Agrobank Personal Loan

About Agrobank

Agrobank was founded in 1969 in Malaysia and is known for agriculture financing and values-based banking (VBI). Not only that, but Agrobank has been a full-fledged Islamic bank since July 1, 2015, allowing it to offer a broad range of Shariah-compliant products and solutions to various customer segments and meet their needs. Agrobank has 184 branches across Malaysia as of 2018, with its headquarters located in Leboh Pasar Besar, 50726 Kuala Lumpur.

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 Agrobank offer?

Agrobank provides 1 type of personal loan, which is AgroCash-i, a loan that is related to agriculture and agro-based activities.

What are the eligibility to apply for AgroCash-i?

The eligibility for individuals to apply for AgroCash-i are as follows:

• Malaysian citizen
• Minimum age:
  • Government employees: Must be 18 to 60 years old, or up to retirement age, whichever is earlier
  • GLC staff: Must be 21 to 60 years old or up to retirement age, whichever is earlier
• Minimum gross income:
  • Government employees: RM1,000 per month
  • GLC staff: RM2,000 per month
• Duration of employment:
  • Government employees: Permanent and have completed at least 6 months of service (confirmed or under probation)
  • GLC staff: A permanent employee who has completed at least one year of service

Why should I choose AgroCash-i?

• Shariah compliance based on Tawarruq is applied to this personal financing loan
• Agrobank offers to finance amounts up to RM200,000
• The repayment tenure is being provided for up to 10 years
• Enjoy low-profit rates of 5.2% p.a. (based on the different sectors)

There are numerous other reasons you should choose AgroCash-i.

What are the benefits I can enjoy from AgroCash-i?

AgroCash-i can provide you with the following benefits:

• Shariah compliance based on Tawarruq is applied
• No processing fees
• No guarantor and collateral is required
• Fast approval from the bank
• Flexible repayment tenure up to 10 years (maximum)
• Takaful coverage is available, and customers are encouraged to take advantage of it

*Terms and conditions apply.

What are the documents required for AgroCash-i?

When applying for AgroCash-i, the following documents are required:

• Copy of MyKad
• Latest 3-month salary slip
• Latest 3-month bank statement from the salary crediting the account
• Confirmation letter from employer

What are the fees included in AgroCash-i?

Certain fees apply, including:

• Stamp duty

  0.5% of the whole amount

• Wa’d

  As per the Stamp Act 1949 (Revised 1989)

• Brokerage fee

  RM30, subject to 6% service tax (if applicable)

• Late payment fee

  Ta’widh is charged at 1% of the current outstanding balance

• Early termination fee

  None

• Takaful contribution

  Based on the facility, the profit rate, tenure, and the customer’s age

Who should I contact for further information about AgroCash-i?

For more information or assistance with AgroCash-i,

• Contact Agrobank at 1-300-88-2476
• Email at customer@agrobank.com.my
• Visit any nearby Agrobank branches

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.