KIMB Koperasi Islah Malaysia Berhad

Koperasi Islah Malaysia Berhad (KIMB) Personal Loan Overview

Koperasi Islah Malaysia Berhad (KIMB) Personal Loan serves as a pivotal financial tool for its members, offering a flat rate personal financing solution designed to meet various needs with simplicity and affordability.

Financing Margin

KIMB’s personal loan extends from a minimum of RM 1,000 to a maximum of RM 100,000, allowing members the flexibility to borrow according to their requirements. This margin is subject to eligibility criteria, ensuring responsible lending practices.

Payment Period

The repayment period for the personal loan varies based on the borrowed amount. For amounts ranging from RM 1,000 to RM 5,000, members have a maximum repayment period of 24 months (2 years). For higher amounts, from RM 5,001 to RM 100,000, the repayment period extends to a maximum of 60 months (5 years), providing ample time for repayment without undue financial strain.

Profit Rate

KIMB offers a competitive flat rate of 8% per annum for its personal loans, ensuring that all qualifying members benefit from the same favorable interest rate. This transparent rate simplifies the borrowing process and allows members to plan their finances effectively. Any changes to the profit rate will be communicated through an offer letter upon application approval, maintaining transparency and fairness.

Eligibility Criteria

To qualify for the personal loan, members must fulfill certain criteria:

• Membership with KIMB for a minimum of six (6) months, demonstrating a commitment to the cooperative.
• Age requirement of 18 years and above, ensuring legal capacity for borrowing.
• Stable employment with a confirmed position and fixed income, indicating the ability to repay the loan.
• Requirement for a guarantor, enhancing the security of the loan and reducing the risk for both the cooperative and the borrower.

Required Documents

The application process requires several documents to verify eligibility and facilitate the loan disbursement:

• Completed application form and information disclosure consent form.
• Copy of identity card for identification purposes.
• Three months’ latest salary slips and a job confirmation letter to confirm employment and income stability.
• Additional financial documents such as EPF statements, income statements, or bank statements may be required based on individual circumstances.

Payment Methods

KIMB offers convenient payment methods for loan repayment, including salary deductions and standing instructions from other banks. These options simplify the repayment process, ensuring timely payments and reducing the risk of default.

Benefits

Applying for a personal loan with KIMB offers several advantages:

• No hidden charges: Transparent pricing ensures borrowers are aware of all costs involved.
• Fixed and known selling price: Borrowers benefit from clear and predictable terms.
• Competitive financing rates: The flat rate of 8% per annum offers affordability and value for money compared to other financial institutions.

In conclusion, KIMB’s personal loan product embodies the cooperative’s commitment to promoting financial inclusion and empowerment among its members. With accessible financing options, transparent terms, and competitive rates, KIMB enables its members to achieve their financial goals responsibly and sustainably.