What is Icon Everest Credit Personal Financing-i about?
It is a Shariah-compliant, unsecured personal financing facility offered by Icon Everest Credit Sdn Bhd, a licensed lender operating in Malaysia. It runs on the Commodity Murabahah (Tawarruq) structure, where the profit rate is fixed upfront and built into the sale price, so there are no floating rates or compounding charges to worry about.
What can I do with this personal financing?
The financing is for personal use only and cannot be used for non-halal goods or services. There's no restriction on the specific personal purpose, whether it's covering medical bills, home expenses, or other personal needs. No collateral is required, and no guarantor is needed.
What is the profit rate?
The profit rate is up to 2.5% per month on a flat rate basis. Your actual rate will be stated in the Icon Everest Credit’s Letter of Offer upon approval, so the final figure depends on your application.
As a flat rate, profit is calculated on the original financing amount throughout the tenure, not on the reducing balance. To illustrate: on a RM10,000 financing at 3% per month over 24 months, the monthly instalment works out to RM716.67. Check out the calculation formula in the product disclosure sheet.
Do I have to sign up for Takaful coverage?
No, Takaful coverage is optional. Icon Everest Credit encourages applicants to take it up as a safety net in the event of unexpected circumstances, but it is not a condition of the financing.
If you choose a Takaful operator from Icon Everest Credit’s approved panel, the contribution will be deducted from your financing amount before disbursement. If you go with a non-panel operator, you bear the cost separately and need to provide proof of coverage.
What are the fees or charges that are applicable?
- Wakalah Fee: RM25 (deducted from financing amount)
- Recovery of Administrative Costs: 10% of the financing amount (deducted from the financing amount)
- Stamp Duty: 0.5% as per the Stamp Duty Act 1949 (deducted from financing amount)
- Early Settlement Fee: None
- Handling Fee: None
- Statement Request Fee: RM10 per request
- Applicable taxes: Payable by customer, if any
Do note that the 10% administrative cost recovery is deducted upfront, meaning for a RM10,000 financing, you would receive a net disbursement lower than RM10,000 after all deductions.
Can I settle my financing early?
Yes. You can settle the full financing amount at any time before the maturity date, and Icon Everest Credit will grant a rebate (Ibra') on the unearned profit. The rebate is calculated as the remaining unearned profit minus any applicable early settlement charges. Written notice of 3 months is required before your intended settlement date.
How do I pay for my monthly instalments?
Payment can be made via Auto-Debit, JomPay, Cash Deposit Machine, ATM Transfer, Internet Banking, Interbank GIRO (IBG), or instant transfer. You can also authorise Icon Everest Credit to set up Auto-Debit directly from your bank account.
What happens if I'm late in my repayments?
Late payment charges apply from the day the payment is overdue. These consist of Ta'widh (compensation for Icon Everest Credit’s actual loss) and Gharamah (a deterrent penalty), at 1% per annum on the overdue amount. The charges are not compounded. The Gharamah portion is channelled to charitable bodies rather than retained by Icon Everest Credit, in line with Shariah principles.
If the account defaults to the point of termination, the full outstanding sale price becomes immediately due. Icon Everest Credit may also refer the account to a collection agent or initiate civil proceedings to recover the amount owed.
Who is eligible to apply for Icon Everest Credit Personal Financing-i?
Any Malaysians aged 26-65 years old with a minimum monthly income of RM1,700 (RM20,400 annually) are eligible to apply. The financing does not require a guarantor or any form of collateral.
What documents should I prepare?
You will need your IC and the following documents to start your application:
- Minimum 3 months' salary slip; AND
- Latest EPF statement; AND
- Latest 3 months bank statement; AND
- Utility bills
Any questions regarding your personal financing application, contact Icon Everest Credit:
- Kota Damansara Branch: 03-61407050 / WhatsApp 016-6088484
- Kuala Lumpur (Setapak) Branch: 03-40255338 / WhatsApp 010-2400027
- Email: [email protected]
Am I qualified to apply if I'm blacklisted?
Icon Everest Credit conducts its own internal credit evaluation as a condition for disbursement. Whether applicants with unfavourable credit listings are eligible must be confirmed directly with Icon Everest Credit.
How can I contact Icon Everest Credit?
Kota Damansara Branch
No. 11-2, Jalan PJU 5/10, Dataran Sunway, Kota Damansara, 47810 Petaling Jaya, Selangor
License No.: WL6376/10/01-7/160427
Advertisement Permit No.: WP6376/10/01-7/160427
Office Tel: 03-61407050
WhatsApp: 016-6088484
Email: [email protected]
Kuala Lumpur (Setapak) Branch
No. 2-1, Jalan 3/50C, Taman Setapak Indah Jaya, Off Jalan Genting Kelang, 53300 Kuala Lumpur, WPKL
License No.: WL6377/14/01-7/170327
Advertisement Permit No.: WP6377/14/01-7/170327
Office Tel: 03-40255338
WhatsApp: 010-2400027 / 016-6308484
Email: [email protected]
Icon Everest Credit Sdn Bhd (Registration No. 201701038396 (1252567-H))
