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| Asian Finance Bank -
Personal Financing-i
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| AFB Personal Financing facility is offered under the
approved Shariah contract of Tawarruq (commodity murabahah). This Personal
Financing is a short term financing that provides advance or cash to Borrower
for personal use like renovation of house, furthering studies, holidays,
weeding needs, or any purchases or even to settle any outstanding bills.
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| Product
Features |
This short term financing facility at 8.50% fixed p.a.
requires No collateral or guarantor from the Borrower is required. This
financing facility is available to employed Residents only and with minimum age
at 25 years old and up to maximum age of 55.
Additionally, the Borrower must have minimum annual gross salary of RM 30,000
(inclusive fixed allowance) and been in employment for more than 2 years with
the current company. The minimum financing amount is RM 12, 500 and up to
maximum of RM 150,000. The margin of financing is up to 5 times of the
Borrower’s monthly salary subject to the eligibility criteria set by the Bank
and with flexible payment up to 5 years, with minimum 2 years financing tenure.
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| What's good
about it? |
| AFB Personal Financing is a fully Syariah
Compliance product that is total transparent with not
hidden costs. The fixed rate mechanism provides certainty, clarity and
predictability in its transactions. The fixed monthly installment allows
effective management o the Borrower’s cash flow of financials. This is a
non-compounding profit package and another attractive point is No Lock In,
which means No penalty for early settlement of the financing. Furthermore, this
financing package is eligible to most salaried earners from “Halal” Companies
whilst, most other Islamic Banks is only offering the financing to the
employees of Government or Statutory Bodies and or selected private companies. |
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| Limitation |
| Those that are aged less than 25 years old or above 55
years old will not be eligible for this non-collateral short term financing.
Some other Banks’ minimum application age is 21 years old or up to age 60.
Also, this financing is limited to those Borrower with monthly salary more than
RM 2,500. As this financing is offered under the Syariah principle, hence this
personal financing package is not eligible to Borrower that are working with
“Non-Halal” companies or segment, i.e. Gambling, livestock , Hotel including
resort and leisure and etc.
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Disclaimer All home loans, features, charges, benefits and
other information listed here represent the most recent information
available at the time of writing. Every effort is made to keep the site
accurate, however we cannot guarantee that a lender has not increased or
decreased one or more of the home loan rates or fees/charges
associated with a loan deal or changed its features, obligations or benefits. |
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