Tell me about this Islamic personal loan by Affin Islamic Bank.
This is a clean and unsecured Islamic personal financing based on the Tawarruq contract offered to eligible borrowers for personal consumption and not for luxurious purposes.
Affin Islamic Bank requires you to disclose the purpose of financing in the application form.
Who can apply for this Islamic personal loan?
The minimum age eligible to apply for this Islamic financing is 21 years old, with the maximum age capped at 58 years old.
Affin Islamic Personal Financing-i is open to confirmed fixed income staff of corporate companies, government-linked companies and armed forces. Applicants must meet the minimum income requirements such as follows:
- Employees of Premier Corporate Company: minimum RM2,500 per month
- Government servants and government-linked companies: minimum RM1,500 per month
- Employees of Banking and Financial Institutions: minimum RM5,000 per month
What do I get from Affin Islamic Personal Financing-i?
You can borrow any amount between RM2,500 to RM150,000 from 2 years up to 10 years with Affin Islamic Personal Financing-i.
Besides, you will also be charged with a competitive fixed and flat rate of 5.50% p.a. for the whole tenure.
How do I repay this Islamic personal loan?
You will have from 3 options to choose to repay your monthly installment to Affin Islamic Bank, such as by salary deduction, auto-debit for monthly installment (for employees whose salary is credited to Affin Islamic Bank account), or Standing Instruction.
Do I need a guarantor or collateral for this loan application?
There is no need to standby a guarantor or collateral when applying for Affin Islamic Personal Financing-i. However, you will be asked to make a 1-month advance payment and 2-months installment amounts as a security deposit.
This amount will be deducted from your approved financing limit upon facility disbursement.
What are the fees and charges I have to pay?
You need to pay the statutory Stamp Duty fee, which is calculated at 0.5% from the financing amount, in addition an Agency fee. Affin Islamic Bank does not charge processing fee and early termination fee.
Am I qualified to apply for Affin Islamic Personal Financing-i if I'm blacklisted?
Depending on your credit history with other financial institutions because all these information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS/ CTOS (a system that collect credit information on borrowers, not blacklisting them).
Assuming you have poor credit standing due to irregular payments, the best course of action would be to break the habit and start making your payments on time to avoid future hurdles.
Affin Islamic Bank is more likely to approve your personal loan application if you can show that you are managing your personal finances, rather than accumulating more debt.