What is this product about?
KFH Murabahah Personal Financing-i is an unsecured Islamic personal loan based on the Commodity Murabahah (Sale and Purchase transaction) structure, open to individuals aged between 21 to 60 years, whose main income is fixed monthly.
The profit rate is made known to you upfront and flat throughout the tenor of up to 10 years. You can borrow any amount between RM30,000 and RM250,000, subject to your credit checking and KFH's approval.
What is my obligations?
You are required to repay the bank what you have borrowed, which consist of principal amount and profit rate, every month until your loan tenor is mature. As this is a flat rate Islamic personal financing, you are not going to be affected by the movement of the bank's base rate.
How do I pay my monthly installments?
There are several convenient ways you can choose to service your outstanding balances such as Standing Instruction or Interbank Giro or Instant Transfer from your designated deposit account to KFH's personal loan account.
Do I need Takaful coverage?
KFH makes it compulsory for you to take up a Group Credit Term Takaful (GCTT) to cover the outstanding loan amount in the event you are not capable of repaying the outstanding amount due to death or total permanent disability.
However, you will be able to claim the excess Takaful contributions via rebate if you have fully paid your personal financing ahead of schedule.
Do I need a guarantor?
No guarantor or collateral is needed for this Islamic personal financing.
What document do I need to prepare?
First, you will need to complete the application form and then standby a copy of your NRIC together with it. Then, you also need to supply several of the documents below:
For Salary Earners:
- Latest 3-month payslip
- EPF Statement with latest 3-month contribution
- Latest B/e-Tax form with tax payment receipt; or EPF Statement; or copy of latest Audited Financial Statements
- Business Registration Form
- Latest 6-month Company or Personal's bank statement
Am I qualified to apply for KFH 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.
KFH 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.