What is KFH Murabahah Personal Financing-i?
KFH Murabahah Personal Financing-i is an unsecured Islamic personal financing 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 tenure of up to 8 years.
Get financed at any amount between RM5,000 to RM150,000, subject to your credit score and KFH's approval. It is also worth noting that you can get financed at 7x your gross monthly salary.
Plus, no guarantor or collateral is needed for this Islamic personal financing.
What are my obligations?
You are required to pay the bank what you have borrowed, which consist of principal amount and profit rate, every month until your loan tenure has matured.
As this is a flat rate Islamic personal loan, 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 paying 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.
Who can apply for KFH Islamic personal loan?
KFH personal financing is offered to employee of multinational companies, public limited companies, government-linked companies and their subsidiaries with a minimum income of RM3,000 per month.
Unfortunately, government staff is not eligible to apply for this Islamic facility.
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:
- Copy of NRIC (front and back)
- Latest 3-month payslip
- EPF Statement with latest 3-month contribution
- Copy of NRIC (front and back)
- 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 Murabahah Personal Financing-i 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 KFH Murabahah Personal Financing-i application if you can show that you are managing your personal finances, rather than accumulating more debt.