How to apply for Maybank Islamic Personal Financing-i
How much money can I borrow?
Maybank’s Personal Financing-i (MPF-i) allows you to borrow from RM5,000 to RM100,000. Repayment terms may be from one to six years. All loan applications are credit checked prior to the bank deciding how much they will lend you.
Note: When you apply for a Maybank loan your application form is considered to be acceptance of the offer made by Maybank. If you apply for a loan of RM50,000, and after a credit check Maybank decides to lend you RM25,000, then you cannot cancel the agreement and must accept the loan of RM25,000.
How much does this personal loan cost?
Maybank doesn’t charge any processing fees. There are no Stamping Fees either. You may want to signup for Takaful Insurance cover and the premium will be deducted from your approved financing amount directly, but this is optional.
What do I need to apply for this personal loan?
You don’t have to pay a deposit or find a guarantor when you make your application but you will need to give Maybank some supporting documents.
- Copy of NRIC (front and back).
- Latest BE Form with official tax receipt.
- Latest three month’s salary slips.
- Latest six month’s current or savings account statements.
- Copy of MyKad (front and back).
- Business Registration Certificate or Operating License.
- Last 6 month’s bank statements.
How do I get my hands on the money?
In most cases financing is approved within 48 hours. Once your application has been cleared the money you are borrowing will be transferred to your Maybank current or savings account. If you don’t have a Maybank account you’ll need to open one.
How do I pay the money back for this Maybank loan?
Loan repayments will begin about a month after you’ve received the money, the exact schedule for payments will be set out in Maybank’s financing confirmation letter. You can make repayments via online banking; cash or cheque in the post or at a Maybank branch; telephone banking; and Standing Instruction.
Can I pay my Maybank Personal Financing-i off early?
You can to settle your loan before it is due. The bank may grant you a rebate, subject to terms and conditions.
Is the Maybank Islamic Personal Financing-i Syariah compliant?
Yes, MPF-i is based on the Syariah concept of Bai’ ‘Inah