Start sowing the seeds for your business and realize your dream of becoming a successful agropreneur in Malaysia with the help of Agrobank AgroCash-i, an unsecured personal financing for agriculture and agro-based activity.
Who can apply for AgroCash-i personal financing?
This Islamic personal loan is open to both government servants and those working at selected government linked companies. To qualify for AgroCash-i personal financing, you must meet the following requirements:
|Criteria||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||> 3 years of service||> 3 years of service|
|BPA Deduction||< 60% of gross monthly income||< 50% of gross monthly income|
How much can I borrow from AgroCash-i personal financing?
For government servants, you can borrow up to a limit of RM200,000 and will be charged with competitive profit rates between 6.45% p.a. to 6.95% p.a.
As for those working in government-linked companies, you may borrow up to 10x times your gross salary, or based on the maximum financing limit of RM100,000. You will also get different profit rates:
|12 to 36 months||BR + 2.85% p.a.|
|48 to 120 months||BR + 3.35% p.a.|
Note: Agrobank current Islamic Base Rate is at 3.85%
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 has a clean status (no restructuring / refinancing of loan).
AgroCash-i personal financing does not only offers a higher financing limit and longer repayment tenures 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 RM50 to facilitate each Tawarruq transaction and a 6% GST, where applicable.
Your financing amount will also be subjected to an Advance Payment which is equal to 3-month instalment and a government stamp duty of 0.5%, both are 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 an easy and hassle free repayment. You can make an early settlement of your AgroCash-i personal financing at zero penalty. In fact Agrobank will grant you an Ibra' (rebate).
Do I need a Takaful coverage?
You are advised to sign up for Skim Takaful Kredit to cover for the liability of indebtedness in the event of death or permanent disablement. You can apply for a Takaful coverage via Agrobank's panel of Takaful providers or your own choice.
What documents are required to apply for AgroCash-i personal financing?
There are a few documents that you would need before making your way to the nearest Agrobank branch:
- Copy of MyKad
- Latest 3-months salary slip
- Latest 3-months bank statement from salary crediting account
- Confirmation Letter from Employer
Am I qualified to apply for Agrobank personal financing 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.
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.