What can I get from Agrobank Microenterprise Special Relief Program (MRP 2.0)?
Agrobank Microenterprise Special Relief Program (MRP 2.0) offers financing for your food and agriculture-based business. You can fund your operational costs, acquisition or development of fixed assets, and expenses related to halal certification compliance (SPHM, GMP, HACCP, MESTI). It also supports other Shariah-compliant business activities, and refinancing is permitted.
Additionally, it is a financing facility based on Islamic concepts of Tawarruq and Wakalah, which is a great option for those seeking ethical and responsible financing.
Depending on the bank's approval and your lending profile, Agrobank can provide financing up to a maximum of 100% of the total project cost, including the cost of takaful contributions, stamp duty, and financing instruments (if applicable).
Who can apply for this financing program by Agrobank?
This financing program is open to Malaysians who meet the following requirements.
- Aged between 21 to 70 years
- Business has been operating for at least 12 months (1 year)
- Individuals who are self-employed and operate unregistered businesses are also eligible to apply, subject to the bank's current terms and conditions; or
- A micro-entrepreneur meeting the definition stated in the SME definition by SME Corporation Malaysia; or
- The business operated is registered under any relevant entity in Peninsular Malaysia, including Sabah and Sarawak; and
- No legal action has been taken against the customer
Do I need a guarantor or collateral?
No, you are not required to provide a guarantor and/or pledge collateral when applying for this Agrobank Microenterprise Special Relief Program (MRP 2.0).
Are there fees and charges I should know?
Agrobank Microenterprise Special Relief Program (MRP 2.0) comes with a few fees or charges. They are as follows:
- Stamp Duty Fees: As per the Stamp Duty Act 1949 (Revised 1989)
- Legal and Disbursement Charges: This includes legal fees for financing facility documentation, collateral registration, land searches, bankruptcy searches, dissolution searches, and other related charges (if applicable)
- Takaful Contribution: Depends on the coverage amount taken for the financing facility
- Brokerage Fee: RM7 per RM1,000,000 of the total commodity purchase
- Late Payment Fee: 1% p.a. on the outstanding amount
How can I pay back the instalment?
The payment of your financing program must be made on time and in full as stipulated in the financing agreement.
The monthly instalment payments can be made through any of the following channels:
- Standing Instruction (SI)
- Cash Deposit Machine (CDM)
- Online transfer (via Automated Teller Machine (ATM) or internet banking); or
- Over the counter at any Agrobank branch
You may find more details about Agrobank Microenterprise Special Relief Program (MRP 2.0) in this flyer.
