Category: Banks

MBSB Personal Loan

MBSB also known as the Malaysian Building Society Berhad has been in existence for over 50 years and it has been providing financial services in Malaysia. Despite the fact that MBSB is not a bank, the society is allowed and given exemption to operate services based on financial businesses ranging from student loans to savings account without the need of operating under Bank Negara’s policy. However, MBSB is owned by the Malaysian Government and Employee Provident Fund (EPF). The loan was initially catered and designed for Malaysian public servants at a competitive rate. Recently, MBSB has also opened its personal loans to employees working in the private sector. Apart from its attractively low-interest rates, MBSB personal loan plans require no guarantor for the processing or approval of the personal loan. Every Malaysian citizen can apply for these personal loans for maximum loan tenure of up to 10 years. These personal loan packages can only be applied by any Malaysian who is working in a government or private sector. Personal loans from MBSB are considered amongst one of the best budgetary instruments for keeping your reserve funds in place while compensating for any emergency expenses.

 

Mumtaz-I (Government and Selected Companies)

  • Under this individual subsidizing plan, any Malaysian citizen working in public organization or a chosen organization that is tied-up with MBSB is qualified for a financing of up to RM400,000
  • It is an absolutely Shariah agreeable loan plan which is available to all Malaysian citizens
  • The benefit is that the interest rate has been kept low at 3.40% and the loan sum incorporates Takaful Coverage to defend the interests of your family members if there should arise an occurrence of death or permanent disability.
  • The loan reimbursement portions are to be paid every month by means of Employer Salary deduction or AG or Biro

 

Afdhal-I (for Private Sector Companies)

  • High financing amounts that is available up to RM 3,00,000
  • It can be utilized by permanent full-time employees of Public Listed Companies, Government Linked Company (GLC), State GLC, Multi-National Corporations and different organizations recorded by MBSB
  • Professionals that permanently employed can likewise apply for this loan
  • Professionals that are self-employed with a business establishment for least 2 years can likewise apply for this MBSB personal loan
  • The base of the interest rate starts from as low as 6.5% level rate over a loan tenure of 10 years
  • Takaful Insurance can be alternatively benefited by clients for amplified insurance or extended protection
  • Malaysian citizens that age somewhere between 21 and 60 years can benefit this personal loan package

Terms and Conditions

 

  • These personal loans are available to all Malaysian citizens

 

  • The base age prerequisites is 21 years of age while not over 60 years of age (or retirement age) toward the end of the loan tenure
  • You should be least be permanently employed for a minimum of 2 years
  • The minimum monthly salary for the application and approval of these personal loans is RM 3,000
  • Minimum of 6 months and up to a Maximum period of 10 years
  • Takaful Insurance protection is optional for this personal loan
  • No penalty imposed for early settlement but there is a 1% per annum fee for any late repayments

 

Required Documents

  • Photocopy of MyKad for front and back
  • 2 copies of your last 3 month’s salary slip or payslip
  • Salary slip or payslip needs to be certified by your superior or head of department
  • Confirmation Letter from your current employer
  • Current or Savings account bank statement for the last 6 months
  • Any of the other latest supporting documents if it is needed by MBSB
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