Apply for a loan up to RM400,000 with MBSB Bank’s Islamic personal loans.
MBSB Bank Berhad, a full-fledged Islamic bank is a wholly owned subsidiary of Malaysia Building Society Berhad. The bank has been in operation since 2005 and offers a wide range of Shariah-compliant personal and business banking solutions – personal loans, home loans, and even business products such as term deposits and trade financing.
Find out about its personal loan offerings on this page.
finder does not currently have access to this personal loan provider. Please review the product details, application criteria and terms and conditions on the provider website if you are considering applying for this product.
Types of personal loans from MBSB Bank
Interested in applying for a personal loan from MBSB Bank? Below is a brief overview of the three types of personal financing offered.
- Mumtaz-i. This is an unsecured Islamic personal loan that allows you to borrow up to RM250,000 for a maximum tenure of 10 years. You can use the funds to meet any personal expenses. Profit rates are charged using risk-based pricing. Also, there are no early settlement charges or guarantor required.
- Afdhal-i. Similar to the Mumtaz-i, the Afdhal-i is an unsecured, Shariah-compliant loan available for employees of select public and private organisations. Financing is available up to RM400,000 and may be repaid between 2 to 10 years. Profit rates are charged using risk-based pricing.
- Private Sector-i. Permanent employees of select private, public, State GLC, GLCs, and MNCs, as well as self-employed applicants, are able to take advantage of this loan. Borrow up to RM300,000 and enjoy competitive profit rates charged using risk-based pricing. Flexible loan tenure available between 2 to 10 years.
What is risk-based pricing?
Risk-based pricing is a methodology whereby lenders measure the probability of default of each potential borrower and offer a tailored interest rate or other loan terms based on this estimated risk.
Higher-risk borrowers are significantly more costly for lenders to serve than lower-risk borrowers. This means that if the bank deems you to be a high-risk borrower with a lower likelihood of repayment, the interest rate offered to you will most likely be higher than that offered to a lower-risk borrower. Simply put, different borrowers will pay different rates with risk-based pricing.
Features of MBSB Bank’s personal loans
Here are some of the features you can expect from MBSB personal loans:
- High loan amounts. Depending on the loan types, you can borrow up to RM400,000 with MBSB Bank’s personal loans. The maximum loan amount is the three available loan packages are RM250,000 for Mumtaz-i, RM400,000 for Afdhal-i, and RM300,000 for Private Sector-i.
- Flexible repayment options. You can make your monthly loan repayments through numerous channels such as Accountant general (AG), Biro Angkasa (Biro) or via salary deductions from your employer.
- Hassle-free and quick turnaround. The application is online and takes minutes to complete. If all the required information has been provided, applications are generally approved within 48 hours. 5 minutes approvals are also available at select branches.
- Optional Takaful cover. You have the option of taking up Takaful coverage to protect yourself from any outstanding loan in the event of unforeseen circumstances.
- Extended period of repayment. Flexible repayment tenures are available between 2 to 10 years, making it suitable for a range of needs and situations.
Other products offered by MBSB Bank
Apart from personal loans, MSBS Bank also offers a full suite of Shariah-compliant financial products and services.
- Deposits. Everyday banking needs are taken care of with 3 different account types – savings, current and term deposit.
- Property loans. Enjoy the flexibility and convenience to purchase your residential or commercial property with MBSB Bank’s range of property financing solutions.
- Wealth management. MBSB Bank partners with leading providers to offer comprehensive Takaful coverage and other wealth management products to cater to various financial planning needs.
- Business banking. You can find the funding you need to start or sustain your business through MBSB Bank’s business banking products, such as equipment, plantation, wholesale and commercial property financing
- Trade financing. MBSB Banks’s trade finance includes lending, the issuance of letters of credit, trust receipts, bank and shipping guarantees etc.
How to apply for a personal loan from MBSB Bank
If you’re ready to commit to a MBSB Bank personal loan, visit the nearest branch and apply in person. If you have further enquiries about their product and services, you can contact their customer service at 03-2096 3000 or fill up an online contact form.
Before applying, make sure you meet the following eligibility criteria:
If you meet these criteria you are eligible to apply. You’ll also need to have the following on hand during your application:
Required information
- Copy of MyKad (front and back)
- Latest EPF statement
- Latest 3 months’ salary slips
- Latest 3 months’ bank account statements showing crediting of salary
- Latest BE form and Tax Receipt/EA Form/EPF statements
- Copy of MyKad (front and back)
- Business registration certificate or Form 9, 24, 49, B&D/M&A.
- Latest 3 months’ bank account statements showing crediting of salary
- Latest BE form and Tax Receipt/EA Form/EPF statements
- Latest B form
- License for Professional Certificate.
- Latest 6 months company’s principle current account statement
MBSB Bank personal loans have several attractive features for potential borrowers. But before choosing any personal loan product, always compare your options to make sure you are getting the best deal and features to suit your needs.
