ASB Financing-i

Benefits & Features

Features Financing Quantum

• Based on ASB Units eligibility and subject to a minimum amount of RM10,000 and maximum amount of RM200,000

Payment Period

• Minimum 1 year
• Maximum 40 years or 70 years of age at the end of payment period, whichever earlier.

Floating Rate Offer

• With Takaful : SBR + 1.50% p.a
• Without Takaful : SBR + 2.02% p.a



Note : SBR (effective 02 Nov 2023) is 3.00% p.a

Consumer Financing Process Review (CFPR) Process
CFPR is now applicable for ASB Financing-i.

Note:

1. CFPR is also applicable to Malaysians working in Singapore.
2. However, it is not applicable to Malaysians working in countries other than Singapore.
3. During acceptance, customer under normal and CFPR need to perform biometric at branch.

Straight Through Processing (STP)
STP is also applicable to Malaysians working abroad (with Fixed Income Earner only) and not consider as deviation.

Eligibility & Requirements

Eligibility (Fixed Salary Earner)

• Malaysia citizen individual only
• 18 years old and above
• Not a judgment debtor or a bankrupt
• Employed and in service
• Earned a minimum gross monthly income of RM2,000
• Income including the basic salary, fixed allowance and the variable income

Eligibility (Non-Fixed Salary Earner)

• Malaysia citizen individual only
• 18 years old and above
• Not a judgment debtor or a bankrupt
• Minimum of two (2) years in business
• Business is profitable for the past two (2) years
• Income calculation is based on average 6-month pay on bank statement or any other proof of income statement, subject to meeting the Debt Service Ratio (DSR) set by Bank Islam
• Income including the variable

Note:

1. For Non-Fixed Income Earner is also applicable to gig workers (such as rider of Foodpanda, Grab, Shopee, Lazada, etc) with a minimum of 2 years working experience and income recognition based on variable income.
2. For Non-Fixed Income Earner is not applicable to Malaysians working abroad.

Eligibility for Malaysian working abroad, subject to the following:

• Citizen of Malaysia (resident) working in Singapore;
• Citizen of Malaysia (resident) working in countries other than Singapore with a Malaysian based company only, particularly in sector such as oil and gas, education, embassies and other professions (For example Petronas, Axiata, Air Asia, Top Glove, IOI Corporation, Sime Darby, etc).

Note: However, this offer is excluding a citizen who has obtained permanent resident (PR) status in a country or a territory outside Malaysia and is residing outside Malaysia.

For Fixed Income Earner (Malaysians working abroad)

• Foreign currency exchange equivalent to a minimum monthly income of RM5,000;
• Employed and in service.
• Income including basic salary, fixed allowance and variable income.

1. Photocopy IC (both sides); and
2. Evidence of Income (as stated below)

Evidence of Income for Fixed Salary Earner:

• Latest one (1) month payslip; OR
• Latest one (1) month Bank Statement of salary crediting account (not required if salary crediting is with Bank Islam); OR
• Latest Annual Income Statement (EA/ EC/ BE/ e-BE/ B Form); OR
• Latest EPF Statement; OR
• Latest Letter of Employment/ HRMIS (with income details).



Note: If necessary on case to case, the Bank will require additional supporting documents.

Evidence of Income for Non-Fixed Salary Earner:

• Latest six (6) months Current Account Statements; OR
• Latest income Tax Form (BE/ e-BE/ J Form) with payment receipt; OR
• Last two (2) years financial statement.

Note:

• If necessary on case to case, the Bank will require additional supporting documents.
• For gig workers need to provide minimum 6 months bank statement and income statement (from provider).
• For Non-Fixed Income Earner is not applicable to Malaysians working abroad.

Evidence of Income for Fixed Income Earner (Malaysians working abroad):

• Latest one (1) month payslip; or
• Latest one (1) month Bank Statement of salary crediting account (not required if salary crediting is with Bank Islam) or
• Latest Annual Income Statement equivalent to EPF Statement issued by the respective country’s employee provident fund equivalent (where applicable).
• Photocopy of valid working pass / permit.

Note: If necessary, on case to case the Bank will require additional supporting documents.

• Stamp duty – As per Stamp duty Act 1949 (Revised 1989)
• Processing fee – Waived
• Wakalah Fee – RM50.00 (RM25 of each ABPA and ABSA)
• Takaful contribution – As per the contribution amount required by the Takaful operators to cover the whole outstanding financing amount in the event of death and TPD of the customer
• Subscription Fee – RM50.00

Click here to download Terms and Conditions effective on 26 February 2024

Click here to download Terms and Conditions effective on 1st August 2022

Klik di sini untuk Lembaran Maklumat Produk berkuatkuasa 1hb Ogos 2022

Click here to download Product Disclosure Sheet effective on 1st August 2022