MBSB Private Sector-i

  • Loan amount 10k to 300k
  • Tenure1-10 Years
  • Age 21-60 Years
  • Min Income 3,500 pm
  • Employee & Self-Employed
  • 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 - RM300,000     24 to 120 months     min. RM42,000   6.29% p.a. - 11.6% 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 6.29% 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

Requirements

Minimum Annual Income

RM42,000

Minimum Age

  • 21 to 60 years old

Who can apply

  • Malaysians
  • Salaried employee
  • Self-employed
  • Permanent employees of PLCs, GLCs, state GLCs, MNCs, education sector companies and its subsidiaries
  • Permanent professional employees of private companies with a valid Professional certificate
  • Self-employed practicing professional with a valid Professional certificate with minimum 2 years of business/firm establishment (minimum income must be RM5,000 or above)

More Information

Why should I apply for MBSB Private Sector-i financing?

Personal financing can help you bridge the gap for your personal needs. And if you’re looking for a suitable financing option, particularly one curated for practising professionals, then MBSB Private Sector-i can help you with that. Here’s a brief look at the features and benefits you can expect to get from this unsecured Islamic financing:

  • Based on the Shariah concept of Tawarruq
  • High financing amount of up to RM300,000, with a minimum financing amount of RM10,000
  • Extended financing tenure of up to 10 years for a minimum income of RM3,500 and RM5,000 (the minimum tenure is 2 years)
  • Competitive variable profit rates
  • No guarantor required
  • Optional Takaful coverage
  • No charges for early settlement

What are the profit rates?

According to MBSB Bank, the profit rates of the MBSB Private Sector-i are calculated based on variable rates and a monthly rest basis. You will be able to enjoy low-profit rates equivalent to a 6.29% p.a. flat rate.

For financing amounts between RM10,000 to RM300,000, you'll enjoy the rates below.

3 Years Tenure 4 - 10 Years Tenure
Standard Profit Rate Refinancing Standard Profit Rate
Effective Rate Flat Rate Effective Rate Effective Rate Flat Rate
11.60% p.a. 6.29% p.a. 11.60% p.a. 6.29% p.a. 11.60% p.a.

On another note, the MBSB Bank’s current Standard Base Rate (SBR) is at 2.75% p.a. while the Ceiling Profit Rate is at 15% p.a. as of writing. And since the profit rate is variable, 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.

Should I take the Takaful coverage for my financing?

The Group Credit Family Takaful coverage is optional. However, it is highly recommended that you opt for it as the Takaful will cover the outstanding amount of your financing in the case of your death or total permanent disability (TPD).

Are there any charges that I should know of?

Yes, they are Wakalah Fee and Late Payment Compensation, and the details are as follows.

  • 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 (PDS).

Am I eligible to apply for MBSB Private Sector-i?

Any Malaysian citizen aged at least 21 years old up to 60 years old upon the expiry of the financing or optional retirement, whichever is earlier, is eligible to apply for MBSB Private Sector-i.

  • Salaried employee: minimum monthly income of RM3,500
  • Self-employed: minimum monthly income of RM5,000

Additionally, other eligibility criteria include the following:

  • Permanent employees of publicly listed companies, GLCs, state GLCs, multi-national corporations, education sector companies and their subsidiaries as listed by the Bank;
  • Permanent professional employees of private companies (employee must have a valid Professional certificate);
  • Self-employed practising professional (with a valid Professional certificate) with a minimum of 2 years of establishment of the business/firm

What documents should I prepare?

To ensure you have a smooth application journey, please prepare the following documents to apply for MBSB Private Sector-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 a copy of the Tax Receipt
  • Latest 6 months' current account statements (Company and Personal)

How can I pay my monthly instalments?

There are a few ways that you can pay the monthly instalments for your MBSB Private Sector-i, which include:

  1. You can make a payment at any of MBSB Bank’s branches nationwide, or
  2. Through electronic payment via Interbank GIRO/Instant Transfer, Standing Instruction/Auto Debit, or
  3. 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.