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MBSB Mumtaz-i FAQ
What is the maximum amount you can finance?
Financing 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 financing 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 RM3,000 including allowances per month.
Takaful protection is optional.
What will it cost you and how will you be charged?
One time set-up fee:
No set-up fees need to be paid.
Recurring payments:
Monthly repayment comprising principal amount and interest charge via Accountant General (AG) or Biro Perkhidmatan Angkasa (BPA) monthly salary deduction facility. Profit rate is fixed at 3.69% (0.30% per month) up to 4.00% per annum (0.33% per month) (rate is subject to a credit review by MBSB) throughout the financing tenure.
Penalties:
Late payment charges (During financing period, prior to maturity): Compensation (Ta’widh) will be charged at 1% p.a. on the instalments amount in arrears and not compounded.
Late payment charges (Upon expiry of financing period, beyond the maturity): Compensation (Ta’widh) will be charged based on MBSB current rate which is equivalent to the Islamic Interbank Money Market (IIMM) Rate on the balance principal amount outstanding on the maturity date or the expiry of the Facility.
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.
If you are looking for other personal loans, you may also consider
Alliance Bank CashFirst Personal Loan
Alliance Bank CashFirst Personal Loan has a flat interest rate starting from 6.88% p.a. The maximum tenure for this personal loan is 7 years. It also comes with a minimum income requirement of RM3,000.
Standard Chartered Quick Cash EDGE
With Standard Chartered Quick Cash EDGE, the personal loan comes with an fixed interest rate starting from 10.50% p.a. This personal loan has a maximum tenure of 5 years. It also comes with a minimum income requirement of RM2,000.
AmBank Islamic Personal Financing-i
AmBank Islamic Personal Financing-i has a flat interest rate starting from 4.30% p.a. The maximum tenure for this personal loan is 10 years. It also comes with a minimum income requirement of RM1,500.
MBSB Mumtaz-i
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