MBSB Personal loan

mbsb loan

Pinjaman Peribadi MBSB

Private Sector PF-i 
Open to private and public sectors
Interest Rates at ECOF-i + 4.1% ( Standing at 6.50% flat rate)
Financing amount from RM 10,000 to RM 300,000
Maximum financing period of 10 years

*What is ECOF-i ? ECOF-i is the short abbrevation of Islamic Effective Cost of Fund. This is the terms used by MBSB which is equipvalent to Base Rate or Base Lending Rate

MBSB Personal Financing-i (PF-i) is a personal loan that is catered for private sectors. Previously, MBSB personal loan is only available to public sectors. This loan is Shariah compliant and is based on Tawarruq and Murabahah concept. This is an unsecured loan therefore no guarantor and collateral is needed.

For a start, this personal loan provides from RM 10,000 up to RM 300,000 of financing. This amount is one of the highest financing amount for any personal loans in Malaysia. The amount you are able to borrow will also depends on your gross income and credit ratings.

Interestingly, this personal loan interest is not the typical flat rate interest and it is calculated monthly. It’s effective interest rate should be very much lower compared to effective interest rates of other personal loans in Malaysia. To learn more about flat rate vs reducing balance click here. MBSB personal loan’s interest is determine by MBSB’s Islamic Effective Cost of Financing (ECOF) + 4.1%. At current ECOFR, you will be getting around 6.50% which is pretty good for a monthly rest interest rate.

Repayment is done at monthly basis on MBSB payment counter.

Fees

There is a RM 120 handing fees for loan application. Interbank GIRO is chargable by RM 4 per transaction. Takaful coverage is compulsory for MBSB Personal Financing-i. As for default payment, a 1% p.a penalty will be imposed based on outstanding amount.

Eligibility

This loan is only available for Malaysian citizens only while you have to be employed for at least 2 years of service. Although listed as a private sector loan, this loan is only available for employee of large Public listed companies, Multinationals and Government Linked companies. A borrower will need to be 21 years old while should not surpass 60 years old at the end of loan tenure. Takaful Coverage is optional

Documents Required

Employed

  • Photocopy IC , Back & Front
  • Most recent 3 months salary statement
  • Employment confirmation letter
  • Most recent bank account statement where salary is credited
  • Employment confirmation letter

Self Employed

  • Photocopy IC , Back & Front
  • Business registration documents
  • Most recent LDHN form (Form B)
  • 6 months company bank statements
  • All supporting documents

Repayment Table

repayment-table-PL-MBSB-1Malaysia

Things you should know before taking up MBSB Loan

MBSB is not under the jurisdiction of Bank Negara so there are no PIDM. MBSB Financial License is granted directly by Ministry of Finance.