Tenure up to 7 yearsLooking for flexible and ethical personal financing in Malaysia? Bank Muamalat Cash-i SMART is a leading Shariah-compliant personal financing option designed to help you achieve your goals, whether it's for education, starting a side hustle, or simply managing your finances better.
What is Bank Muamalat Cash-i SMART?
Cash-i SMART is an Islamic personal financing facility based on the Tawarruq concept. This means your financing is structured in a way that fully complies with Shariah principles. It provides you with a lump sum of cash for a wide range of personal needs, ensuring your financial decisions align with your beliefs. It's a transparent and ethical alternative to conventional financing.
Why should I choose Bank Muamalat Cash-i SMART?
Discover the key benefits that make Cash-i SMART a good choice for your financing needs:
- Fast and easy online application: Apply conveniently from anywhere via Bank Muamalat's Mobile Application Platform (MAP). Expect quick approvals to get your funds faster.
- Zero processing fees: No hidden charges here! You won't pay any processing fees for your application.
- No collateral or guarantor required: Get the financing you need without having to pledge assets or find a guarantor.
- Flexible payment tenure: Choose a comfortable payment period from a minimum of 2 years up to a maximum of 7 years. This helps keep your monthly commitments manageable.
- Competitive profit rates: Enjoy attractive and transparent Shariah-compliant profit rates as low as 6.99% p.a.
- Optional Takaful coverage: For added security, you have the option to include Takaful coverage, providing peace of mind for your financing.
Who can apply for Cash-i SMART personal financing?
If you're considering Bank Muamalat's Cash-i SMART, here are the basic requirements:
- Malaysian citizens
- Must be between 18 and 60 years old
- A gross monthly income of at least RM2,000
- Salaried employees (corporate and government, including Public Listed Companies, MNCs and Private Limited, are eligible)
What are the financing details?
Understanding the specifics will help you plan better! You can apply for a financing amount from RM10,000 up to RM250,000. The exact amount you're eligible for will depend on your income and credit assessment by Bank Muamalat.
As for the profit rates, they range from 6.99% p.a. to 10.99% p.a., with the equivalent effective profit rate from 12.89% p.a. to 18.08% p.a. The specific rate offered to you will be determined by the bank upon approval, based on your credit profile.
Here are the applicable fees:
- No processing fees: As mentioned, there are no charges for processing your application.
- Late payment charges (Ta'widh): A compensation charge of 1% per annum on any overdue instalment amount, calculated daily.
- Stamp Duty: Standard stamp duties as per the Stamp Act 1949 (Revised 1989) apply to the financing documents.
For a comprehensive list of all potential fees and charges related to financing products, it's always best to refer to Bank Muamalat's official fee schedule.
Ready to explore your options?
Bank Muamalat Cash-i SMART offers a straightforward and ethical path to financial flexibility. If you're looking for a Shariah-compliant personal financing in Malaysia with competitive rates and seamless application, this could be the perfect fit for you.
Please prepare the following documents to kick-start your application.
- Copy of your MyKad (front and back)
- Copy of the latest 1-month pay slip
- Copy of the latest 1-month bank statement showing salary credited
- Copy of the latest EPF statement
