MBSB Bank Mumtaz-i is an unsecured Islamic personal loan by MBSB Bank Berhad targeted at public sector or government servant. This Shariah compliant personal financing solutions offer several attractive features that set it apart from the rest of personal loan in Malaysia. This loan is offered to government servant and selected companies having salary deduction arrangement with the bank. With financing amount of up to RM250,000 and financing tenure up to 10 years, MBSB Mumtaz-i is one an attractive Islamic personal financing plan in Malaysia.
MBSB Bank Mumtaz-i Personal Financing
Some of the features offered by MBSB Bank Berhad through their MBSB personal loan Mumtaz-i includes:
- Flexible financing amount
Financing amount start from RM50,000 to RM250,000.
- Flexible financing tenure
Financing tenure for MBSB Mumtaz-i start from 2 years up to 10 years.
- Variable profit rates
MBSB Mumtaz-i has a variable profit rate from 3.40% to 3.80% p.a.
- Fast Approval
Mumtaz-i personal loan only takes 1 business day to process and approved.
- No processing fee and stamp duty charge
Unlike other bank personal loan in Malaysia, MBSB will not charge any processing fee or stamp duty upon loan approval.
- No early settlement charges
There is no early settlement charges if you decide to pay the full amount earlier than the agreed tenure.
- Optional Takaful coverage
Unlike some Islamic personal loan that force you to subscribe to Takaful coverage, in MBSB Mumtaz-i, Takaful coverage is optional.
- Salary deduction
Salary deduction is via Biro Angkasa, Accountant General (AG) or employer salary deduction.
Below are the requirements for MBSB Mumtaz-i Personal Financing.
- Age between 19 years old and not exceeding 60 years old upon expiry of the agreement, or optional retirement age.
- Permanent employee of Government, GLCs, local councils or selected companies.
- Confirmed and permanent staff that have been 12 months in service.
- Minimum income is RM3,000 per month or RM36,000 per year.
Since MBSB Mumtaz-i is only for a government employee, the applicant will have to provide additional documents for application. Below are the documents required to apply for MBSB Mumtaz-i personal loan.
- Copy of NRIC (front and back) with original Certified True Copy (CTC).
- Latest 3 months salary slips.
- Latest 3 months bank account statement (savings or current).
- Certification letter by Head of Department.
- Confirmation letter on retirement age.
- Form T228 (for Sarawak government servant).
- Redemption letter for loan overlap (optional).
As have been stated earlier, MBSB does not impose any processing fee and stamp duty for this loan. However, there will be a handling fee for disbursement, which RM34.
There are also late payment charges for any amounts in arrears, 1% p.a.
You can apply for MBSB Mumtaz-i Personal Financing by visiting the nearest MBSB Bank branch or by contacting MBSB Customer Service representative at 03-2096 3000.
MBSB will call you for confirmation on the same business day, and the process will take up to 1 business day.
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MBSB Bank Mumtaz-i Personal Financing Review
MBSB Mumtaz-i is one of the personal financing plans from MBSB Bank Berhad. Being an unsecured Islamic personal loan, MBSB Mumtaz-i comes with variable profit rate and optional Takaful coverage. The requirement of RM3,000 monthly minimum wages is a bit high for most. However, the high financing amount of up to RM250,000 with 10 years financing tenure will help a lot. In conclusion, MBSB Mumtaz-i personal financing brings another option for civil servant looking for fast approval personal financing.
- High financing amount up to RM250,000
- Long financing tenure up to 10 years
- Salary deduction for easier payment
- No processing fee early settlement fee
- No stamp duty charges
- High minimum salary requirement
- Minimum financing only start from RM3,000
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