Affin Islamic Bank Berhad (AFFIN ISLAMIC) began its business in 1993 as the Islamic Banking arm of Affin Bank Berhad (AFFINBANK). In 2005, the Islamic Banking Division of AFFINBANK was incorporated as a separate entity and AFFIN ISLAMIC started operating as a standalone Islamic Bank effective 1 April 2006. With an authorized and paid up capital of RM1 billion and RM160 million respectively, AFFIN ISLAMIC is a wholly-owned subsidiary of AFFINBANK.
Affin Bank provides many banking facilities to cater with client’s current need for financial support. Those who are seeking for personal loan can consider Affin Personal Financing packages.
Affin Credit Plus is a personal loan in the form of overdraft package that is combined if any housing loans that you have with Affin Bank. A person can loan from a minimum of RM 50,000 to a maximum 90% of margin financing upon approval. You must have a property with minimum value of RM 200,000. Borrower can opt for 5 to 35 years repayment period.
Fees and Charges
The overdraft facility is subject to 5% MRTA charges.
Personal Financing-i is a loan package for employee of selected corporate companies based on Shariah Concept of Tawarruq (Commodity Murabahah).Before applying for a personal loan, its best for customers to understand fully about the product details. Personal Financing-i is fully based on Shariah Concept of Tawarruq (Commodity Murabahah). A borrower can obtain a loan from RM 5,000 to a maximum of RM 150,000 with this loan.
The Bank purchases commodity from trader A in the commodity market on cash basis
Thereafter, the Bank sells the commodity to the customer on deferred price (cost price plus profit margin)
The customer may appoint the Bank as his agent to sell the commodity to trader B
The Bank sells the commodity, as agent of the customer, to trader B on cash basis in the commodity market
Attractive Interest rates of 5.5% p.a flat rate (very good rates for Malaysia)
Personal Financing-i Product Features and Benefits:
Clean and unsecured Personal Financing-i to employees of approved corporate companies for personal consumption and not for luxurious purpose. Customers are encouraged to disclose the actual purpose in the application form to assist in the loan application process.
The financing tenure for Personal Financing-I is minimum of 3 years and maximum of 7 years or age of 55 years old (whichever is earlier).The minimum entry age is set at 21 years old and maximum entry age is at 50 years old. Applicant will have to have RM 2,500 monthly income. To apply for the loan, no guarantor is required to ease the application process. However Affin bank requires customers to take up the compulsory MRTT with the loan package in order to protect the loan financing repayment.
Affin Extra Plus is known as a Flexible Plan to increase customers personal funding. Affin Extra Plus is a term loan granted to existing mortgage borrowers with AFFINBANK, who has paid off by at least RM20,000 from the original approved limit of the existing mortgage loan which is fully disbursed, and the repayment record has been clean.
The loan can be applied for personal use or for investment. This financing package is provides for eligible individuals, sole proprietors and partnership (exclude private limited and voluntary organization).Just to be clear, the existing mortgage loan can be residential or business premise financing, and the property has to be completed.
Benefits customers will be able to save overall interest cost with daily computation of interest, make payment in excess of loan installment amount and also redraw of excess payment by applying for an Affin Extra Plus. Kindly make sure you understand the terms and conditions before signing up the loan packages.
Affin Extra Plus provides customers with loan amount of minimum RM20,000 and maximum RM1,000,000.It is also based on the current minimum property loan amount of RM200,000.The current Margin of Finance (MOF) is up to 85% and MRTA Financing : 5% (includes MRTA and Entry Cost).
(MRTA = Mortgage Reducing Term Assurance)
The loan tenure is set for up to 10 years or up to the age of 60 years, whichever is earlier. It is encouraged for customers to take up MRTA with the bank in order to provide assurance to protect your family.