal financing, profit rate are applicable on the financed amount instead of interest rate.
|Loan Tenure||Processing Fee||Profit Rate|
|2 to 10 years||No fee charged||ECOF-i +4.10% p.a. which is equivalent to 6.43% p.a. flat rate|
|Processing fee||No fee charged|
|Late payment Fee||1% p.a. on the amount in debts and not compounded|
|Early Termination Fee||As per the company’s discretion|
|Interbank Giro Fee||RM4 (if applicable)|
|Wakalah Fee||RM36.04 (including GST)|
|Interbank Giro (IBG) Fee||RM4.24 (including GST)|
For an employed applicant:
For a self-employed applicant:
Other supporting documents required:
Application process for the personal loan involves the following:
Offline application: An applicant can go to the nearest centre of MBSB and get an application form for personal financing-i (Private Sector). Applicants can fill the form with all details and documents attached with it and submit it to the particular department.
Online application: An application form is available on the official website of MBSB - www.mbsb.com.my. An applicant can print the form and write the required information in the blank spaces. He/she can later submit it with the company’s official centre along with the documents required.
Q. What is the financing tenure offered for the MBSB Personal Financing-i Private Sector?
A. The minimum financing tenure is 2 years and it expands up to 10 years as per the income limit and financing amount of the customer.
Q. How is rebate (Ibra’) calculated when a customer settles his dues earlier than the desired tenure limit?
A. As per the Ibra adjustment determined by the bank, if a customer chooses to make an early payment, he/she will be granted a rebate. The rebate can be calculated according to the following equations:
Ibra (rebate) at settlement = Deferred Profit - Early settlement charges
Ibra' (rebate) due to fluctuations of Effective Profit Rate (EPR) = The difference between profits based on Effective Profit Rate (EPR) and Ceiling Profit Rate (CPR)
Total Ibra' (rebate) = Ibra' (rebate) at settlement + Actual Ibra' (rebate) due to fluctuations of EPR
Settlement Amount = Outstanding Selling Price + Instalments due (if any) + Late payment charges (if any) - Adjustment on Ibra' due to fluctuations of EPR (if any) - Ibra' at settlement
Q. How can I reach the customer care executives?
A. You can call the local and toll-free number: 03-2082 8000 / 1800-88-4000 to reach to the customer service department of the company.
Q. How much of takaful coverage I should get if I am planning to do so?
A. The contribution amount for takaful (insurance) coverage depends on your age and the tenure of personal financing applied under the scheme. It will be deducted upfront from the financing amount or to be financed into the financing amount.
Q. Is a guarantor a must to acquire this loan?
A. No. The requirement of a guarantor is mandatory as per the bank’s discretion and is subjective to individual applications.