MBSB Personal Financing Afdhal-i is a Shariah compliant personal financing offering the highest financing margin in the market, with profit rate calculated on a floating and monthly rate basis.
Who can apply for MBSB personal financing?
This Islamic personal loan (Pinjaman Peribadi Afdhal-i) is open to contract government servants, selected public-listed and private sector companies' employees, as well as high income individuals.
To qualify for Afdhal-i personal financing, you must meet the following requirements:
- must be a Malaysian citizen;
- must be minimum 19 years old to maximum 60 years old, upon expiry of the facility;
- must be working in the Government, GLCs, local councils and selected public-listed and private companies.
How much money can I borrow from Afdhal-i?
You can borrow any amount up to a whopping RM400,000. The repayment period for Afdhal-i personal financing is flexible between 2 to 10 years and you only need to pay a Wakalah Fee of RM34.
You will receive your approved money in no time, provided that you have met all borrowing requirements and submitted all relevant documents.
How do I pay for my monthly instalment?
You need to arrange your monthly instalment payment via salary deduction from Biro Perkhidmatan Angkasa, Accountant General or employer salary deduction to MBSB Bank. You can also service your monthly instalments via:
- Cash via MBSB Bank branch
- Online bill payment via Maybank2.com, CIMB Clicks, RHB Now and JomPay
- Standing Instruction
Do I need a Takaful coverage?
You are advised to sign up for the Group Credit Family Takaful to cover for the liability of indebtedness in the event of death or permanent disablement. The contribution amount will be deducted upfront from the financing amount.
You can apply for a Takaful coverage of your own choice via MBSB Bank's panel of Takaful providers.
Why should I apply for MBSB Personal Financing Afdhal-i again?
There are many contributing factors to consider for MBSB Personal Financing Afdhal-i application, such as:
- Higher financing limits of up to RM400,000;
- Longer and flexible repayment tenures up to 10 years; and
- No guarantor and collateral required.
What documents are required to apply for Afdhal-i personal financing?
There are a few documents that you would need before making your way to the nearest MBSB Bank branch:
- Copy of MyKad / Passport / Military or Police ID (front and back);
- Latest 3 months salary slips;
- Latest EPF Statement or EA Form or BE Form with tax payment receipt;
- Latest 3 months Current Account or Savings Account statement (salary crediting bank account);
- Confirmation Letter from Employer;
- Employer Salary Deduction Form (For AG and State AG); and
- Application Form
Am I qualified to apply for MBSB 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.
MBSB Bank is more likely to approve your personal financing application if you can show that you are managing your personal finances, rather than accumulating more debt.