MBSB Bank Personal Loan

About MBSB Bank

MBSB Bank is a wholly-owned subsidiary of Malaysia Building Society Berhad, established in 2005 as a full-fledged Islamic bank. MBSB Bank also provides a wide range of financial and service products to meet the needs of its potential customers, including consumer banking, business banking, trade financing, investment, and other services. MBSB Bank Berhad currently has 27 branches operating throughout Malaysia.

What is a personal loan?

A personal loan is a type of instalment credit provided by a financial institution (bank) to a borrower (you) in a one-time cash payment. You, as a borrower, must pay back the amount plus interest either in regular or monthly instalments over the loan’s term agreement. Personal loans can be divided into secured loans (backed by collateral) and unsecured loans (no collateral required).

What type of personal loan does MBSB Bank offer?

MBSB Bank provides 3 types of personal loans:

• Afdhal-i (Public Sector)
• Mumtaz-i (Public Sector)
• Private Sector-i

What are the eligibility to apply for MBSB Bank personal loans?

The eligibility for individuals to apply for MBSB personal loans are as follows:

• Afdhal-i (Public Sector)
• Malaysian citizen
• Must be 19 years old and not older than 60 years old at facility expiration or optional retirement age, whichever comes first
• Types of employees:
• Contract: Government, GLC, local councils, and selected companies with salary deduction arrangements with the bank with at least 12 months in service (applicable for Biro cases only)
• Permanent/ contract: Private sector companies with salary deduction arrangements with the bank (non-Biro)
• Premium customer: At least 5 years of service, a government’s high-income employee (contract/ permanent), GLC, SGLC, statutory bodies, and selected private companies
• Mumtaz-i (Public Sector)
• Malaysian citizen
• Must be 19 years old and not older than 60 years old at facility expiration or optional retirement age, whichever comes first
• Minimum monthly income of RM3,000 (including gross salary, fixed allowances, and other non-fixed earnings)
• A permanent employee at government, GLCs, local councils, and selected companies with salary deduction arrangements with the bank with at least 12 months in service
• Private Sector-i
• Malaysian citizen
• Must be 21 years old and not older than 60 years old at facility expiration or optional retirement age, whichever comes first
• Minimum monthly income of RM3,500 (fixed income) and RM5,000 (variable) (including gross salary, fixed allowance, and other non-fixed earnings)
• Types of employees:
• Permanent: Public listed companies, GLCs, state GLCs, multinational corporations, education sector companies, and theisubsidiaries listed by the bank
• Permanent professional: Private companies (employee must have a valid Professional Certificate)
• Self-employed practising professional: Have a valid Professional Certificate with a minimum of 2 years of establishing the business or firm

Why should I choose MBSB Bank personal loans?

• Shariah-compliance based on Tawarruq (Commodity Murabahah) is applied to all types of personal loans
• MBSB Bank offers to finance amounts up to
  • Afdhal-i (Public Sector): RM400,000
  • Mumtaz-i (Public Sector): RM250,000
  • Private Sector-i: RM 300,000
• The repayment tenure is offered for up to 10 years
• The profit rate of Variable Rate is calculated on a monthly rest basis (competitive financing rates vary for each personal loan)

There are numerous other reasons you should choose MBSB personal loans.

What are the benefits I can enjoy from MBSB Bank personal loans?

MBSB Bank personal loans can provide you with the following benefits:

• No early settlement fees
• No guarantor and collateral is required
• Flexible repayment tenure up to 10 years
• Takaful coverage is available (optional)

*Terms and conditions apply.

What are the documents required for MBSB Bank personal loans?

When applying for MBSB personal loans, the following documents are required:

• Salaried employee
  • Copy of MyKad, and
  • Latest 3-month salary slip, and
  • Latest 3-month Savings/ Current Account statement (where salary is being credited), and
  • Latest BE Form and tax receipt, or
  • EA Form, or
  • EPF statements, and
  • Any other supporting documents, if required

• Self-employed
  • Copy of MyKad, and
  • Business Registration, or
  • Form 9, 24, 49 and B&D / M&A, and
  • Latest 3-month Savings/ Current Account statement (where salary is being credited), and
  • Latest BE Form and tax receipt, or
  • EA Form, or
  • EPF statements, and
  • Licence for Professional Certificate (if applicable), and
  • Latest B Form and copy of tax receipt, and
  • Latest 6-month Current Account statement (company and personal)

What are the fees included in MBSB Bank personal loans?

Certain fees apply, including:

• Stamp duty

  0.5% of the whole amount

• Wakalah fee

  RM34

• Late payment fee

  1% of the current outstanding balance

• Early termination fee

  Waived

Who should I contact for further information about MBSB Bank personal loans?

For more information or assistance with MBSB Bank personal loans,

• Contact MBSB Bank at +60320963000
• Email MBSB Bank at enquiry@mbsbbank.com

What are the common terms of personal loan?

• Per Annum (p.a.)

  The interest rate over one year with the assumption that interest is compounded annually.

• Tenure

  The period you must repay your loan.

• Principal

  Principal is commonly known as the loan amount you requested from the bank.

• Interest rate

  Principal is commonly known as the loan amount you requested from the bank.

• Instalment

  Instalment is the fixed amount you must repay your personal loan every month until the term expires.

• Penalty

  A fee that a bank will levy on your overdue amount if you are late with your repayment.

• Default

  The term used to describe a situation in which a personal loan is not paid off for more than three months.