Fixed profit ratesWho is Yayasan Dewan Perniagaan Melayu Perlis Berhad (YYP)?
It is a foundation incorporated under the Companies Act 2016 with a company registration number 199201018259 (249763-U). YYP is not part of the cooperative society under the Co-operative Societies Act 1993.
What can I get from this Islamic personal financing?
YYP offers Shariah-compliant unsecured personal financing targeting employees who are working with the Government, selected GLCs and Statutory Bodies. With financing from YYP, you may apply for higher financing up to RM300,000 and/or based on the maximum allowed salary deduction capped at 60% of your gross salary.
You are also required to meet the minimum eligibility criteria such as follows:
- A Malaysian citizen
- Aged between 20 - 58 years old (Maximum age for PDRM customers is 55 years old)
- Minimum gross monthly income of RM1,500 per month
- Have a permanent job with at least 6 months of service
- Not a bankrupt person or in the bankruptcy process
- Pass YYP's credit assessment
YYP do not take into consideration outside CCRIS commitments and depending on your credit history, Special Attention Account (SAA) customer may be subject to YYP's due diligence and approval.
For East Malaysia, the minimum financing amount will be RM2,500. Meanwhile, West Malaysia applicants can apply for a minimum financing amount of RM3,000.
What are the documents that I should prepare?
Before applying for this personal financing from YYP, kindly prepare these documents:
Certified True Copy Required:
- 1 photocopy of MyKad / PDRM Identification Card
- Recent 3 months' payslips
Certified True Copy Not Required:
- Latest bank statement (salary account / local savings account / current account to receive financing)
- Employment verification letter
- Option letter (if applicable)
- Transfer letter/secondment letter (if applicable)
- Settlement statement (if applicable)
Tell me about the profit rates
YYP offers a fixed profit rate between 6.65% to 9.99% per annum. The profit rate you'll be getting will solely depend on the total approved financing amount for the whole 10 years' tenure.
How soon can I receive my financing from YYP?
You can expect to receive your approved financing from YYP within 24 to 48 working hours. Subject to complete documentation from your end, passed employer verification and customer's confirmation through akad.
Afterwards, you will be notified via email from YYP once your personal financing has been transferred to your choice of bank account.
How do I pay for my monthly instalments?
You must ensure your monthly instalments are paid via the Salary Deduction Scheme. Repayments will be done via Direct Debit or standing instruction if the salary deduction is not activated or is deactivated.
You are also responsible for providing written notice to YYP if there are any changes to your salary account/account specified in the Direct Debit Authorization Form, to update their account details with YYP and by signing a new Direct Debit Authorization Form.
A late payment charge of 1% p.a. will be imposed on your outstanding instalment if you are late on your monthly payment.
Do I need a guarantor or collateral for YYP Personal Financing-i?
Guarantor and collateral are not required when you apply for YYP Personal Financing-i.
Can I apply for more than one account under YYP Personal Financing-i?
Yes, you can apply for YYP Personal Financing-i more than once subject to successful salary deduction activation of your previous account.
