MBSB Personal Loan

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MBSB

MBSB stands for Malaysian Building Society Berhad has been around for over 50 years and is providing financial services to Malaysia. Although not being a bank, MBSB is an Exempt Finance company allowing it to operate finance based business ranging from savings account to student loans while not operating under Bank Negara’s policy. MBSB  is actually very much owned by EPF and Malaysian government.

MBSB personal loan has been long catered for Malaysian public servant with very competitive rates. It has also recently opened it’s personal loan application to private sector as well although with higher interest rates. For a start this loan is also a Shariah compliant loan. The interest of the loan is defined by Current Islamic Effective Cost of Fund (ECOF-i) 

Here are some of the loan packages that are offered by MBSB.

MBSB Personal Loan for private sector ( Pembiayaan Peribadi-i Sektor Swasta )
Interest at 6.50% p.a flat rate for around 10 years
Maximum RM 300,00 Financing available
Maximum 10 years repayment
Selected Private sectors , Public Listed Companies, Certified Professionals
No guarantor needed
Fast approval
Minimum 2 years permanent employment

Finally, MBSB has decided to have personal loan for private sectors as well. This personal loan is unsecured loan where no guarantor and collateral is required. MBSB Personal loan provides up to RM 300,000 of financing with a maximum repayment of 10 years with a fast approval process.

It comes with an attractive BLR + 4.5% p.a with monthly reducing balance. At the time of writing BLR 6.6, you will be getting 11.1% p.a. How is this different from other banks who are offering 8.8% p.a. (flat rate) ?  The effective interest rate of flat rate is actually near double while with monthly reducing balance, you are probably getting the same interest rates as advertised.  So the effective interest rate for 8.8% p.a. would probably be somewhere 16% to 17% p.a.

Charge and Cost

Takaful insurance is optional for this loan. There is a 1% p.a penalty for any late repayment

Eligibility

This loan is only available for Malaysian citizens. The minimum age requirements is 21 years old while not more than 60 years old (or retirement age) at the end of loan tenure. This loan is available to private sector however to limited selected Public Listed Companies, Government Link Companies, Multinational companies, Private Education companies and Certified Professionals. The list is defined by MBSB. You will need to have at least 2 years permanently employed to be eligible for the loan.  The minimum salary for the loan application is RM 3,000.

Repayment table

MBSB Personal Loan repayment table

 

Cimb Personal Loan

 

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CIMB Personal loan is one of the most popular personal loan in Malaysia. At the moment CIMB offers may type of personal loan ranging from Syariah compliant loan, public sector loan to secured loan. Here are some of the loans from CIMB Bank and CIMB Islamic bank.

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CIMB Cash Plus Personal Loan ( Swasta) 

Cash Plus Personal Loan

From 8.20% p.a. to 14.66% p.a. (Flat Rate)
No guarantor and collateral needed
From RM 2,000 to RM 100,000 of financing
Loan tenure from 1 year to 5 years
From 21 to 58 years old
Compulsory insurance and stamp duty
Malaysian Citizens only

Cash Plus personal Loan is an unsecured loan where no collateral and guarantor is needed.  You can loan from RM 2,000 to RM 100,000 however that would depends on your gross income.  You can only loan up to 8 times your gross income with CIMB Cash Plus personal loan.

Cash Plus personal Loan interest starts from 8.20% p.a. to 14.66% p.a. The interest would depends very much on the loan amount and your employment type. Typically you can enjoy better interest rates with the higher loan amount and better employment terms.

 

Charges and fees

There is a 0.5% stamp duty and insurance which is required for taking up this personal loan. Any late repayment will be subjected to 1% p.a penalty on a daily basis.  Applicants can fully settle the loan without any penalty fees with a 1 month in advance writing.

Eligibility

To be eligible for the loan, you need will a MyKad while having a RM 2,000 basic income.  Loan is only for applicant aged from 21 years old to 60 years old.

