Borrow Up To 10 Years!Start sowing the seeds for your business and realise your dream of becoming a successful agro-preneur in Malaysia with the help of Agrobank AgroCash-i unsecured personal financing for agriculture and agro-based activity.
Who can apply for Agrobank AgroCash-i?
This Islamic personal loan is open to permanent government employees and selected GLC employees.
To qualify for an Agrobank AgroCash-i Islamic personal loan, you must meet the following requirements:
| Government Employee | GLC Staff | |
| Age | 18 to 60 years old | 21 to 60 years old |
| Monthly Income | RM1,000 and above | RM2,000 and above |
| Duration of Employment | At least 6 months of service (confirmed or under probation) | At least 1 year of service |
How much can I borrow from this Agrobank Islamic personal loan?
Government employees working in the Central Government, State Government and Statutory Bodies are offered a maximum financing amount of up to RM250,000. Other requirements include:
- Permanent and have served for at least 6 months
- The gross monthly income (including basic salary and fixed allowances) is based on the customer's financing eligibility (BPA deduction, DSR and Net Disposable Income)
- DSR must be up to 70% only (including housing financing applications)
GLC employees, on the other hand, are offered a maximum financing amount of up to RM200,000.
What are the profit rates?
Applicants working in the Federal Government will enjoy competitive profit rates such as the following.
| Tenure | Profit Rate |
| Up to 3 years | SBR + 3.45% p.a. |
| 4 - 10 years | SBR + 3.95% p.a. |
Moreover, applicants working for the State Government, Statutory Body, Pihak Berkuasa Tempatan (PBT) and GLC, you'll enjoy the below profit rates.
| Tenure | Profit Rate |
| Up to 3 years | SBR + 3.82% p.a. |
| 4 - 10 years | SBR + 4.27% p.a. |
Whereas applicants with an unsatisfactory credit assessment will get different profit rates such as below.
| Tenure | Profit Rate |
| Up to 10 years | SBR + 4.85% p.a. |
Note: Agrobank's current Standardised Base Rate (SBR) is at 3.00%.
Agrobank takes into account your credit history before determining your profit charges.
This is to see whether you have been keeping up with your loan repayments and have a clean status (no restructuring/refinancing of loans).
Agrobank AgroCash-i personal financing not only offers a higher financing limit and longer repayment tenures of up to 10 years but also promises you a fast approval application, provided you have met all borrowing requirements.
What are the fees and charges?
There is no processing fee for AgroCash-i personal financing. However, Agrobank charges you a Brokerage Fee of RM15 per RM1,000,000.00 of financing, or any amount set by the commodity trading platform. This fee may be subject to service or other taxes.
Your financing amount will also be subjected to a Stamp Duty as per the Stamp Act 1949 (Revised 1989), deductible from the total approved financing amount.
How do I pay for my monthly instalment?
Your monthly instalment will be deducted directly from your salary account via Biro Perkhidmatan Angkasa (BPA) for easy and hassle-free repayment.
You can make an early settlement of your AgroCash-i personal financing at zero penalties. In fact, Agrobank will grant you an Ibra' (rebate). However, please note that the monthly payments are automatically deducted from your salary. If you decide to pay off your loan early, there's a processing period to stop these automatic deductions. This means an extra payment might be deducted even after you've fully settled. If this happens, the excess amount will be refunded.
You may find further details in the Product Disclosure Sheet and Terms and Conditions of this product.
Do I need Takaful coverage?
It is optional, but you are highly encouraged to sign up for the Takaful Credit Scheme to cover the liability of indebtedness in the event of death or permanent disablement.
Am I qualified to apply for Agrobank AgroCash-i if I'm blacklisted?
Depending on your credit history with other financial institutions because all this information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS / CTOS (a system that collects credit information on borrowers, not blacklisting them).
Assuming you have poor credit standing due to irregular payments, the best course would be to break the habit and start making your payments on time to avoid future hurdles.
Agrobank 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.
