MBSB Mumtaz-i

  • Loan amount 10k-250k
  • Tenure1-10 Years
  • Age 19-60 Years
  • Min Income 3,000 pm
  • Gov. employee & GLC
  • 1 week

Borrow RM Monthly Repayment
RM


Interest Rate

%
How Long
My monthly income
As a

Profit rates

Based on your loan amount & loan period, the interest rates are as low as the following

Financing Value Financing period      Your Annual Income   Profit Rate
RM10,000 - RM250,000   24 to 120 months       min. RM36,000   3.06% p.a. - 5.8% p.a.  

Financing period is minimum 24 months and maximum 120 months (depending on the financing tier selected)

Fees & Charges

Profit Rate / APR

As low as 3.06% p.a.*
*Subject to terms and conditions

Processing Fee

RM34, as Wakalah Fee

Stamp Duty

None

Early Termination Fee

Waived

Late Penalty Fee

1% p.a. on such overdue amount during the facility tenure or if it’s after the maturity of the facility tenure, then a rate that won’t exceed the prevailing daily overnight Islamic Interbank Money Market rate (IIMM) will be charged on the outstanding balance

Mode of Payment

You must pay your financing installment by salary deduction

Requirements

Minimum Annual Income

RM36,000

Minimum Age

  • 19 to 60 years old

Who can apply

  • Malaysians
  • Government employee
  • GLC employee
  • Permanent employees of Government, GLCs, local councils and selected companies having salary deduction arrangements with the Bank with at least 12 months in service

More Information

What is MBSB Mumtaz-i?

Dedicated and open to all permanent public sector employees and selected GLCs employees, MBSB Mumtaz-i offers financing amounts as high as RM250,000 over an extended financing tenure of up to 10 years or as short as 2 years, whichever you desire.

MBSB Mumtaz-i is a Shariah-compliant financing that is based on the concept of Tawarruq. And since it is unsecured Islamic financing, you are not required to provide a guarantor to apply for MBSB Mumtaz-i.

What can I do with MBSB Mumtaz-i?

Getting personal financing can immensely help you financially in times of need. Be it for emergency matters, funding for personal needs such as house renovation and so forth, MBSB Mumtaz-i can help part-finance your financial gap.

Tell me about the profit rate.

According to MBSB Bank, the profit rate of MBSB Mumtaz-i is a variable rate and is calculated on a monthly rest basis. The standard profit rate you’ll be able to get will be equivalent to a 3.06% p.a. flat rate, with an Effective Profit Rate of 5.80% p.a. at 3 years tenure. Meanwhile, for refinancing purposes, the Effective Profit Rate is at 5.80% p.a. (equivalent to a 3.06% p.a. flat rate at 3 years tenure).

And if you wish to extend your financing tenure between 4 to 10 years, you’ll enjoy a 3.05% p.a. flat rate with an Effective Profit Rate of 5.80% p.a. 

See the table below for better clarity.

                                3 Years Tenure     4 - 10 Years Tenure
    Standard Profit Rate             Refinancing    Standard Profit Rate
Effective Rate   Flat Rate   Effective Rate   Flat Rate   Effective Rate     Flat Rate
5.80% p.a. 3.06% p.a.   5.80% p.a.   3.06% p.a.   5.80% p.a.   3.05% p.a.

The current SBR of MBSB Bank is at 2.75% p.a. as of writing, while the Ceiling Profit Rate is at 15% p.a. Since the profit rate is a variable rate, it may change from time to time based on the reference rate such as the SBR.

If the SBR changes, which is influenced by the OPR set by BNM, there’s a chance that your profit rate will change and thus influence your monthly instalments. However, the increase in the profit rate is capped at the Ceiling Profit Rate as mentioned earlier.

Additionally, rest assured that if there’s any change regarding your loan, MBSB Bank will inform you by giving at least 7 days prior written notice or via electronic means.

Is taking up the Takaful coverage compulsory or optional?

It is optional but MBSB Bank highly encourages you to opt for the Group Credit Family Takaful coverage. It will help cover any of your outstanding balances should unfortunate events happen to you such as death or total permanent disability (TPD).

Are there any charges that I should take note of?

Yes, there are. Before you hit the Apply button, please take note of the charges that you need to pay upon approval of the financing facility.

  • Wakalah Fee: RM34.00
  • Late Payment Compensation: 1% per annum on such overdue amount during the facility tenure or if it’s after the maturity of the facility tenure, then a rate that won’t exceed the prevailing daily overnight Islamic Interbank Money Market rate (IIMM) will be charged on the outstanding balance

Can I fully settle my loan early?

Yes! If you wish to settle your loan early, you may do so without any charges. MBSB Bank will also grant Ibra’ or a rebate to you as the customer, where there are either:

  • Early settlement or early redemption of the Facility; or
  • Settlement of the original financing contract due to a financing restructuring exercise; or
  • Settlement by you in the case of default; or
  • Settlement by you in the event of termination or cancellation of financing before the maturity date

You may find the Ibra’ calculation in the Product Disclosure Sheet.

What are the eligibility criteria to apply for MBSB Mumtaz-i?

Any Malaysian citizen aged at least 19 years old and not exceeding 60 years old upon the expiry of the financing or optional retirement, whichever is earlier, is eligible to apply for MBSB Mumtaz-i. Other eligibility criteria include:

  • Permanent employee of Government, GLCs, local councils and selected companies having salary deduction arrangements with MBSB Bank, with at least 12 months in service
  • Minimum monthly income of RM3,000 (inclusive of gross salary, fixed allowance and other non-fixed income)

What documents should I prepare?

To ensure you have a smooth application journey, please prepare the following documents to apply for MBSB Mumtaz-i.

Salaried employee:

  • Copy of your IC/MyKad (front and back)
  • Latest 3 months' salary slip
  • Latest 3 months' Savings/Current Account Statements (salary being credited)
  • Latest BE Form and Tax Receipt/EA Form/EPF statements
  • Any other latest supporting documents if required

Self-employed:

  • Copy of your IC/MyKad (front and back)
  • Business registration/Form 9, 24, 49, B&D/M&A
  • Latest 3 months' Savings/Current Account Statements (salary being credited)
  • Latest BE Form and Tax Receipt/EA Form/EPF statements
  • License for Professional Certificate
  • Latest B Form and copy of Tax Receipt
  • Latest 6 months current account statements (Company and Personal)

How can I pay my monthly instalments?

You can pay for the monthly instalments of your MBSB Mumtaz-i through salary deduction via Biro Angkasa, Account General or employer salary deduction.

Am I qualified to apply for MBSB personal financing if I’m blacklisted?

Depending on your credit history with other financial institutions because all this information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS / CTOS (a system that collects credit information on borrowers, not blacklisting them).

Assuming you have poor credit standing due to irregular payments, the best course of action would be to break the habit and start making your payments on time to avoid future hurdles.

MBSB Bank is more likely to approve your loan application if you can show that you are managing your finances, rather than accumulating more debt.