WHAT DO I GET FROM THE FUND?
The profit rate charged may be fixed or floating. Floating rate is typically based on the Base Financing Rate (BFR) plus/minus profit spread
E.g. BFR+2.00% and the effective rate will vary in accordance to the periodical changes in the BFR.
WHAT ARE THE FEES AND CHARGES I HAVE TO PAY?
- Stamp Duties as per the Stamp Duty Act 1949 (Revised 1989)
- Processing Fee
- Kafalah (Bank Guarantee Fee)
- Letter of Credit Fee
- Changes to the Letter Offer Fee
- Change in Availability Period Fee
- Administration Fee
- Advance payment Fee
- Ta’widh (Compensation Late Payment)
- Gharamah (Penalty)
*Fees and charges shall apply to whenever applicable.
WHAT IF I FAIL TO FULFILL MY OBLIGATIONS?
The Bank may charge a compensation fee on late payment (Ta’widh) and penalty (Gharamah) at the following rate:
- Ta’widh at 1% per annum on the overdue instalment/rental (where applicable) during the tenure of the facility
- Ta’widh at the prevailing daily overnight of Kuala Lumpur Islamic Reference Rates (KLIRR) or other rate that Bank Negara Malaysia may specify against the outstanding purchase price (principal amount)if the overdue continues beyond the maturity date of the Facility.
- Gharamah at the rate of 0%.
WHAT IF I REQUEST FOR THE CONVERSION OF CONVENTIONAL LOAN TO ISLAMIC FINANCING?
At the request of customer, Conversion of Conventional Loans to Islamic Financing is allowable under the following criteria:
- Existing Customer
- Restructuring cases of existing Conventional loan.
WHAT IF I FULLY SETTLE THE FINANCING BEFORE ITS MATURITY?
Ibra’ (Rebate): BPMB shall grant Ibra’ (Rebate) under the following circumstances:
- Early redemption of full Selling Price/Total Rental
- Partial redemption of full Selling Price/Total Rental
- Facility is not fully disbursed
WHAT ARE THE MAJOR RISKS INVOLVED?
If you default on your payment obligation, you will be charged Ta’widh (Compensation Late Payment) and Gharamah (Penalty) at the rate of 0%.
DO I NEED A GUARANTOR/SECURITY/COLLATERAL?
Yes. Among the security requirement include project assets, debenture, assignment of concession agreement/ project account/ insurance policy, debenture, guarantee etc. depending on the type of project and financing.
The Guarantor as surety shall be liable to BPMB as creditor for the default committed by the Customer being the principal debtor.
DO I NEED TAKAFUL FOR THE FINANCING?
Yes. Takaful/Insurance coverage may be required to cover the subject matter of BPMB’s financing e.g. project, shipping, building etc.
BPMB’s may be named as the loss payee/beneficiary in the Takaful/Insurance policy.
BPMB may take the Takaful/Insurance as part security via Assignment of Takaful/Insurance Policy pursuant to the financing granted by BPMB.
WHAT DO I NEED TO DO IF THERE ARE CHANGES TO MY CONTACT DETAILS?
It is important that you inform us of any change in your contact details to ensure that all correspondences reach you in a timely manner.
WHERE CAN I GET FURTHER INFORMATION?
If you have any enquiries, please contact us at:
Bank Pembangunan Malaysia Berhad (16562-K)
Menara Bank Pembangunan
No 1016, Jalan Sultan Ismail
50250 Kuala Lumpur.
If your query or complaint is not satisfactory resolved by us, you may contact Bank Negara Malaysia LINK or TELELINK at:
Block D, Bank Negara Malaysia
Jalan Dato’ Onn, 50480 Kuala Lumpur
Fax: +603 2174 1515
IMPORTANT NOTE :
LEGAL ACTION MAY BE TAKEN AGAINST YOU IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR FINANCING.
The information provided in this disclosure sheet is updated on 13/2/2014