What is MBSB Personal Financing Mumtaz-i?
MBSB Personal Financing Mumtaz-i is a syariah compliant personal loan that references the Islamic concept of Tawarruq.It's a loan specifically for Government workers and employees of Government Linked Companies.
Who is eligible for this personal financing?
This loan is a an offer limited to Government workers and employees of Government Linked Companies. You'll need to have worked for your employer for a minimum of three years to be eligible for this loan.
Another version of this loan is available to employees of some Multinational companies and some companies in the Malaysia BURSA top 100 list. This version of the loan has a floating interest rate.
How much does this personal loan cost?
As this is an Islamic loan under the concept of Tawarruq, referring to trading of a commodity, you will also have to pay RM36.04 as a Sales Agent fee.
There is also stamp duty of RM10 for a standing instruction to deduct the monthly repayment from your bank account.
What documents are needed to apply for this personal loan?
You don’t have to secure the loan to any assets or find a guarantor as security but you will need to give MBSB supporting documents:
- Copy of MyKad (front and back) and birth certificate.
- 2 copies of your latest three month’s salary slips and it must be certified true copy by your boss or head of department.
- Latest six month’s current or savings account statements or a copy of your saving passbook from the bank where your salary is debited.
How do I get my hands on the money?
Financing takes a few business days to process. Once approved your borrowed funds will be transferred to your bank account.
How do I pay the back the loan?
Payments must be deducted from your salary each month so you must apply for a standing instruction to auto-transfer the monthly fixed installment once the loan is approved. The schedule for repayments will be stated in your loan agreement.
Can I pay this loan off early?
Yes, you can settle your loan completely before it is due. You will need to give one months notice to MBSB and you will be charged an Early Termination Fee.