Education Financing-i

Benefits & Features

Features Financing Quantum

Based on eligibility limit and subject to minimum amount of RM10,000 and maximum amount of RM500,000.

Payment Period

Minimum – 1 year
Maximum – up to 12 years (inclusive of maximum 3 years grace period (GPP) or up to 60 years or age of retirement age, whichever is earlier.

Financing Rate Offer With Takaful Coverage

Floating Rate (Current Standard Base Rate [SBR])

1 – 12 years : SBR + 4.12% p.a (Profit is calculated on a daily basis based on “Monthly Rest”)

Financing Rate Offer Without Takaful Coverage

Floating Rate (Current Standard Base Rate [SBR])

1 – 12 years : SBR + 6.12% p.a (Profit is calculated on a daily basis based on “Monthly Rest”)

Note: Current Standard Base Rate (SBR) is 3.00% p.a. (Effective 5 May 2023)

Takaful Coverage

Personal Financing Takaful Plan – Optional

Benefits

Competitive rate
No hidden charges
No guarantor is required
No processing fee
Flexible financing tenure
Selling price – fixed and known
Fast approval

Grace Period: Up to 3 years, consist of the following:

Option 1	Option 2
Profit servicing based on release amount. Full instalment start after grace/after full disbursement within grace period.	No grace period – Customer to pay full instalment immediately, e.g.: for customer who opt for financing less than 3 years.

Note: Customer will choose the option during application

Eligibility & Requirements

Eligibility

Applicant must be 18 years and not exceeding the retirement age at the end of payment period
Resident only (Malaysian Citizen)
Study location: In Malaysia only
Study period:
- Full or part time studies up to 5 years period of less
- Completion of study within the financing grace period

Pursue education level:

Any courses offered by educational institutions including, but not limited to the following:

AAccreditation by the Government’s established institution i.e.: Malaysia Qualification Agency (MQA) etc.
Pursuing undergraduates, graduate, Postgraduates study i.e.: Post Diploma, Diploma, Degree, Master, PHD
Institutions established due to enactment of Malaysia’s Act i.e.: Malaysian Institute of Accountants (MIA) etc.
Professional Certifications recognized by Professional Associations/ Bodies such as MICPA, ICAEW, ACCA, ICAANZ, CPA Australia, Board of Engineering, Lembaga Arkitek Malaysia.

Documents Required

A copy of identity card
Latest 3 months’ salary slip
Latest employer’s confirmation letter
Latest 3 months Bank Statements of salary crediting account
Latest income tax form (Form B or Form EA/EC) or any other latest supporting document such as EPF statement (or both if required)
Letter of Acceptance from educational institution stating the type and duration of study (original or certified); and
Invoice and study fee payment schedule

Payment Method

Standing Instruction from other Banks (from salary credited account)
Salary Transfer to Bank Islam with Auto-debit Instruction

Fees & Charges

Description	Type of Charges	Charges (RM)
Education Financing-i	Stamp Duty	Ad-Valorem 0.5% of total financing amount for Principal Document and RM10.00 Nominal for Secondary Documents as stated in the Stamp Duty Act 1949 (Revised 1989)
	Wakalah Fee	RM50.00 – RM25.00 of each ABPA and ABSA
	Late Payment Charges (Ta’widh)	Before Maturity of Facility A sum equivalent to one per cent (1%) per annum on overdue instalments until the date of full settlement. After Maturity of Facility A sum equivalent to the prevailing daily overnight Islamic Interbank Money Market (IIMM) rate on outstanding balance i.e. outstanding Sale Price less rebate (Ibra’), if any. Post Judgement Debt A sum equivalent to the prevailing daily overnight Islamic IIMM rate on basic judgment sum calculated from judgment date until the date of full settlement.

Description

Type of Charges

Charges (RM)

Education Financing-i

Stamp Duty

Ad-Valorem 0.5% of total financing amount for Principal Document and RM10.00 Nominal for Secondary Documents as stated in the Stamp Duty Act 1949 (Revised 1989)

Wakalah Fee

RM50.00 – RM25.00 of each ABPA and ABSA

Late Payment Charges (Ta’widh)

Before Maturity of Facility
A sum equivalent to one per cent (1%) per annum on overdue instalments until the date of full settlement.

After Maturity of Facility
A sum equivalent to the prevailing daily overnight Islamic Interbank Money Market (IIMM) rate on outstanding balance i.e. outstanding Sale Price less rebate (Ibra’), if any.

Post Judgement Debt
A sum equivalent to the prevailing daily overnight Islamic IIMM rate on basic judgment sum calculated from judgment date until the date of full settlement.