Affin Bank Personal Loan

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Affin Islamic Personal Financing-i
Profit rate from 4.4% to 5.5% p.a.
Financing from RM 5,000 to RM 150,000
5 years to 7 years
Minimum income of RM 2,500
Selected Panel Companies only

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The Personal Financing is a great loan package that fully based on Sharia Concept and it is suitable for anyone working at a selected panel of companies. The loan is based on Tawarruq buy sell concept with hibah. Financial products from the bank are strictly for applicants who have fills in the application form with an actual purpose particularly for personal consumption. In addition, the loan has no hidden charges or terms and doesn’t need any collateral or guarantor.

Applicant is able to borrow from RM 5,000 to RM 150,000 with the loan. The amount borrowed would depends the income of the applicant.

Affin Extra Plus Personal loan

Another loan packages offered by the bank is called Affin Extra Plus (also known as Flexible Plan). It is a loan given to any current mortgage borrowers (can also be for business premise or residential financing that has been completed) that related with the bank or any new home loan customers. However, the loan would only help to increase the needs of mortgage borrowers funding if they have paid off at least RM20,000 from their current outstanding total amount of loan and at the same time has a clean record of repayment. Not to mention, the loan can also be used by applicants as an investment or personal use. Affin Extra Plus is suitable for any organizations (exclude voluntary organizations and private limited) and any eligible individuals.

Affin Extra Plus is ready to provides customers with a financial amount between RM20,000 to RM1,000,000 based on the current minimum property loan. Currently, the Margin of Finance (MOF) is able to get up to 85% and the Mortgage Reducing Team Assurance (MRTA) financing is around 5% (includes the MRTA and Entry Cost). This would benefit the customers to redraw from excess payment, save up overall interest cost, and make payment in excess for the loan instalment amount. The maximum tenure for the loan is up to 10 years or until the applicants reached the age of 60 years old. Also, the applicants are required to take up insurance as a protection repayment.

 

Eligiblity

Minimum financing tenure for the loan is 5 years while the maximum is 7 years. The loan required the applicants to be at least 21 or maximum 55 years old when they applying for the loan as well required them to take a compulsory insurance with the loan package as a protection for the repayment.

Document

  1. A copy of MyKad (front and back)
  2. Disbursement accounts
  3. Documentation needed by salaried applicants;
  • Latest EA form
  • Latest 3 months payslips
  • Latest 6 months EPF statement
  1. Documentation needed by self-employed applicants;
  • Latest 6 months company’s principal bank statement that shown the business transaction
  • Latest 6 months payslip
  • Latest 6 months EPF statement

About Affin Bank

Affin Islamic Bank (better known as Affin Islamic) was launched on 1993 that closely affiliate with Affin Bank Berhad (Affin Bank) as an Islamic Banking. Nonetheless, the bank is effectively operating as a standalone Islamic Bank on April 1 2006 after it was incorporated as a separate entity for the Islamic Banking Division of Affin Bank in 2005. The bank offers a wide range of banking facilities for the needs of its clients in term of financial support. The most seek products in Affin Islamic is called Personal Financing.

 

Tawas (Tabung Warisan Anak Selangor)

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Many of you may have heard this word being mentioned but those of you who have heard it might not know what it means. TAWAS, which is an abbreviation of Tabung Warisan Anak Selangor, or better known in English as the Children’s Selangor Heritage Fund (ALUM).

Just what is this fund about and how can we go about acquiring this fund for our children?

TAWAS is a programme that has actually been launched way back in August 2008. It is in fact a trust fund that was set up for all babies that are born in Selangor after the year 2008. Just to tell you what you might expect from the end of all this is that your child would get out of this fund is a total of RM1,500 when he or she turns 18. Although this might seem like a very long period to most parents to wait for but you never know just how much this sum of money could really mean at that point of time. Also, as a parent, nothing is too good for our child so below here you will see just how you too can register your child under the TAWAS programme.

What you will expect to get when you first register your child is an amount of RM100. These RM100 payments are awarded by the Selangor government as a savings fund for every registration that has passed through successfully. As mentioned above, at the end of 18 year period of waiting, that is when you will get to see your child reap the benefits of the investment which amount to the total RM1,500.

