If you’re looking for a personal loan that is compliant with Islamic principles, Maybank Islamic Personal Financing-i may be the right option for you. With this financing option, you can borrow up to RM100,000 with a fixed monthly installment and a minimum tenure of 2 years. This loan is Shariah-compliant and does not charge any stamping fees.
One of the key features of Maybank Islamic Personal Financing-i is the flexibility it offers. You can use the loan for a variety of purposes, such as home renovation, education, or even to fund a wedding. Additionally, the loan comes with an optional Personal Care Insurance Protection that provides coverage up to RM100,000.
To apply for Maybank Islamic Personal Financing-i, you must be a Malaysian citizen or a permanent resident aged between 21 and 60 years old. You also need to have a minimum income of RM2,500 per month and a good credit score. The application process is straightforward and can be done online or at a Maybank branch. Once approved, the funds will be disbursed to your Maybank account.
Key Takeaways
- Maybank Islamic Personal Financing-i is a Shariah-compliant loan that offers flexible financing options.
- You can borrow up to RM100,000 with a fixed monthly installment and a minimum tenure of 2 years.
- To apply, you must be a Malaysian citizen or a permanent resident aged between 21 and 60 years old, with a minimum income of RM2,500 per month and a good credit score.
Maybank Islamic Personal Financing-i Features
If you’re looking for a personal financing option that aligns with your Islamic beliefs, Maybank Islamic Personal Financing-i is an excellent choice. Here are the features of this financing option that you should know:
Overview of Financing-i
Maybank Islamic Personal Financing-i is a Shariah-compliant personal financing option that offers a fixed profit rate and a fixed monthly installment. The financing amount ranges from $1,000 to $100,000, and the tenure ranges from 2 to 6 years. The profit rate is fixed throughout the financing period, which means that your monthly installment remains the same.
Advantages of Fixed Profit Rate
The fixed profit rate is one of the advantages of Maybank Islamic Personal Financing-i. You don’t have to worry about fluctuations in the profit rate, which means that you can budget your finances more effectively. Additionally, the fixed profit rate is more transparent than a variable profit rate, which means that you have a better understanding of your financial obligations.
Understanding the Fixed Monthly Instalment
Maybank Islamic Personal Financing-i offers a fixed monthly installment, which means that you pay the same amount every month. This makes it easier for you to budget your finances, as you know exactly how much you have to pay each month. Additionally, Maybank Islamic Personal Financing-i has no processing fee, which means that you don’t have to worry about additional costs.
In conclusion, Maybank Islamic Personal Financing-i is an excellent personal financing option for those who want a Shariah-compliant option. With a fixed profit rate and a fixed monthly installment, you can budget your finances more effectively and have a better understanding of your financial obligations.
Application Process and Requirements
If you need extra cash, Maybank’s Islamic Personal Financing-i can help you out. The application process is simple, and you can apply online using Maybank2u or the MAE app. Here’s what you need to know:
Eligibility Criteria
To be eligible for Maybank’s Islamic Personal Financing-i, you need to meet the following criteria:
- You must be a Malaysian citizen or permanent resident
- You must be between 21 and 60 years old
- Your minimum annual income must be RM42,000
Required Documents
When you apply for Maybank’s Islamic Personal Financing-i, you will need to provide the following documents:
- A copy of your NRIC (both sides)
- Latest 1 month salary slip OR Latest EA form OR Latest EPF Statement OR Latest BE form with official tax receipt
- Latest 3 months’ savings account activity/current account statements (optional)
- If you are self-employed: Copy of NRIC (both sides)
Step-by-Step Application Guide
Here’s how you can apply for Maybank’s Islamic Personal Financing-i:
- Log in to your Maybank2u account or the MAE app
- Click on the “Apply” button and select “Personal Financing-i”
- Fill in the application form with your personal and financial details
- Upload the required documents
- Review and confirm your application
- Wait for the approval process to complete
Once your application is approved, you will receive the funds in your Maybank account. You can then set up a standing instruction to make your monthly instalment payments automatically.
Maybank’s Islamic Personal Financing-i offers fast approval and a fixed monthly instalment payment plan. You can borrow between RM5,000 and RM100,000 without the need for a guarantor or collateral. Apply now and get the extra cash you need.
Frequently Asked Questions
What are the eligibility criteria for obtaining a Maybank Islamic Personal Loan?
To be eligible for a Maybank Islamic Personal Loan, you must be a Malaysian citizen or permanent resident aged between 21 to 60 years old with a minimum income of RM42,000 per annum. You must also have a good credit score and a stable income source.
How can I calculate my monthly repayments for a Maybank Islamic Personal Loan?
You can calculate your monthly repayments for a Maybank Islamic Personal Loan using the loan calculator available on the Maybank website. The calculator takes into account the loan amount, tenure, and profit rate to give you an estimate of your monthly repayments.
What differentiates Maybank Islamic Personal Financing-i from a conventional Maybank Personal Loan?
Maybank Islamic Personal Financing-i is an Islamic financing facility that adheres to Shariah principles. It offers financing based on the concept of Tawarruq, where the bank purchases an asset from the customer and sells it back to them at a higher price on deferred payment terms. This differs from a conventional Maybank Personal Loan, which is based on the concept of interest.
Could you explain the workings of Maybank Islamic Personal Financing?
Maybank Islamic Personal Financing is a financing facility that allows you to borrow money from the bank for personal use. The bank purchases an asset from the customer and sells it back to them at a higher price on deferred payment terms. The customer makes monthly repayments to the bank until the financing is fully paid off.
What is the current profit rate for a Maybank Islamic Personal Loan?
The current profit rate for a Maybank Islamic Personal Loan is subject to change based on market conditions. You can check the latest profit rate on the Maybank website or by contacting the bank directly.
How can I apply for a Maybank Islamic Personal Loan through the mobile application?
To apply for a Maybank Islamic Personal Loan through the mobile application, you must first download the Maybank app from the App Store or Google Play Store. Once downloaded, log in to your account and follow the instructions to apply for the loan. You will be required to provide personal and financial information, as well as supporting documents such as your identification card and income statements.