A personal financing facility is one of the more popular financial tools in Malaysia and for several reasons. They come to the urgent rescue of the cash-strapped, offer competitive profit rates and flexible tenures, and can be used to address any requirement — be it to renovate your home or even to consolidate your debt!
And if you’re looking for a personal financing facility, you might find the KFH Murabahah Personal Financing-i from Kuwait Finance House Malaysia as a good option to consider.
Read on as we discuss in detail what’s this Islamic personal financing facility all about.
What do you get with this personal financing facility
- Financing amount from a minimum of RM5,000 and up to RM250,000
- Flexible tenures from 2 years to 10 years
- Competitive flat profit rates as low as 6.88% per annum (6% p.a. for KFH salary account holders)
- Based on the Shariah concept of “Murabahah Tawarruq”
- Takaful protection on the financing amount (additional charges applicable)
- No guarantors needed
- No early settlement penalty
- Payments available via Interbank GIRO (IBG) or through Interbank Fund Transfer
What you’ll need to apply for this personal financing
- You need to be at least 21 years old
- You can apply up to 2 years before retirement age (60 years old)
- You have to be a Malaysian resident
- You have to be a confirmed and permanent employee at your organisation
- You have to earn a minimum of RM3,000 per month
Documents required for applicants
- Latest 3 months payslip
- Latest EPF Statement (latest 3 months contribution)
- Other documents on a case to case basis
Fees and charges
|Brokerage fee||Proportionate as per the financing amount|
|Compensation charges on late payment||1% from the current outstanding amount|
|Stamp duty||0.5% of the financing amount|
|Takaful||Based on the customer’s profile (factors in gender, age, tenure, etc.)|
|Early settlement Fee||Nil|
The KFH Murabahah Personal Financing-i is a great option if you’re in need of cash for personal use. Besides the competitive profit rates and the flexibility of tenure, the financing facility also doesn’t require any collateral. You also get a Takaful protection for added security and peace of mind, plus no additional charges if you decide to go for an early settlement.
That being said, it’s critical you go through all the policy documents for complete clarity on this product and your final monthly payment amount. Taking up any financial product is a huge responsibility and you should apply for this facility only if the monthly payments are feasible for you. If you have trouble making your payments on time every month, it may affect your credit score and also push you in debt.
And the best part is, you can now apply for this financing facility, right here on BBazaar Malaysia, and get a Smart Bracelet worth RM200, absolutely free, upon approval and disbursement of the facility. CLICK HERE to apply. T&Cs apply.
Want more options? Check out 10 Great Personal Loan Options in Malaysia
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