One good thing that has been changed in TAWAS in the age limit to apply for registration. The first time TAWAS was implemented, new born babies in Selangor had to be registered immediately as you would have to get your baby registered before the age of one. If you are a parent and if you have a child who is probably 2 years of age, you might not be as happy as the others who are privileged. You do not have to worry about all that anymore. The age limit for children to register has been increased from below a year old to 3 years old now ever since July 9, 2011. This allows all those children who are privileged to be registered under this programme if they have missed out on it the first time. With that being said, if your child is born in Selangor and is below the age of 3, you should go and register your child right away as you have everything to gain out of this programme.

How Can You As A Parent Register Your Child?

These are some of the conditions which you will have to abide by when you are registering your child for Children’s Selangor Heritage Fund (ALUM) or better known among Malaysians as the TAWAS programme.

The First Condition

The application for TAWAS is open to everyone child who is born in the state of Selangor that meets the following conditions listed below.

  1. You have to be a Malaysian citizen and in addition to that, you would have to be born in the state or even out of the state of Selangor before the 1st of January 2008.
  2. The mother or father of the child has to be born in the state of Selangor or even if the mother or father happens to be born in the Federal Territory of Kuala Lumpur before the 1st of February 1974.

The Second Condition

This second condition here is meant for all the children who are born within the state. Your child would have to fit the following conditions listed below.

  1. A citizen of Malaysia.
  2. Your child needs to be born in the state before the 1st of January, 2008.
  3. Parents who are not born in Selangor itself but if they have been residing in Selangor for a minimum period of 5 years at least.

The Third Condition

  1. You would have to be a citizen of Malaysia.
  2. Parents who are living in other states, if your child is born outside of Selangor at the borders of the other states such as Negeri Sembilan, Perak and even Kuala Lumpur before the 1st of January, 2008.

Also please take note, to the parents of the children who are permanent residence in the states at the borders such as Negeri Sembilan, Perak and even Kuala Lumpur, you are required to go and obtain a residency stamp of approval from either the Chieftain, Village Chief and the Chairman of the Housing Taman where you live and no one else.

What Are The Required Document That You Will Need?

You will need to bring copies of the original documents as listed below.

  • Birth certificate of the child
  • MyKid – Child
  • MyKad – Of The Mother
  • MyKad – Of The Father
  • MyKad – Of The Guardian (Only If Needed)
  • Letter adoption certificate (Only If Needed)

Where Can You Register For TAWAS?

  • The best way and most convenient to register for the program is through the TAWAS Website ‘www.tawas.org.my’ , registration is straightforward.
  • The Local Authorities
  • Head Of Village
  • Regional Offices
  • Assembly Government
  • Children Selangor Heritage Foundation

Do ensure that all documents are complete before registering your baby for Tawas programme.

To those of you who need to get a Certificate of Evidence of Residence. You can get the information you want by going to the people in charge as listed below.

As soon as you have registered for the programme for your child, you will receive a Simanja Card. To all those who still are not too sure about the registration, you can always head down to the Children’s Selangor Heritage Foundation which is at Jalan Multimedia in I-City.

How to check for registration status ?

Once all documents are submitted, Tawas registration can be checked with the link below.

http://pawas.yawas.my/index.php?mov=pendaftaran_search

 

Car Loans guide in Malaysia

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As you would have observed, many people in Malaysia cannot afford to pay for a car in cash, but there are still way too many cars on the road – yes – car loans. The public transport system has improved in the past years and is still progressively improving, but it seems that the convenient car loan packages which are readily available to almost everyone is a comfort only a minority would shy away from. Let’s just say you don’t have to go through a bumpy road to get a car of your choice. You can even buy a car with 0% down payment sometimes,although it’s 10% down payment usually. Having to pay 0% down payment means that you can buy a car by borrowing the full car price through a lender. That being said, here are some of the points to observe when looking for car loans in Malaysia. You can take a car loan for new and used cars. Car loans make cars appear magically in front of you for your immediate use in exchange for regular repayments over a period of time. Not really, but it’s so easy that it’s almost magical, but the repayments are in fact very real and include the principal payment and interest charges agreed upon between you and the lender.

