What is Sun Gate Credit Personal Financing-i about?
Sun Gate Credit Personal Financing-i is an unsecured, Shariah-compliant financing facility based on Commodity Murabahah (“Tawarruq”).
Sun Gate Credit Sdn Bhd (SSM 201701039415) is a KPKT-licensed moneylender, with its Gombak branch operating under licence WL6366/14/01-6/150526.
What is the concept of Commodity Murabahah (“Tawarruq”)?
Sun Gate Credit buys a Shariah-compliant commodity, then sells it to you at a fixed price that already includes its profit margin, payable over your agreed tenure. Acting as your appointed agent (Wakil), Sun Gate Credit then sells that same commodity to a third party for cash, and the proceeds go straight into your bank account.
No profit is charged at any point in this process. The profit is already included in the Selling Price, so it remains the same throughout your tenure.
What can I do with this personal financing?
You can borrow from RM500 to RM50,000 and use the financing only for lawful, Shariah-compliant personal purposes, such as emergency expenses, home renovations, medical costs, and similar expenses. Note that the funds can't go toward anything non-halal or related to non-halal activities or expenses.
What are the fees or charges that are applicable?
- Stamp Duty: In accordance with the Stamp Duty Act 1949 (Revised 1989)
- Transaction Fee: 1% of the approved financing amount, capped at RM20
- Processing Fee: Subject to agreement
- Wakalah Fee (Agency): RM25
- Late Payment Charges: 8% p.a. on the amount due
If you cancel the approved financing before disbursement, you're required to pay all costs, if any, incurred by Sun Gate Credit for the preparation and registration of securities documents.
Do I have to sign up for Takaful coverage?
No. Takaful coverage is optional.
Can I settle my financing early?
Yes. You'll need to give Sun Gate Credit at least 30 days' written notice before your intended settlement date. Sun Gate Credit may grant an Ibra' (rebate) on the unearned profit portion, but this is entirely at their discretion and assessed case by case.
What happens if I'm late in my repayments?
A late payment charge of 8% per annum will be applied until you settle the overdue amount in full. This is made up of two parts: Ta'widh (compensation fee) and Gharamah (a penalty fee).
Who is eligible to apply for Sun Gate Credit Personal Financing-i?
Any Malaysians aged at least 18 years with a minimum monthly salary of RM1,700 are eligible to apply.
A guarantor isn't required by default, though Sun Gate reserves the right to ask for one depending on your individual credit assessment.
What documents should I prepare?
- Latest 3 months' payslips
- Latest 3 months' bank statements
- Latest 12 months' EPF statements
- 1 month's utility bill
- Your valid IC (front and back)
How do I contact Sun Gate Credit for details?
Gombak Branch
No. 36A, Jalan Jernai 3, Medan Idaman, Batu 5, Gombak, Kuala Lumpur
Licence No.: WL6366/14/01-6/150526
Office Tel: +603 4024 8688
WhatsApp: +6010 240 0028
Email: [email protected]
Sun Gate Credit Sdn Bhd (Registration No. 201701039415 (1253586-M))
