MBSB has never ceased to surprised the financing sector by introducing innovative personal financing product to the mass civil servant markets. The MBSB Xchange-i plan is the latest low cost personal financing package (skim pinjaman peribadi) introduced by the MBSB Financial Team to stimulate the tightly financial control against all sector personal loan application which was imposed by the Malaysia Central Bank to ensure real eligibility for personal loan application from public and civil servant sector.
The main feature of the MBSB Xchange-i is the low interest rate (3.99% APR) which makes it the lowest interest rate personal financing package in Malaysia. However the MBSB Xchange-i is only eligible for governmental sector without any previous MBSB Waslah account. Essentially the MBSB Xchange-i is designed to attract new customer and also non-holder of MBSB Waslah to apply their personal financing through MBSB. The main competitor for MBSB are Bank Rakyat and BSN with charging interest rate 5.20% and 4.99% respectively. The financial amount allowed for MBSB Xchange-i ranged from RM50,000 until RM200,0000. And the tenure allowed is 5 years to 20 years. Another attractive package launched by MBSB is the MBSB Max-i.
RM1 = RM133.48
For each Malaysia Ringgit, customer can obtain RM133.48 financing borrowing from MBSB
(RM1 can borrow RM133.48. This is the highest financial borrowing rate available in Malaysia)
MBSB Xchange-i is one of the latest personal finance scheme in 2012, is designed to overlap all the old loans u had. MBSB features Xchange-i is it interest rate is very low at 3.99%.Applicants who already have an account MBSB Waslah NOT ELIGIBLE to apply MBSB Xchange-i. MBSB Xchange-i can not be used for new loan applications or fresh loan.The applicant must agree to overlap one or all of the existing old loans. MBSB Xchange-i can not be used to overlap the existing MBSB account. It can only be used to overlap the old loans from banks, cooperatives or other loan companies. The benefits of overlap are the applicant can get the rebate money or lower the monthly deduction on existing loans that pay slip.With interest rates (3.99%) and high payout (98%), MBSB Xchange-i almost can overlap all the old existing loans.Eligibility limit which can be used to apply MBSB Xchange-i is 60% from total fixed income. A maximum loan allowed is RM200, 000. The repayment period is from 5 years to 20 years. For applicants who already have loans with MBSB, MBSB Xchange-i can be a second account on the pay slip. Status of the applicant must be permanent and fixed salary must be RM700 and above.Repayment is by monthly deductions from the Space Bureau of service use.
3.99% interest rate is the promotion of "Early Bird" special rate, it is going to rise to 4.30% after the date of 30 April 2012( date has been extended to a longer period because of high demanding customer).Another benefit is MBSB Xchange-i takaful insurance and legal fees of all funded by the MBSB.Maximum funds provided by MBSB to finance MBSB Xchange-i is RM1.0 billion(amount has been increased to RM3billion fund will be provided.For applicants who have problems blacklist, please note that the maximal amount received blacklist is RM20, 000.