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MBSB Mumtaz-i
An unsecured Islamic personal loan of up to 10 years for employee of Government, Government Link-Companies (GLC), State Government Link-Companies (SGLC), Local Councils and approved companies under Non-Biro arrangement.
- Interest Rate (p.a.)
3.40% - 3.80%
- Loan Tenure
2 - 10 years
- Approval Duration
Up to 1 business day (Approval turnaround time (TAT) is subject to fresh loan (no overlapping))
- Min. monthly income
RM1,500
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What's so great about MBSB Mumtaz-i?
- Approved loan amount of up to RM250,000.
- Interest rate is fixed at 3.40% (0.28% per month) up to 3.80% per annum (0.32% per month)
- Takaful protection not compulsory.
Product Features
| Min. financing amount | RM3,000 |
| Max.financing amount | Up to RM250,000 |
| Min. loan tenure | 2 years |
| Max. loan tenure | Up to 10 years |
| Islamic/Conventional | Islamic |
| Interest rate | Flat rate of 3.40% up to 3.80% per annum |
| Approval duration | Up to 1 business day (Approval turnaround time (TAT) is subject to fresh loan (no overlapping)) |
| Debt consolidation | Overlapping financing |
Fees & Charges
| One time set up | |
|---|---|
| Processing fee | N/A |
| Stamp duty | N/A |
| Disbursement & misc. fee | Handling fees of RM 34* (*Fees are not including GST 6%) and IBG fees RM 4* |
| Annual fee | N/A |
| Other fees | N/A |
| Penalties | |
|---|---|
| Early settlement | N/A |
| Late payment charges | During financing period, prior to maturity: 1% p.a. on the instalments amount in arrears and not compounded. |
| Other penalties | N/A |
Eligibility
| Age requirement | Age 19 - 60 |
| Employment eligibility | Employee of Government, Government Link-Companies (GLC), State Government Link-Companies (SGLC), Local Councils and approved companies under Non-Biro arrangement |
| Min. salary requirement | RM1,500 gross per month |
| Guarantor / Collateral requirement | N/A |
Other Requirements
| Need to open linked banked account? | No |
| Need to buy Takaful product? | Optional |
| Other details | N/A |
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MBSB Mumtaz-i FAQ
What is the maximum amount you can borrow?
Borrowable amount of up to RM250,000 for a maximum loan tenure of 10 years.
The catch?
Applicant must be a Malaysian citizen between the age of 19 to 60 to qualify. Applicant must not exceed the age of 60 at the end of the loan tenure.
Applicant must be an employee of Government, Government Link-Companies (GLC), State Government Link-Companies (SGLC), Local Councils and approved companies under Non-Biro arrangement with a minimum gross salary of RM1,500 including allowances per month.
Takaful protection is optional.
What will it cost you and how will you be charged?
One time set-up fee:How long will the application take and what documentations are required?
Upon completing an application with iMoney, our representative will contact you within the same business day to confirm your application.
Thereafter, MBSB will require an average of 1 business day (not including Saturday, Sunday, and public holidays) before approval or disbursement.
You are required to furnish the following documents for your loan application:
- Copy of NRIC (front and back) with original Certified True Copy (CTC).
- 3 months (most current) salary slips.
- 3 months (most current) Current or Savings Account statements.
- Certification letter by your current Head of Department.
- Confirmation letter on retirement age.
- Form T228 (applicable for Sarawak government employee).
- Redemption letter for overlapping financing.
Can you apply if you have a bad CCRIS/ CTOS/ Credit Record?
No, you are required to settle all overdue payments before applying. It is advised that you continue repaying your loans on time for another three months before reapplying.