Welcome to Direct lending, here youwill get your best borrowing experienceever. As it is determined to provide you with simple and easy borrowingmethods, which are fast, simple, safe, and reasonable. For Malaysian consumers, it is the best choice to opt for. As it is an authorized marketing representative or you can call an agent, for the civil servants. In it, the personal funding is emanated by RCE Marketing Sdn Bhd which is a subsidiary of the Bursa Malaysia listed company, RCE Capital Berhad through Yayasan Ihsan Raiyat and Yayasan Dewan Perniagaan Melayu Perlis Berhad. Plus, direct lending also has another good gift for consumers, as they offer civil servant personal financing from Co Op Bank Pertama, Public Islamic Bank, koperasi Putri Terbilang Malaysia Berhad (KOPUTRI), Koperasi koperasi Bersatu Tenaga Malaysia Berhad (KOBETA), Koperasi Ukhwah Malaysia Berhad and other selected co-operatives in Malaysia (collectively they are the funding givers).
Now, you are invited to be the loanprovider. Let's have some reading about their loanrepayment process! Taking a loan is an easy task, but repaying iswhat you have to work hard for.
Maybe the question has popped up inyour mind about how you can repay the loan in what way, or are there anyconcessions or any offers?
To know about the loan repaymentstuff you need to read it further. So let's move on to the best and the nextpart, which is the loan repayment process.
Whatis the loan repayment process?
If you are a civil servant and takea Personal loan, you can borrow up to RM 250, 000 with the flexibility of loanterms, which can go up to 1 to 10 years, mainly it depends on the fund giver. You can repay your loan on the term of monthly basis with a non discretionary deduction of salary, which is processed by either the accountant General's Department or the Angkatan Koperasi Kebangsaan Malaysia Berhad, primarily famed as (ANGKASA).
And if your bread and butter isdependent on the private sector, and applied for a personal loan, then you canlend up to RM20,000 with loan terms between 6 months and 5 years. You can reimburse the loan every month which can be done through Interbank GIRO (IBG), cash deposit, cheque deposit, or MEPS ATM fund transfer.
The maximum loan amount of your issolely dependent on the personal background of yours, your credit profile, yourcurrent financial condition, and your commitment.
After reading this, tons ofquestions have arisen in your head, such as, is there a collection of upfrontfees from the borrowers by the direct lending? Or about the rate of interest? Is there any stamp duty fee? Or is there a requirement for advance payment? And the biggest query is what will happen if you pay late? So the answers to chaotic questions have been given below, give it a read!
Upfrontfees: In direct lending, there is not any collection of upfront orprocessing fees from the borrowers, so just chillax.
InterestRate of the loan: If there is collateral, then the rate of interest willlie from 12% p.a. and if there is not any collateral present then the interestrate will be up to 18% p.a.
Isthere a fee for stamp duty?
Direct lending charges only 0.5%stamp duty fee, from the money lenders. And it is dependent on the amount of moneyborrowed.
Isthere a need for an advance installment?
No, as direct lending is so easy tobe with, there is not any requirement of advance installment.
Whatwill be the result if there is a delay in the loan repayment?
Don't you stress out, as in youragreement it will be mentioned that if you are late in your monthlyreimbursement, then there will be a charge for the late submission, and you have to submit a late payment fee as per the agreement?
Loanrepayment process: You are eligible to reimburse the loan on the monthlybasis through the Interbank GIRO (IBG), through cash deposit, or MEPS, and ATMfund transfer will work too.
Earlyloan settlement?
The loan you have taken has been abit of luck for you and now you want to settle it down early, now you areperplexed whether you can settle it or not, then my dear pal is relaxed as you can settle your loan, and you are not going to charged any penalties if you want it to get settled early.
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