MBSB Mumtaz-i

MBSB Personal Financing-i X-Change X-Tra Campaign

For a limited time, grab this chance to enjoy profit rates as low as Standardized Base Rate (SBR) + 2.60% p.a. with personal financing of up to RM400,000, including 3 months' worth of deferred payment and security deposit waiver upon successful application for selected MBSB Personal Financing-i during the Campaign Period.

Below are the campaign mechanics for your easy reference.

The minimum financing amount eligible for the promotion is RM10,000 and you can borrow for up to RM400,000 with tenures from 2 years up to 10 years.

This promotion runs from 1 March 2024 to 28 February 2025 (“Campaign Period”), subject to terms and conditions.

Who is qualified for this campaign?

This is open to new-to-bank/ existing/ refinancing individual customers. Other criteria include:

• Must be a Malaysian citizen of at least 19 years old (Public Sector) or 21 years old (Private Sector) and not exceeding 60 years old upon the expiry of the facility or opted retirement age, whichever comes first;
• Permanent/ contract employee of Government, GLCs, local councils and selected private companies having salary deduction arrangements with the Bank;
• Minimum monthly income of RM3,000 (inclusive of gross salary, fixed allowance and other non-fixed income)

Those who are not eligible for this campaign include the following.

• Customer(s) who have committed or are suspected of committing any fraudulent or wrongful acts with any of the facilities granted by the Bank or have been declared bankrupt/ wound up or are subject to any bankruptcy/ winding up proceedings;
• Customers whose account(s) are delinquent, involved in fraudulent transactions, suspected under Anti-Money Laundering & Counter Financing of Terrorism related matters and any other breaches which warrant the Bank to take appropriate actions; and
• Representatives and/ or agents (including advertising and campaign agents, third-party vendors and service providers) of the Bank and their permanent and/or contract employees

How do I be eligible for this campaign?

Please follow the participation criteria below.

• Must open Current Account-i/ Saving Account-i (CASA-i) with the Bank;
• Must subscribe to Group Credit Family Takaful (GCFT) coverage and other Banca Takaful/ Wealth products with the Bank;
• AM-PM disbursement applies to any complete Personal Financing-i applications submitted before 12 PM, which will be disbursed on the same day. Any applications submitted after 12 PM will be disbursed on the next working day

Which personal financing(s) can I apply for?

• MBSB Mumtaz-i
• MBSB Afdhal-i

Where can I reach out to get more information?

For any questions, please get in touch with MBSB Bank directly.

What is MBSB Mumtaz-i?

Dedicated and open to all permanent public sector employees and selected GLCs employees, MBSB Mumtaz-i offers financing amounts as high as RM250,000 over an extended financing tenure of up to 10 years or as short as 2 years, whichever you desire.

MBSB Mumtaz-i is a Shariah-compliant financing that is based on the concept of Tawarruq. And since it is unsecured Islamic financing, you are not required to provide a guarantor to apply for MBSB Mumtaz-i.

What can I do with MBSB Mumtaz-i?

Getting personal financing can immensely help you financially in times of need. Be it for emergency matters, funding for personal needs such as house renovation and so forth, MBSB Mumtaz-i can help part-finance your financial gap.

Tell me about the profit rate.

According to MBSB Bank, the profit rate of MBSB Mumtaz-i is a variable rate and is calculated on a monthly rest basis. The standard profit rate you’ll be able to get will be equivalent to a 2.98% p.a. flat rate, with an Effective Profit Rate of 5.65% p.a. at 3 years tenure. Meanwhile, for refinancing purposes, the Effective Profit Rate is at 5.55% p.a. (equivalent to a 2.93% p.a. flat rate at 3 years tenure).

And if you wish to extend your financing tenure between 4 to 10 years, you’ll enjoy a 3.38% p.a. flat rate with an Effective Profit Rate of 6.10% p.a. 

See the table below for better clarity.

The current SBR of MBSB Bank is at 2.75% p.a. as of writing, while the Ceiling Profit Rate is at 15% p.a. Since the profit rate is a variable rate, it may change from time to time based on the reference rate such as the SBR.

If the SBR changes — which is influenced by the OPR set by BNM — there’s a chance that your profit rate will change and thus influence your monthly instalments. However, the increase in the profit rate is capped at the Ceiling Profit Rate as mentioned earlier.

Additionally, rest assured that if there’s any change regarding your loan, MBSB Bank will inform you by giving at least 7 days prior written notice or via electronic means.

Is taking up the Takaful coverage compulsory or optional?

It is optional but MBSB Bank highly encourages you to opt for the Group Credit Family Takaful coverage. It will help cover any of your outstanding balances should unfortunate events happen to you such as death or total permanent disability (TPD).

Are there any charges that I should take note of?

Yes, there are. Before you hit the Apply button, please take note of the charges that you need to pay upon the approval of the financing facility.

• Wakalah Fee: RM34.00
• Late Payment Compensation: 1% per annum on such overdue amount during the facility tenure or if it’s after the maturity of the facility tenure, then a rate that won’t exceed the prevailing daily overnight Islamic Interbank Money Market rate (IIMM) will be charged on the outstanding balance

Can I fully settle my loan early?

Yes! If you wish to settle your loan early, you may do so without any charges. MBSB Bank will also grant Ibra’ or rebate to you as the customer where there are either:

• Early settlement or early redemption of the Facility; or
• Settlement of the original financing contract due to financing restructuring exercise; or
• Settlement by you in the case of default; or
• Settlement by you in the event of termination or cancellation of financing before the maturity date

You may find the Ibra’ calculation in the PDS here.

What are the eligibility criteria to apply for MBSB Mumtaz-i?

Any Malaysian citizen aged at least 19 years old and not exceeding 60 years old upon the expiry of the financing or optional retirement, whichever is earlier, is eligible to apply for MBSB Mumtaz-i. Other eligibility criteria include:

• Permanent employee of Government, GLCs, local councils and selected companies having salary deduction arrangements with MBSB Bank with at least 12 months in service
• Minimum monthly income of RM3,000 (inclusive of gross salary, fixed allowance and other non-fixed income)

What documents should I prepare?

To ensure you have a smooth application journey, please prepare the following documents to apply for MBSB Mumtaz-i.

Salaried employee:

• Copy of your IC/MyKad (front and back)
• Latest 3 months' salary slip
• Latest 3 months' Savings/Current Account Statements (salary being credited)
• Latest BE Form and Tax Receipt/EA Form/EPF statements
• Any other latest supporting documents if required

Self-employed:

• Copy of your IC/MyKad (front and back)
• Business registration/Form 9, 24, 49, B&D/M&A
• Latest 3 months' Savings/Current Account Statements (salary being credited)
• Latest BE Form and Tax Receipt/EA Form/EPF statements
• License for Professional Certificate
• Latest B Form and copy of Tax Receipt
• Latest 6 months' current account statements (Company and Personal)

How can I pay my monthly instalments?

You can pay for the monthly instalments of your MBSB Mumtaz-i through salary deduction via Biro Angkasa, Account General or employer salary deduction.

Am I qualified to apply for MBSB personal financing if I’m blacklisted?

Depending on your credit history with other financial institutions because all this information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS / CTOS (a system that collects 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.

MBSB Bank 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.