Chapter 10: Personal loans offered by Bank Muamalat

Bank Muamalat Malaysia Berhad

The following are the personal loan schemes offered by Bank Muamalat Malaysia Berhad.

A. Cash-i Muamalat Prestige

1. Total finance: RM 10,000 – RM 250,000

2. Finance period: 24 – 120 months

3. Annual profit rate: 2.69% p.a – 7.52% p.a

 4. Salary eligibility: Gross salary RM 7,000 per month or RM 84,000 per year

 5. Eligibility requirements:

Ø General requirements:

·         Malaysian.

·         Aged 18 to 70 years (Medical Practitioner) or pension date.

·         Gross salary income not less than RM 7,000 per month or RM 84,000 per year.

·         Not blacklisted by any financial institution in Malaysia.

·         No Accounts Under Special Observation (SAA).

·     Not under the Credit Management Program by AKPK.

 6. Required documents:

Ø For wage meal work:

·         Copy of identity card.

·         Copy of 3 months latest salary slip.

·         Copy of 3 months latest salary entry bank statement.

·         Job confirmation letter

·      Any income supporting documents (EA or EPF)

                  ·      Salary transfer letter or salary deduction.

  

Ø For self-employment:

·         Copy of identity card.

·         Business registration (SSM).

·         6 months latest business current bank account statement.

·         Latest financial statement or tax returns.

 *Professionals need to include a professional certificate in a related field.

 

7.  Charges imposed:

·         No processing charges.

·         Stamp duty charge of 0.5% of the loan amount.

·         Other charges imposed are such as late payment charge (Ta’widh) of 1% of the outstanding amount.

* Bank Muamalat will not charge any charges if you intend to terminate or settle early. In fact, you will be given a rebate (Ibra’).

B. Cash-i Muamalat Pro

1. Total finance: RM 10,000 – RM 200,000

2. Finance period: 24 – 120 months

3. Annual interest rate: 2.69% p.a – 7.52% p.a

4. Salary eligibility: Gross salary RM 5,000 per month or RM 60,000 per year

5. Eligibility requirements:

Ø General requirements:

·         Malaysian.

·         Aged 18 to 60 years or 70 (Medical Practitioner) or pension date.

·         Gross salary income not less than RM 5,000 per month or RM 60,000 per year and above.

·         Permanent position or contract position (minimum 5 years working experience in a related field).

·         Serving in the following categories:

v Medical practitioners (doctors and dentists).

v Accountant.

v Lecturer.

v The pilot.

v Engineer.

v Architect.

v Technician.

v Geologists.

v Health officer.

v Pharmaceutist.

v Veterinarian.

v Optometrists and opticians.

v Material surveyor.

v Actuary

v Holder of Doctor of Philosophy (PhD).

v Oil and gas company staff.

v Staff of financial institutions.

v Staff of communication companies (TM, Celcom Axiata, Maxis, Digi)

v Professional/self-employed firm.

·     Not blacklisted by any financial institution in Malaysia.

·         No Accounts Under Special Observation (SAA).

·     Not under the Credit Management Program by AKPK.

 

Ø For individual:

·     Must be registered with a relevant professional body, or have qualifications and accreditation in the field involved.

 

Ø For professional/self-employed firms:

·     Professional/self-employed firms need to run the business for a minimum of 5 years

·         Medical practitioners who have a clinic must run the business for a minimum of 1 year.

·     Have a positive relationship with a bank or other financial institution.

6.     Required documents:

·         Copy of identity card.

·        Copy of 3 months latest salary slip.

·         Latest income statement such as salary entry bank account or income tax statement (company/self-employed).

·         Company registration for self-employment.

7.  Charges imposed:

·         No processing charges.

·         Stamp duty charge of 0.5% of the loan amount passed.

·         Other charges imposed are such as late payment charge (Ta’widh) of 1% of the outstanding amount.

* Bank Muamalat will not charge any charges if you intend to terminate or settle early. In fact, you will be given a rebate (Ibra’).

C.  Cash-i Muamalat

1. Total finance: RM 10,000 – RM 200,000

2. Finance period: 24 – 120 months

3. Annual profit rate: 2.69% p.a – 7.52% p.a

4. 4. Salary eligibility: Gross salary RM 2,000 per month or RM 24,000 per year

 5. Eligibility requirements:

Ø General requirements:

·         Malaysian.

·         Aged 18 to 60 years (or pension date).

·      Open to all types of jobs with permanent positions.

·         Not blacklisted by any financial institution in Malaysia.

·         No accounts under Special Observation (SAA).

·     Not under the Credit Management Program (PPK) by AKPK.

 

Ø For government employees (served more than 1 year):

·         Permanent position.

·         Gross salary income + fixed allowance more than RM 3,000 per month or RM 36,000 per year

 

Ø For civil servants (served less than 1 year):

·         Holds office for less than 1 year

·         Gross salary income more than RM 2,000 per month or RM 24,000 per year.

Ø For panel company staff:

·         Income more than RM 5,000 per month or Rm 60,000 per year (gross salary and fixed allowance).

·         Permanent position.

·         Served more than 3 years in the same company.

 

Ø For government employees (contract):

·         Served not less than 1 year.

·         Positions Grade 41 and above.

·         Gross salary income more than RM 2,000 per month or RM 24,000 per year.

 

6. Required documents:

·         Copy of identity card.

·         Copy of latest 3 months salary slip.

·         Copy of 3 months bank account statement of salary entry.

·         Letter of confirmation of position (for government employees).

·         Any income support form

  

7. Charges imposed:

·         No processing charges.

·         Stamp duty charge of 0.5% of the loan amount passed.

·         Other charges imposed are such as late payment charge (Ta’widh) of 1% of the outstanding amount.

* Bank Muamalat will not charge any charges if you intend to terminate or settle early. In fact, you will be given a rebate (Ibra’).

 These are the personal loan offered by Bank Muamalat Malaysia Berhad. See you in the next chapter!😋