| i-ENTERPRISE PREMISES FINANCING |
What is this product about?
|i-EPF is a financing package to partly finance the purchase or re-finance premises such as factory, shop-office or shop-lot in commercial complexes whether completed or under construction. The package is bundled together with working capital to support business operations and/or additional fund.|
What do I get from this product?
What is the limit financing for this product?
What are the Shariah concepts applicable?
Bai’ Bithaman Ajil (BBA) for premise financing - This is a contract of sale on deferred payment and instalment basis within an agreed payment period.Bai’ ‘Inah for working capital - A financing facility involving of two separate sale and purchase contracts on a same asset.
What are my obligations?
| ||Monthly instalment.|
| ||Total repayment (financing amount + profit) that you will be obligated to make is not more than the Selling Price agreed up front (as per Bank’s Letter of Offer).|
| || |
The Selling Price will be computed as follows:
Purchase Price + (Purchase Price X Ceiling Rate x Tenure)
|6.||What at the fees and charges I have to pay?|
What if I fail to fulfill my obligation?
Customer will be charged with late payment charges (ta’widh) of 1% per annum on the instalment in arrears or any other methods approved by Bank Negara Malaysia, the Association of Islamic Banking Institutions in Malaysia (AIBIM) and SME Bank Shariah Committee. Please refer to the other obligations stated in Bank’s Letter of Offer.Failure to fulfill the above obligations, gives the right for the Bank to take appropriate legal action.
|8.||What if I fully settle the financing before its maturity?|
|There is no penalty imposed for early full settlement. However, the Bank may impose charges that reflect reasonable estimate of costs as per Bank Negara Malaysia “Guidelines on Ibra” For Sale Based Financing..|
|9.||Do I need any Takaful coverage?|
|MRTT is not compulsory but customer is encouraged to obtain coverage of MRTT from Bank’s panel of Takaful operators.|
What are the major risks?
The payment of Selling Price is by way of periodical instalment. However, an increase in the Base Financing Rate (BFR) will result a higher monthly repayment, but is capped at ceiling profit rate of 12%. The Bank will notify customer on changes of instalment prior to the effective date.If you have problems to fulfil your financing obligations, please contact and discuss with us.
|11.||What do I need to do if there are changes in my contact details?|
|It is important that you inform us of any changes in your contact information to ensure that all correspondences reach you in a timely manner.|
|12.||Where can I get further information?|
Should you require additional information of the product, please refer to our brochures, which is available at our nearest branch or our website at www.smebank.com.my or call our Hot Line 1800 88 3131.
If you have any complaints on our products or service level, you may also write to us at the following address:
|13.||Other financing package available:|
|We also provide assets and working capital financing, contract financing, i-Cash and dedicated product programs such as i-SPLASH, i-REACH and i-SURF.|
|As per Bank Negara Malaysia & Shariah Committee approval|
Please click here for download