What is Provident Islamic Tamweel Li Ajal about?
This is a Shariah-compliant financing plan designed for civil servants. Operating under the Tawarruq concept, it provides ethical, transparent, and Riba-free cash liquidity. It’s designed to help you achieve your financial aspirations with complete peace of mind.
What can I do with this personal financing?
Whether you need to fund a home renovation, pay for your children's education, cover medical expenses, or even consolidate expensive debts into one easy payment, this financing is here to make it happen.
What are the profit rates?
You will enjoy fixed profit rates, ranging from as low as 6.99% p.a. to 9.99% p.a., depending on your credit profile.
Because these rates are fixed, your monthly repayment amount remains constant throughout the entire tenure, ensuring no surprises and making it easier for you to plan your finances.
Do I have to sign up for a Takaful coverage?
Yes, for your protection. Provident Group require Takaful coverage to ensure that your outstanding balance is covered in the unfortunate event of death or total permanent disability. This protects your loved ones from inheriting debt.
What are the fees or charges that are applicable?
Here’s what to expect:
- Stamp Duty: Included in the Processing Fee.
- Processing/Wakalah Fee: 5% of the financing amount.
- No Hidden Charges: You won't be charged for just applying!
Need more details? Check out the Product Disclosure Sheet or Frequently Asked Questions.
Can I settle my financing early?
Absolutely! If you come into some extra cash and want to pay off your financing early, Provident Group will grant you an Ibra’ (Rebate) on the profit that hasn't been earned yet. This means you save money by settling early.
How do I pay for my monthly instalments?
Your monthly instalments are paid via Biro Perkhidmatan Angkasa (BPA) Salary Deduction. The amount is automatically deducted from your salary slip, so you never have to worry about missing a payment or queuing at the bank.
What happens if I'm late in my repayments?
Since repayments are via salary deduction, late payments are rare! However, if a repayment is missed (e.g., unpaid leave), a Late Payment Charge (Ta’widh) of 1% per annum applies to the overdue amount only.
Don’t worry, Provident Group doesn’t charge compounding interest on this penalty.
Who is eligible to apply for Tamweel Li Ajal?
You are eligible to apply if you are:
- A Malaysian Citizen (MyKad holder).
- Aged between 21 and 55 years old.
- A Permanent Employee serving in the Government, Statutory Bodies, or selected GLCs.
- Earning a minimum gross income of RM1,700 per month.
What documents should I prepare to apply for this financing?
Please prepare the following documents to ensure a smooth application journey:
- Copy of your NRIC (front and back).
- Latest 3 months’ salary slips.
- Latest 3 months’ bank statements (salary crediting account).
- Your completed Angkasa Deduction Form (BPA 1/79).
Am I qualified to apply for Tamweel Li Ajal 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.
Provident Group is more likely to approve your financing application if you can show that you are managing your finances, rather than accumulating more debt.
