MBSB Personal Financing Afdhal-i is a Shariah compliant personal loan that follow the Islamic contract of Tawarruq, 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 companies (PLCs) 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 and selected PLCs and private companies.
How much money can I borrow from Afdhal-i?
You can borrow any amount up to a whopping RM400,000 - the highest financing margin for a personal loan in the market. The repayment period for Afdhal-i personal financing is flexible between 2 to 10 years.
The cost for obtaining Mumtaz-i personal financing is affordable as there are no hidden fees and charges. You only need to pay a Wakalah Fee of RM34 and 6% GST, where applicable.
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 can arrange your monthly instalment payment via salary deduction from Biro Perkhidmatan Angkasa (BPA) or Accountant General (AG) for an easy and hassle free repayment. Besides that, you can pay via cash at MBSB branches or setup a Standing Instruction.
You can also make an early settlement of your Afdhal-i personal financing and receive an ibra' (rebate), however subject to terms and agreements with MBSB.
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 via MBSB's panel of Takaful providers or your own choice.
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:
- Low flat rate of 4.40% p.a. for the whole period of borrowing;
- 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 branch:
- Copy of MyKad (front and back);
- Latest 3 months salary slip;
- Latest EPF Statement or EA Form or BE Form, with tax payment receipt;
- Latest 3 month 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 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.