What is Agrobank Modal Usahawan 1Malaysia-i about?
Agrobank Modal Usahawan 1Malaysia-i is an uncollaterized micro financing for business purposes. This capital term financing is offered to new and loyal customers of Agrobank who are also micro entrepreneurs.
Whether you are looking to expand product offerings and services or just to meet the business' meet, this capital term financing facility provides up to 100% financing limit at flexible tenures and competitive profit rates.
Who can apply for Modal Usahawan 1Malaysia-i business financing?
Individuals interested in applying for this capital term financing must be a Malaysian citizen, who is also a resident in the area of business. You are also required to meet these requirements:
- Aged between 21 years to 60 years old
- Minimum 2-year business operation
- Part time or full time micro entrepreneurs
Do I need a guarantor or collateral?
You don't need to pledge a collateral to apply for this capital financing. However, Agrobank requires you to obtain at least one individual guarantor to guarantee this financing in case you have difficulty in meeting your monthly obligations.
You are also highly encouraged to take up Skim Takaful Kredit from Agrobank's panel of Takaful providers. This Takaful plan is intended to mitigate the burden of indebtedness in the event of death and TPD.
Are there fees and charges I should know?
This capital financing facility only charges you a Brokerage Fee of RM15 (exclusive of GST) since this term financing facility follows the concept of Commodity Murabahah (via Tawarruq). There is also a late payment fee of 1% p.a. when you are behind with your instalment.
How can I pay back the instalment?
The payment of your capital term financing facility instalments must be made on a weekly basis. This payment can be made via savings account / current account deduction or money transfer via ATM and cash deposit machine.