Interest Rates

Take note that interest rates for car loans depend on the car type (national/non-national/new/used), the specific model (Myvi/Viva) and the varying rates charged by the lenders. The interest rates also vary according to the loan amount and financing tenure. Most local banks charge an interest rate of 2.5% p.a. to 3.1% p.a. for a loan amount of RM30,000 that is to be repaid within 5 years.

Eligiblity

The eligibility requirements for most car loans in Malaysia are quite standard. Basically, if you are a Malaysian citizen or permanent resident between the age of 18 and 60 years old with a fixed income or a guarantor if you don’t have a fixed income, then you will have no problem applying for the loan.

Insurance

Some car loans include Takaful coverage, and some do not. However, take note that an insurance or Takaful policy is compulsory for car owners. It is required by Malaysian Law that you keep your car insured until the payment of the car loan is complete. Make sure you remember to inform the bank about the renewal of the Takaful coverage or insurance 14 days before the expiry date of the policy.

Repayments

Loan repayments are usually made regularly between a period of 5 to 9 years, depending on the lender. Basically, the longer the repayment period or tenure, the lower the repayments, but the total interest charged will be higher. What happens when you don’t pay in time? The bank charges 8% p.a. penalty on the amount in arrears calculated daily. If you don’t pay for more than two months successively, the bank will give you a reminder, and if that reminder is not heeded, then the bank will repossesses your car. On a lighter note, some bank car loans such as Affin Islamic Hire Purchase-i  offer special rebates for early loan repayments.

Car loans are offered by most local banks and some car dealerships. For example, Toyota offers 90% financing (meaning that you have to pay 10% down payment) with a flexible repayment scheme and a 9 year tenure. Maybank offers three different types of car loans – Hire Purchase (finances up to 90% for new or used vehicles with a loan period of 9 years); Al-IjarahThumma Al-Bai (AITAB) which is a Sharia compliant car financing with a margin of finance of 90% and a loan period of 9 years as well. Maybank also has a car loan package for first time car owners called the My First Car Plan with repayments starting as low as RM268.

Types of car loans

The best car loan for you will depend a lot on what type of car you want to buy so I’ve summarised some of the best loans for different type of cars here. If Proton is your choice, then you should take up the Proton Commerce Standard Financing Package which is actually a joint venture with CIMB bank. The margin of financing for this car loan is up to 90% with the promise of a fast application and approval process.  However, if you are not sure whether to buy a new national or non-national car, then check out the Bank Rakyat Car Financing-iAnnaqlu which has an interest rate of 2.9% p.a. if you’re borrowing RM30,000 and repaying it within 5 years. Bank Muamalat’s Hire Purchase facility is also ideal for buying national cars, and it takes care of everything including Takaful coverage.

Some featured car loans for non-national cars are RHB Hire Purchase,  Maybank Hire Purchase, and BMW Credit. RHB Hire Purchase offers one of the lowest rates in the market for the year 2014. However, the main shortcoming is that the applicant’s monthly income has to be at least 3 times the monthly hire purchase instalment. Maybank’s Hire Purchase is not a bad deal either, but does not offer rates as good as RHB bank. If you’re planning on buying a BMW, then go with BMW Credit as it allows you the autonomy to choose the loan amount and tenure.

Car loan for fresh graduates ?

Fresh graduates should look out for the car loans offered by Maybank, Bank Islam and Bank Muamalat as they now offer a graduate scheme which is a car loan specifically designed for fresh graduates aged below 30 who are at least Degree or Diploma holders. Only first time car buyers are eligible for the graduate scheme. However, take note that the interest rate under this scheme is higher than a normal car loan. This is because banks have to deal with the financial risk that fresh graduates carry. So why would fresh graduates apply for this loan although the interest rate is higher? Fresh graduates would apply for the graduate scheme because their starting salaries will probably not meet the minimum requirement for a normal car loan.

In conclusion, if you’re thinking of taking a car loan, now is a good time to take one because Malaysian banks are about to increase the interest rates for car loans.  A few years ago, the interest rate increased to 4%. So don’t procrastinate any longer if a car loan is inevitable for you, and get yourself on the road, fast.