Documents required

Employement

  • Photocopy IC both sides
  • Most recent 3 months  payslip
  • EFP statement/Income tax form/Employment letter

Self business

  • Photocopy IC both sides
  • Business registration certificate
  • Most recent 3 month bank statement/ EA form

 

If you are keen, you have can a look at the repayment table on the link below

Cash Plus repayment table

 

CIMB Pembiyaian Peribadi Sektor Awam-i

 

CIMB Pembiyaian Peribadi Sektor Awam-i
From 5.55%  to 5.25% p.a (flat rate)
No guarantor and collateral needed
From RM 2,000 to RM 200,000 of financing
1 year to maximum 10 years financing
Aged from 21 years to 59 years old
Public sector (Government) staffs and related GLCs only
Biro Angkasa Payment

CIMB Pembiyaian Peribadi Sektor Awam-i is personal financing that is catered for Malaysian public sector employees only. You can enjoy from 5.55% to 5.25% (p.a.) flat  interest rates. The effective interest rates for 5.55% (flat) would be 9.92% while 5.25% (flat) would be 9.43% .To enjoy the 5.25% p.a, you will need to have a salary of RM 3,000 and above.  While you will get 5.55% p.a if you are earning Rm 3,000 and less. There are no collateral and guarantor needed for the loan application.

The maximum you can finance would be RM 200,000 with 10 years repayment period. However this will also depends very much on amount deducted from your salary. The standard figure is 60% of the auto salary deduction. As of all government loans, payments for this loan is done automatically via Biro Angkasa. This loan comes with Takaful coverage.

Documents required

  • Photocopy IC both sides
  • Most recent  3 months  payslip  (Certified true copy)
  • Bank statement of salary credit

 

 

HSBC Personal Loan

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HSBC Amanah Personal Financing-i
Offers financing up to RM150,000
Monthly payment starting as low as RM134
Enjoy a flat rate starting from 10.5% pa
Length of payment of up to 5 years
Minimum monthly salary of RM 3,000 requirement
Receive quick cash disbursement in your account with HSBC Amanah or HSBC upon confirmation

HSBC introduces it’s HSBC Amanah Personal Financing-i for those who require funds promptly. The HSBC Amanah Personal Financing-i is a financing facility executed on a fixed monthly installment. It is grounded on the concept of Murabahah which is an agreement of purchase and sale of Shariah compliant commodities concerning cost and profit margin being acknowledged and complied by all parties involved.

This quick, easy and minimal hassle loan facility offers financing amount of RM6,000 to RM150,000. Financing of up to RM150,000 is available for existing customers while RM120,000 is capped for customers that are new to the bank. The HSBC Amanah Personal Financing-i has no requirement for a guarantor nor a collateral and promises fast approval. With a disciplined payment method, total consumption benefit can be increased. Funds can be utilized for just about anything such as family vacations, child’s education, marriage, bill payments, savings for emergency. It is another alternative simple cash financing facility to credit card.

Interest

Financing Amount Fixed Flat Rate Per Annum

RM6,000  –  RM19,500 12.5%

RM20,000 – RM49,500 11.5%

RM50,000 – RM150,000 10.5%

Charges and Fees

There is no processing fees or stamping fees for The HSBC Amanah Personal Financing-i. The flat rate per annum that is determinded in the application of Financing Amount is a result of computation of the Financing Amount that excludes the Takaful Contribution. It takes 3 days for the money to be submitted into your account once it has been approved. Monthly payment for this financing can be made after disbursement from an established desposit account to the facility from a standing instruction.

Eligibility

To be eligible for the HSBC Amanah Personal Financing-i, you need to be a Malaysian or possess a Malaysian PR status and aged between 21 and 60 years old. HSBC customers who have a current relationship with HSBC or HSBC Amanah will need to have a salary of RM3,000. If not,  a minimum salary of RM5,000 is required for the eligibility. It is good to note that the HSBC Personal Financing-i is only available for individual sole account and not for joint application.

Documentations

Applications for the HSBC Amanah Personal Financing-i can be made by submitting the application form together with the documents stated below:

Salaried

  • Copy of your NRIC
  • Copy of present or previous month’s salary / Copy of a Bank Statement proving salary credit into your account
  • Form BE (full submission to the income tax department with attachment of  payment receipts) / EA/ EPF statement OR
  • Copy of appointment letter (if employment is less than 3 months)

 

Self Employed

  • Copy of your NRIC
  • Copy of most recent Form B (full submission to the income tax department with attachment of payment receipts or CPO2) / EPF statement / copy of your audited financial statement / Profit and Loss account
  • Copy of your Business Registration Form

You can find more details on The Monthly Payment Schedule excluding Takaful Contribution here:

Hsbc Personal Loan Table