MBSB Private Sector-i

MBSB Private Sector-i is a Shariah-compliant personal financing that follows the Islamic concept of Tawarruq (profit rate is calculated based on a floating and monthly basis). With a higher financing amount, this personal financing is for permanent employees of the private sector including public listed companies, GLCs, state GLCs, and multi-national corporations (MNCs).

Best for: Private sector employees seeking cashflow or a debt consolidation solution.

Pros:

• Higher financing amount (RM300,000)
• Longer and flexible repayment tenure (up to 10 years)
• No collateral or guarantor required
• Competitive profit capped at 15% p.a.

• Why should I apply for MBSB Personal Financing-i Private Sector again?

  MBSB Personal Financing-i Private sector offers a lot of interesting features and benefits such as requiring no guarantor, no early settlement charges, and a competitive profit rate.

• How to apply for MBSB Amanah Personal Financing-i online?

  You can apply for MBSB Personal Financing-i Private sector right here.

• What is the maximum financing amount?

  RM300,000.

• What is the maximum financing tenure?

  10 years.

• Can I apply for MBSB Personal Financing-i Private Sector?

  The MBSB Personal Financing-i Private sector is open to:

  • Employees of any Malaysian government or government linked company (GLC)
  • Aged between 21-60 years old

  A minimum salary of at least RM3000 for fixed income and RM5000 for variable income.

• How do I qualify?

  To be eligible, your business must:

  • Citizenship: Malaysian
  • Employment:
    • Permanent staff of a PLC, GLC, state GLC, MNC, or education sector companies and its subsidiaries as listed by the Bank OR
    • Self-employed practicing professional (with a valid Professional certificate) with minimum 2 years of establishment of the business/firm
  • Income: RM3,500 and RM5,000 (inclusive of gross salary, fixed allowance and other non-fixed income) for Fixed and Variable income respectively
  • Age: Between 21 – 60 years old. If you apply for it at 55, this means your maximum tenure can only be 5 years or when you reach 60 years old.
  • Takaful protection: Optional

• What are the required documents?

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

  Employed staff

  • Copy of NRIC (front and back)
  • 3 months (most current) salary slips
  • 3 months (most current) bank statements
  • EPF statement, EA Form, or BE Form with tax payment receipt (most current)
  • Certification letter by your current employer (if available)

  Self-employed

  • Copy of NRIC (front and back)
  • Business Registration Form / Form 9, 24, 49, B & D
  • License for Professional Certificate
  • Latest B Form with tax payment receipt
  • Latest 6 months Current Account or Savings Account statement (Company and personal)

• What is the profit rate?

  As low as BR + 7.95% p.a. (equivalent to 5.73% p.a. flat rate at 3 years tenure) with ceiling rate of 15% p.a.

• How much do I have to pay monthly?

  As with any financing, you will have to make monthly repayment, which comprises of principal amount and a profit charge.

  Use our personal loan calculator above to estimate your monthly repayment.

• What are the fees and charges?

  Stamp duty: 0.5% of financing amount

  Early termination fee: Waived

  Processing fee: RM34 for Wakalah Fee

  Late penalty fee: 1% of current outstanding amount

  Note: There are no upfront charges or additional fees when you apply through iMoney. We will also not request any deposit payment from you.

• How do I make my repayment?

  • Salary deduction via Biro Angkasa, Accountant General or employer salary deduction
  • Interbank GIRO (IBG)/Instant Interbank Funds Transfer (IBFT) via ATM or AutoDebit
  • Over the counter at any MBSB bank branches

• How can I check my MBSB personal financing status?

  You can check your MBSB Personal Financing-i Private sector by contacting the MBSB customer support team right here.

• Do I need a Takaful coverage?

  Takaful coverage is optional for this financing solution.

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

  Unfortunately, no. MBSB will check your credit history as part of their approval process. You are advised 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

  Alliance Islamic Bank CashVantage Personal Financing-i

  If you find the minimum requirement of RM3,500 a month is tough to meet, you may consider Alliance Islamic Bank CashVantage Personal Financing-I which has an income requirement of only RM3,000 and allows a decent financing of up to RM150,000.