Maybank Islamic Personal Financing-i

The Maybank Islamic Personal Financing-i is an Islamic unsecured personal financing with financing amount as low as RM5,000, and maximum amount of RM100,000. The profit rates offered are tiered according to the financing amount, with a lower rate for higher financing amount.

Best for: iMoney recommends Maybank Islamic Personal Financing-i for education or business purposes, as it offers a lower rate for higher financing amount, with tenure between 2 and 6 years.

Income requirements: RM3,500 a month or RM42,000 per year.

Pros: No processing or stamping fee, guarantor or collateral required.

• Why should I get Maybank Islamic Personal Financing-i?

  The benefits for this loan includes:

  1. Monthly instalment payment as low as RM102.78* per month
  2. No document stamping
  3. No processing fee
  4. Fast approval

• How do I qualify for Maybank Islamic Personal Loan?

  You may apply for the loan if you are aged between 21 to 60 years old with a minimum income of RM42,000 per annum.

• What are the required documents?

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

  1. If you are employed:
     • Copy of NRIC (front and back)
     • Any of the documents below (choose one):
       • Latest 1-month salary slip (fixed income)
       • Latest EA Form
       • Latest 3 months’ savings account activity/current account statements
       • Latest BE Form with validated payment slip/receipt to LHDN
  2. If you are self-employed:
     • Copy of NRIC (front and back)
     • Copy of current and valid Business Registration Card
     • Any of the documents below (choose one):
       • Latest 6 months’ bank statement
       • Latest B Form with validated payment slip/receipt to LHDN

• What is the maximum financing amount?

  The maximum you can borrow is up to RM100,000, while the minimum amount is RM5,000.

• What is the maximum financing tenure?

  The longest you can stretch your financing repayment with Maybank Islamic Personal Financing-i is 6 years, while the minimum is 2 years. Why is this important to you? The longer your financing tenure is, the lower your monthly repayment will be. But it also means higher profit charges.

• What are the Maybank Islamic Personal Financing-i profit rates?

  The fixed profit rate per annum depending on the facility amount approved by the Bank as follows:

   

  Facility Amount	Fixed Profit Rate
  RM5,000 - RM20,000	8%
  RM20,001 - RM50,000	7%
  RM50,001 - RM100,000	6.5%

• What are the fees and charges?

  One-time set-up fee: Some banks charge a stamp duty fee of 0.5% on financing amount, but the good thing about the Maybank Islamic Personal Financing-i is, you do not need to pay any upfront fee. If you are applying through iMoney, you will not need to pay any deposit or upfront fee as well.

  Late payment charges: 1% on the outstanding financing amount. Late payment charges will increase your total outstanding financing amount.

  Early settlement fee: If you plan to settle your financing in the first half of your financing tenure, you will be charged early settlement fee, which is RM200 or 3% of the outstanding balance, whichever is higher. If your financing tenure is 5 years, and you settle your financing in the first 2 and a half years, you will be charged the early settlement fee.

  Takaful protection: You will have the option to take up Takaful coverage for the financing. The Takaful will be underwritten by Etiqa Takaful, and it is designed to cover your outstanding financing in the event of any unfortunate circumstances. You will be charged for the Takaful protection.

• Is the Takaful policy to cover personal financing compulsory?

  Yes, you have an option to take Takaful coverage for your financing. The takaful is designed to cover your outstanding financing during the period of financing and/or term of coverage in the event of any unfortunate circumstances.

• How long does Maybank take to approve my personal loan?

  The approval duration for this loan is within two (2) working days.

• How much do I have to pay monthly?

  Your monthly repayment will remain the same throughout the financing tenure, and it comprises of the principal amount and interest.

  Your instalment will be calculated based on your financing amount, financing tenure and profit rate. For example, if you are borrowing RM55,000 with a profit rate of 6.5% over 5 years, your monthly repayment will be around RM1,215.

  Use the personal loan calculator above to calculate your monthly repayment.

• How do I make my repayment?

  • Interbank GIRO (IBG)/Instant Interbank Funds Transfer (IBFT) via ATM or Internet Banking
  • From your Maybank Current Account/Savings Account - Direct Debit via Alliance Online Banking or Standing Instruction
  • Over-the-counter or at the self-service terminals at any Maybank branch

• Can I have an early settlement for Maybank Islamic Personal Loan?

  Yes and you will receive a rebate upon settling the loan before its maturity. The rebate shall only be deemed granted to you upon receipt of the settlement/redemption sum as determined by the Bank.

• How do I apply for Maybank Islamic Personal Loan?

  All you need to do is click on the orange “Apply” button on the top right of your screen. Then fill in your contact details and we will get in touch to get started with your loan application.

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

  Similarly, with most financial institutions, Maybank Islamic will check your credit record before they approve your application. If you are blacklisted, have a bad CCRIS record or have a weak credit score, chances are your application will be rejected.

  iMoney recommends that you settle all your overdue payments before applying and keep a healthy credit record before you apply for personal financing. It is advised that you continue repaying your financings 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 financing products, you may also consider

  Citibank Personal Loan

  If you are a Citibank existing customer and is looking for a personal loan with a lower rate, consider the Citi Personal Loan. This loan offers an attractive interest rate of 5.88% per annum, but with a slightly higher minimum income requirement of RM4,000.

  Bank Rakyat Personal Financing-i Private Sector

  If you looking to stretch your repayment over a longer period, try Bank Rakyat Personal Financing-i Private Sector, which offers a maximum tenure of 10 years. The loan is open for those who are earning a minimum of RM2,000 a month. However, the maximum tenure is only applicable to those who are earning RM3,001 and above.

  HSBC Amanah Personal Financing-i

  Loan up to RM120,000 from the HSBC Amanah Personal Financing-i. With the profit rate from 10.5% per annum for new HSBC customers, it offers a maximum tenure of 5 years. This Islamic financing comes with a minimum income requirement of RM5,000.