Lestari Personal Financing-i (Private) by Co-opbank Pertama (CBP) offers Shariah-compliant financing designed specifically for cooperative members in the public sector, statutory bodies, and selected public companies. Whether you're planning for education, covering medical expenses, or working toward better financial stability, this flexible solution provides ethical support that aligns with your values and helps you achieve your important life goals.
What is Co-opbank Pertama Lestari Personal Financing-i (Private)?
The Lestari Personal Financing-i (Private) by Co-opbank Pertama is an Islamic financing product that follows Shariah-compliant of Tawarruq principles. Instead of charging interest like regular banks, it uses a simple buying-and-selling process to give you cash in a halal way.
You can borrow up to RM200,000 for big expenses like home renovations, medical bills, or paying off other debts. The best part? You can take up to 10 years to pay it back, which means smaller monthly payments that won't strain your budget.
Why should I choose Co-opbank Pertama Lestari Personal Financing-i (Private)?
Here are several reasons why the Lestari Personal Financing-i (Private) are the best choice for you:
- No Collateral or Guarantor Needed: Enjoy hassle-free access to funds as there is no requirement to pledge any assets (collateral) or secure a third-party guarantor for your application.
- Highly Competitive Profit Rate: Benefit from a low annual profit rate, starting from just 3.45% per annum.
- Flexible and Long Repayment Term: Customise your repayment schedule to match your budget, with options ranging from 1 year up to a maximum of 10 years.
- Simple Repayment Options: Repaying your instalments is easy and automatic, through convenient methods like Biro Perkhidmatan Angkasa (BPA) or Employer Salary Deduction (PGM).
- Optional Takaful Protection: Gain peace of mind by choosing to include Takaful protection, which covers the remaining financing balance in the unfortunate event of death or Total Permanent Disability (TPD).
What is the financing amount I can get from this Co-opbank Pertama Lestari Personal Financing-i (Private)?
The maximum financing amount you can apply for depends on the chosen repayment method.
1. Salary Deduction Repayment (via Biro Angkasa or Employer)
- If repayment is made through Salary Deduction (via Biro Angkasa or Employer), and your monthly salary exceeds RM3,000, the maximum financing limit is up to RM200,000.
- Actual Amount: The final amount will be based on your allowable salary deduction eligibility or RM200,000, whichever is lower.
2. Other Repayment Methods (Cheque, Standing Instruction, or Online Banking)
For applicants using other repayment methods such as Post-Dated Cheque, Standing Instruction, or Online Banking, the financing limit is determined based on a multiple of your gross monthly salary.
- Salary between RM5,000 and RM10,000: You are eligible to apply for 15 times your gross monthly salary.
- Salary exceeding RM10,001: You are eligible to apply for 20 times your gross monthly salary.
Both of these categories are also subject to the maximum limit of RM200,000 (whichever is lower).
Regardless of the category, the actual approved amount will ultimately be determined based on your eligible income and credit assessment by Co-opbank Pertama.
What is the profit rate for Co-opbank Pertama Lestari Personal Financing-i (Private)?
The profit rate depends on your employment sector, tenure, and repayment method:
1. Private Sector
- Employer Salary Deduction (PGM):
- 1 to 3 years: 3.45% p.a.
- 4 to 10 years: 3.75% p.a.
- Biro Perkhidmatan Angkasa (BPA):
- 1 to 10 years: 4.29% p.a.
- Cheque, Standing Instruction, and Online Banking:
- 1 to 10 years: 5.00% p.a.
2. Private Sector (Professional)
- All Methods (PGM, Cheque, Standing Instruction, Online Banking):
- 1 to 10 years: 3.99% p.a.
Who can apply for Co-opbank Pertama Lestari Personal Financing-i (Private)?
The eligibility criteria for applicants are as follows:
- Malaysian Citizen.
- Age: Between 21 and 60 years old, or up to the mandatory retirement age.
- Minimum Income: Must have a minimum gross monthly income of RM3,000.
- Employment Status: Must be a permanent staff member of a selected Private Sector company and have served for more than 3 years.
Are there any other fees or charges I should be aware of?
The following mandatory and conditional fees apply to this financing facility:
- Processing Fee: A one-time charge of RM100.
- Wakalah Fee: RM50 is charged for every financing withdrawal. This fee is also subject to the Sales and Service Tax (SST).
- Late Payment Charge (Ta'widh): If your instalment payments are in arrears (late), a compensation charge of 1% per annum will be imposed. This charge is calculated daily on the outstanding amount.
- Stamp Duty: This fee will be charged separately, calculated according to the regulations of the Stamp Act 1949 (Revised 1989).
What documents do you need to provide?
Please prepare the following documents for your application:
- Copy of Identity Card (front & back)
- Copy of 3 latest months' payslips
- EA Form (Annual Income Statement)
- Letter of Employment Confirmation
Supporting Documents:
- 3 latest months' bank statements (showing salary credit)
- Letter of service termination or retirement age (if applicable)
- Settlement statement for other financing (if any)
Note: Supporting documents must be provided before signing the offer letter and agreement. Failure to do so will result in the approved financing amount being adjusted based on the documents already received.
