How much can I borrow from MBSB for my superbike?
If you are over the age of 18 and have a salary of no less than RM7000 per month, you can apply for this bike loan. Your new ride can be financed by the bank for up to 75%, or a minimum borrowing amount of RM40000, paid over a maximum seven years. This includes loans for heavyweight brands such as Ducati, Honda, and Suzuki.
Is this also an Islamic loan?
Yes, it's in based on the Islamic principle of Al Ijarah Thumma Al-Bai with compulsory Hire Purchase Reducing Term Takaful.
What are my obligations?
For a start, you'll have to pay your fixed monthly installments, which consist of a portion of your principal plus the bank's profit. You'll be given a flat interest rate, depending on how long you wish to finance your purchase. The good news is that there's no handling or processing fees.
And if I don't pay my installments for my bike loan?
You'll have to pay a penalty fee for that! There's a 1% compensation charge when you miss a payment.
Can I pay off my superbike loan early?
Yes, of course. If you do you'll get a profit rebate for early ownership without paying any penalties for early settlement.
What documents do I need to apply?
- Employment Letter / 3 months' pay slip;
- Name / Call cards of employees from known/established company.
- EA / J Form / E-filing
- Minimum of 3 months' salary slips + bank book salary credited.
- Site visit for loan amount more than RM100000
- Bank statement or bank book (6 months')
- Book verification (Trade reference)
- Site visit (if any)