CCRIS and PTPTN

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Recently there has been a proposal that all PTPTN (Perbandanan Tabung Pendidikan Tinggi Nasional) loan defaulters to be blacklisted in CCRIS. This move came as no surprise as there are more than 400,000 defaulters who had failed to repay more than RM 2.8 billion of loans.

CCRIS is actually a centralized database consists of loans, hire purchase, credit card records. This would be the official medium for banks and financial institutions refer when checking a person’s financial record.

This move will actually dampens PTPTN defaulters ability to obtain loans from financial institution in the future. The government has proposed the blacklist to be implemented soon. Fortunately, PTPTN is also giving a 30% discounts for any loans this is settled on September ,2013.

As of 21st August 2013, the Malaysian cabinet has agreed not to push forward with the proposal as it was subjected to many criticism.

 

Public Bank Personal Loan

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BAE Personal Financing-I 

Public Bank Personal Loan , Pinjaman Peribadi
Public sector employees and government servants only
Form RM 5,000 to RM 150,000 financing available
Interest starts from 6.0% to 8.5%
No guarantor and collateral needed
Easy Repayment via Biro Angkasa scheme
Only available for selected panel companies, Telcos, Universities , Petronas group , panel of public listed companies and federal or state level government staffs
Aged from 20 years to 60 years old with minimum 3 years working experience.
Malaysian Citizens only

BAE Personal Financing-I is based on the concept of Bai Al-Inah which means  a financing facility with the underlying buy and sell transactions between the financier and the customer. The concept is based on Shariah where the financier buys an asset from the customer on spot basis. The price paid by the financier constitutes the disbursement under the facility. Subsequently the asset is sold to the customer on a deferred-payment basis and the price is payable in installments.

This personal loan is only offered to public sector employees from federal and state level government staffs.  The minimum loan tenure is 2 years and the maximum will be 10 years. Based on the eligibility, customers who apply for the loan will be eligible to get loans from RM 5, 000 to RM 150, 000.To ease customers payment method, Public Bank will deduct the loan monthly payment from the customers salary.

Customers enjoy great benefits as Public Bank offers quick cash up to RM 150,000 and a hassle-free payment from 2 to 10 Years, as it is automatically deducted from customers’ salary with special arrangement with the employer. Another important factor, no guarantor required for loan application. Also if customers plan to terminate the loan by paying back the full amount, there is no early termination fee (please double check during the period of your loan application).

Here is a simple calculation when you borrow basing on the loan period, income and interest rate:

RM5000 – 150000                  24 to 36 months                      min. RM24000                       3.4%

RM5000 – 150000                  48 to 120 months                    min. RM24000                       4.99%

(Interest Rate / APR from 3.4% to 4.88%, depending loan amount and period)

 

Once the loan is approved, normally after a few working days, the borrowed funds will be transferred to the Public Bank account of your choice or any other methods

Fees

Once the loan is approved there is some additional cost customers must keep in mind such as processing fee RM100, stamp duty 0.5% of borrowed amount and late Penalty fee 1% of amount in arrears mode of payment. Further administration charges can vary according to the amount that you are borrowing and the type of Security Documents you need to provide. The loan includes Takaful Insurance policy which is linked to the loan when customers apply. Takaful is encouraged although not compulsory

Requirements

This loan is only offered to anyone who is employed in public sector and panel list of GLCs. Government staffs from all federal and state level can apply for the loan.

In order to cater to customers convenience of personal financing with BAE Personal Financing-I, Public Bank has a very transparent method in loan application. Customers who apply for the loan must be Malaysian citizen aged 20 years above and below 58 years with a permanent job of at least 3 years in service in any one of Public Bank’s approved agencies. Applicant must also have a minimum salary of RM 3,000 per month.

Documentations

To apply for the loan, customers need to make a copy of NRIC (front and back), latest 3 month’s salary statements or EPF statements, letter from employer confirming position and salary. Any additional documents; Public Bank representative will guide you during the application.

Takaful Insurans

Applicants are also encouraged to take Takaful Insurans with the loan.

Repayment Table

Repayment for the loan is done via Biro Angkasa method.

