Agrobank AgroCash-i

Agrobank AgroCash-i is a personal loan for personal financing facility for customers for the purpose of consumer financing mainly related to agriculture and agro-based activity. The implementation of the product is based on Tawarruq transactions.

Best for: Personal use including your kid’s education fund.

Income requirements: Minimum RM 1,000/month for government employees and minimum RM2,000/month for GLC employees.

Pros:

• Maximum financing amount of RM 250,000
• Low income requirement of RM1,000/month for government employees
• Low income requirement of RM2,000/month for GLC employees
• Wide age range eligibility (21 – 60 years old)
• No guarantor or collateral required
• No processing fee
• Rebate on early settlement

• What is the AgroCash-i profit rate?

  The profit rate is subject to eligibility and current conditions changes. Below are the categories, profit rates, and length of tenures for this loan:

  Federal Government	Base Rate + 3.45% p.a.	Up to 3 years
  	Base Rate + 3.95% p.a.	4 to 10 years
  State Government/Statutory Body/Pihak Berkuasa Tempatan & Government Link Company	Base Rate + 3.82% p.a.	Up to 3 years
  	Base Rate + 4.27% p.a.	4 to 10 years
  Applicants that has unsatisfactory credit assessment	Base Rate + 4.85% p.a.	Up to 10 years

   

  Profit rate varies according to the following criteria:

  1. Existing and new customer
  2. Good track record as per CCRIS which does not exceed MIA-2 for the past 12 months.
  3. Salary deduction through BPA
  4. No Rescheduling and Restructuring (R&R) status
  5. No Special Attention Account (SAA)

• What is the maximum financing amount?

  You can borrow up to RM 200,000.

• What is the maximum financing tenure?

  10 years.

• How do I qualify?

  Income: Minimum gross income of RM 1,000/month for government employees and minimum RM2,000/month for GLC employees. Gross salary means salary before monthly deductions such as income tax and Employees Provident Fund (EPF) contribution. Only fixed income earners are eligible.

• What are the eligibility requirements?

  Below are the eligibility criteria for this loan:

  Age Requirement	Government Employees Age between 18 to 60 or up to retirement age whichever is earlier. GLC Staff Age between 21 to 60 or up to retirement age whichever is earlier.
  Eligibility	Government Employees Permanent and have served for at least 6 months (confirmed or under probation). GLC Staff Permanent staff and has been confirmed with at least one year of service.
  Min. Salary Requirement	Government Employees RM1,000 gross salary per month GLC Staff RM2,000 gross salary per month
  Takaful Coverage	Customer is encouraged to take Skim Takaful Kredit.

• Who can apply for AgroBank AgroCash-i Personal Loan?

  Government Employees and GLC Staff can apply for AgroBank AgroCash-i Personal Loan. Below are the criteria and details:

  Age Requirement	Government Employees Age between 18 to 60 or up to retirement age whichever is earlier. GLC Staff Age between 21 to 60 or up to retirement age whichever is earlier.
  Eligibility	Government Employees Permanent and have served for at least 6 months (confirmed or under probation). GLC Staff Permanent staff and has been confirmed with at least one year of service.
  Min. Salary Requirement	Government Employees RM1,000 gross salary per month GLC Staff RM2,000 gross salary per month
  Financing Limit	Government Employees Maximum RM250,000 GLC Staff Maximum RM200,000
  Advanced Installment	Equivalent to three (3) month installments which shall be used as payment in case of any default under the financing. Advance installments shall be deducted from the financing amount.

  
  
  Visit here for the full details for this loan.
  

• What are the required documents?

  Once you have completed your application with iMoney, you are required to provide the following documents for your application:

  • Front & back copy of NRIC
  • Copy of previous 2 month’s salary slips, OR
  • Copy of 3 months’ bank statements showing salary credited, OR
  • EPF statement, OR
  • Latest EA Statement (dated within last 12 months), OR
  • Latest Tax Returns and Tax receipts, OR
  • BE Form, OR
  • Letter of Employment (if employed less than 3 months)

• How long is the approval process?

  Agrobank will approve an application within 3 days, provided that full documentation and information are submitted.

  To speed up the process, you can apply through iMoney where our Call Centre Consultants will walk you through the eligibility checker, application form, and advise you on the required document submission.

  After we submit your documents and information, Citibank can approve and disburse to you within 3 days.

• What are the fees and charges?

  Below are the fees and charges for this loan:

  Stamp Duty	As per the Stamp Act 1949 (Revised 1989).
  Advanced Installment	Equivalent to three (3) monthly instalments which shall be used as payment in case of any default under the financing. Advance instalments shall be deducted from the financing amount.
  Brokerage Fee	RM30.00 per transaction

• Other information:

  If you want to read the full Terms and Condition or get the Disclosure Sheet for this loan, please use the links below:

  1. AgroCash-i Terms and Condition
  2. AgroCash-i Disclosure Sheet

• Can I apply if I have a bad CCRIS/CTOS/credit score?

  Unfortunately, Agrobank will check your credit history as part of their approval process. You are required to settle all overdue payments before applying and keep a healthy credit record before you apply for any personal financing or loan. We also highly recommend that you continue repaying your loans on time for another three months before reapplying.

  Check your iMoney CreditScore for free to find out how your credit health is.

• If you are looking for other personal loans, you may also consider

  Bank Rakyat Personal Financing-i (Private Sector)

  Bank Rakyat Personal Financing-i Private Sector is a guarantor-free personal loan that offers a financing amount of up to RM 150,000. It also has a relatively low instalment and decent financing with a relatively low gross income requirement of RM2,000 per month.

  Bank Rakyat Personal Financing-i (Public Sector)

  Bank Rakyat Personal Financing-i Public Sector is a personal loan for Malaysian citizens that are in the public sector, GLC companies and GLC subsidiaries. This personal loan offers a financing amount of up to RM 200,000. It also has a relatively low instalment and decent financing with a relatively low gross income requirement of RM1,000 per month.