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YYP Personal Financing YYP is a foundation with a company registration number 1003231-A limited by guarantee and incorporated under the Companies Act 2016. It is NOT a co-operative society under the Co-operative Societies Act 1993. YYP offers unsecured Shariah compliant personal financing products exclusively for Malaysian civil servants. Profit rates of YYP products are calculated based on fixed rates and credit assessment.
You are eligible if you fulfill the following conditions: 1. Working as a civil servant in Malaysia 2. Malaysian citizen 3. Aged 20-58. Maximum age for customers who are police officers is 55 4. Permanent job with at least 6 months of service 5. Minimum gross monthly income of RM1,500 6. Not in bankruptcy process and/or a bankrupt 7. Pass the credit score of YYP
You will be required to provide: 1. A photocopy of your Malaysian Identification Card (“IC”) 2. A photocopy of your Police Identification Card, if applicable 3. Certified true copies of recent 3 months payslips – certified by employer 4. Recent bank statement (salary account / account to receive financing) 5. Employment verification letter 6. Option letter, if applicable 7. Transfer letter / secondment letter, if applicable 8. Settlement statement, if applicable
No. However, your consent to provide us access to your credit report is required in order to process your financing application. Your credit information will be used as part of our consideration when offering our financing products.
No guarantor or collateral is required for YYP personal financing products.
Your personal information are stored securely in accordance with our Terms of Use and Privacy Notice. We keep, protect and process your personal data in a secured manner by maintaining physical, electronic and procedural safeguards in compliance with the laws of Malaysia. In view of the Personal Data Protection Act 2010, we have taken steps to ensure that we are in compliance with the Act. We will, as far as practicable, aim to prevent any unauthorised and/or unlawful processing of, and the accidental loss, destruction or damage to your personal data. Please refer to our website’s Terms & Conditions and Privacy Notice.
Yes, YYP personal financing products are Shariah compliant, certified by a Shariah advisory body. The Shariah concept used is Murabahah, which refers to a sale based on cost plus where acquisition cost with the seller’s (YYP) profit are disclosed to the purchaser (customer) at the time of the contract.
The profit rate offered may be revised from time to time depending on our latest available products. Currently, our profit rate ranges from 6.50% p.a. to 9.99% p.a., which will be offered to you depending on your credit profile and financial behavior. The profit rate will remain the same as stated in your agreement throughout the financing tenure.
YYP personal financing applications do not offer any cash rebates, cash back or cash rewards.
All applicable fees will be deducted upfront from your original financing amount and include but not limited to, processing fee, brokerage fee, stamp duty, administration charges, subscription fee, and Sales and Services Tax (SST), where applicable. Advanced instalments, between 0 to 3 months instalments, will be dependent on the product offered to you based on your credit profile and financial behaviour and will also be deducted upfront from your original financing amount. No legal fees or payments to third parties will be imposed after you received your financing.
There is no insurance or Takaful coverage for YYP financing products.
The net financing amount is the amount after netting off all necessary fees and is dependent on the product offered to you. This will be communicated clearly to you for your consideration before your confirmation to proceed with the financing application during the akad process.
Akad is a promise between two parties whereby YYP offers customers to enter into a personal financing transaction and the customer agrees to accept the offer. Customers must understand the questions and / or confirmations inquired during the akad process and provide the appropriate responses. Acceptance or rejection of the offer by the customer must be made clear before the agreement can be completed. All conversations during akad are recorded.
Your personal financing application will be processed within 2-3 working days, subject to complete documentation, employer verification and customer confirmation through akad. Proceeds will be credited to your account through telegraphic transfer within 24 hours after your application is approved.
We will contact you for customer confirmation and verification (akad) during our application processing. You will be notified via email once your financing is transferred to your account after your application is approved and you have accepted the offer during the akad process. For this reason, your email must be provided. Kindly note that YYP reserves the right of termination as detailed in Q21 below. To receive an update on your current application status, kindly contact the Marketing Representative facilitating your application.
Customer reserves the right to cancel the financing facility at any time before or after disbursement:
You may withdraw or cancel your application by declining the offer and stating your desire to do so during the akad process. Otherwise, please contact the Marketing Representative facilitating your application.
You may only cancel or withdraw your application within 14 days from the date of agreement if the financing has been disbursed to you. The full debited financing amount must be returned to YYP and a processing fee of RM250 will be charged. After 14 days from the date of agreement and disbursement, cancellation or withdrawal will constitute as an early settlement. You will be required to pay YYP the Selling Price owed from the financing facility and any rebates will be upon the sole discretion of YYP. Please refer Q26 for rebate calculation method.
Applications which do not meet the requirements as listed in Q3 may be disqualified. Your application may also be rejected depending on your credit profile, current financial situation and commitment.
YYP reserves the right to terminate disbursed facilities and accelerate payment of the facility and/or demand full payment within fourteen (14) days of written notice if any of the following events occur: 1 - Default in paying any instalments or payments and/or other monies when due and payable 2 - Presentation of a bankruptcy petition against the customer 3 - If the customer has become mentally unsound or deceased 4 - If any information provided by the customer is proven to be incorrect or misleading or contain material omission of facts 5 - If in the absolute opinion of YYP, the facility has not been operated satisfactorily 6 - If legal proceedings, suit for action of any kind whatsoever be instituted against the customer.
If you have any difficulties to fulfill your obligations or wish to submit a complaint on our products or services or need assistance, please contact our Customer Service Center at: Working hours : Monday to Friday, 9.00 am – 6.00 pm Tel : 03-4047 0888 E-mail : pertanyaan@yyp.com.my
YYP Personal Financing
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