Public Bank BAE Repayment table

 

Pros

  • Low income requirements of RM 1,500

Cons

  • Available to public sector only

 

BAE AG Personal Financing-i 
Form RM 11,000 to RM 150,000 financing available
Interest starts from 6.0% to 8.5%
No guarantor and collateral needed
Only available for selected Public sector employees
Aged from 20 years to 58 ears old with minimum 3 years working experience.
Malaysian Citizens only

BAE AG Personal Financing is catered for selected government agencies.  One has to be at least 1 year permanent staffs to be eligible for the personal loan.

 

Public Bank 

Public Bank is the biggest domestic bank in Malaysia by shareholders’ funds. It focuses on retail customers and small to medium sized enterprises. The bank was founded in 1966 by Teh Hong Piow, the then general manager of Malayan Banking. The bank was listed on the Malaysian Stock Exchange in 1967.Public Bank offers loans to customers to purchase a home, car and business venture. Currently there are many types of loans promoted by Public Bank. However BAE Personal Financing-I under Public Bank Islamic got my attention.

 

UOB Personal Loan

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United Overseas Bank Berhad (UOB) gives focus on Investment Banking, and Financial Service either for an investment of a new home, pursuing studies and home renovation. The personal loan from UOB is a great unsecured loan that caters for the needs of employee working for the Government, private sector organizations or self-employed workers.

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UOB Personal Financing
Interest as low as 9.99% p.a to 11.99% p.a
Minimum income of RM 2,000
Maximum RM 100,000 or RM 50,000 financing available , other choices are also available
1 to 5 years repayment
21 to 55 years old at the end of loan tenure

 

The maximum tenure for the loan is up to 5 years and it is ready to finance anyone with a loan amount of RM5,000 to RM100,000. In addition, the loan does not  needs any guarantor and collateral while at the same time it provides a fixed interest rate from 9.99% up to 12% per annum (depending on the loan amount and your credit score).

Interest Rates

The interest rates that one can enjoy would depends on the income of the applicants. As a rule of thumb, higher income applicants can enjoy better rates.

Salaried

RM 2,000 to RM 4,000: 11.99% p.a.

RM 4,000 to RM 7,000: 10.99%p.a

RM 7,000 and higher  : 9.99% p.a

 

Self Employed

RM 3,000 to RM 6,000: 11.99% p.a.

RM 6,000 to RM 8,000: 10.99%p.a

RM 8,000 and higher  : 9.99% p.a

 

Eligiblity

Applicants must be a Malaysian citizen or Permanent resident, aged between 21 to 55 years old and have a minimum income of RM2,000 per month for salaried workers or RM3,000 per month for self-employed.

Charges and Fees

However, applicants must also pay a one times set-up fee as usual including a stamp duty of 0.5% on the loan amount that needed to be paid before the loan is given to the applicants. Luckily for the applicants, there are no others charges or fees needed to be paid by them.

Repayment of the loan that comprises the interest and principal amount has to be paid monthly via monthly salary deduction. Last but not least, the loan also included penalties to the applicants in the event of late payment, where they will be charges with at least RM10 per day or 1% on outstanding loan amount, whichever is higher (note: this will increase the total outstanding loan amount of applicants), as well as an early settlement penalty of RM300 or 3% of outstanding loan amount, whichever is higher

Documentations

Employed

The loan requires salaried employee to provides documents such as a copy of MyKad (front and back), a copy of latest 1 month (or 3 months) salary slip, a copy of latest bank statement, a copy of latest EPF statement, and a copy of latest EA or BE form with confirmation payment receipt or slip.

Self Employed

On the other side, self-employed workers that applying for the loan needs to provides a copy of their MyKad (front and back), a copy of latest 3 months bank statements that shown their salary credit transactions, a copy of latest B or BE form together with tax payment receipt, a copy of Form 9, 24, or 49, and a copy of Business Registration Certificate. Both of the applicants must also have a clean record of their credit card (CTOS/CCRIS) to be eligible for the loan.

Repayment Table

UOB Repayment table is listed below

Uob Personal Loan Table