Co-opbank Pertama Lestari Personal Financing-i (Public) 

The Co-opbank Pertama Lestari Personal Financing-i (Public) is a Shariah-compliant facility specifically designed for public sector employees. Based on the Tawarruq concept, this financing plan serves as a high-limit solution for government staff, statutory body employees, and GLC workers who need significant capital for personal use or debt consolidation. Borrowers can access funds ranging from RM10,000 up to RM400,000, with a flexible repayment tenure that extends up to 10 years. Because this is an unsecured financing product, there is no requirement for a guarantor or collateral, making the application process more straightforward for eligible civil servants.

To apply for this personal financing-i, you do not need any guarantor or collateral. Plus, profit rates for this facility are highly competitive and are determined by the duration of the financing. For a short-term commitment of 1 to 3 years, the rate is set at 3.45% p.a., while longer tenures ranging from 4 to 10 years carry a rate of 3.75% p.a. To manage these repayments effectively, the bank utilises an automated salary deduction system through Biro Perkhidmatan Angkasa (BPA) or Employer Salary Deduction (PGM). This ensures that monthly installments are paid on time directly from your source of income, which helps maintain a healthy credit score. Additionally, applicants have the option to include Takaful protection, which provides a safety net by settling the outstanding balance in the event of death or total permanent disability.

This Co-opbank Pertama Lestari Personal Financing-i (Public) is open to: ● Malaysian citizens ● Aged between 18 and 60 years old or up to retirement age ● Must have minimum monthly gross income of RM1,500 or more ● Permanent staff member of Government (Civil Service), Statutory Bodies and GLCs (Government-Linked Companies) who have serve for more than 3 months ● Contract staff of KEMAS and the Department of National Duty who have served for more than 2 years ● Contract doctor who has served for more than 1 year

The maximum amount you can borrow is also tiered by income; those earning between RM1,500 and RM3,999.99 are eligible for up to RM200,000, while those earning RM4,000 and above can reach the RM400,000 limit, subject to credit assessments.

When planning your budget, it is important to account for the standard costs associated with this facility. Upon approval, a one-time processing fee of RM100 is required, alongside a Wakalah fee of RM50 (subject to SST) for each financing withdrawal. Additionally, a government stamp duty will be applied to your financing agreement in accordance with the Stamp Act 1949 (Revised 1989), which is typically deducted from the total disbursement amount. To keep your financing cost-effective, it is vital to maintain your repayment schedule. Should you fall into arrears, a late payment charge (Ta'widh) of 1% per annum will be imposed on the outstanding amount, calculated on a daily basis. Being aware of these charges upfront ensures there are no surprises when you receive your funds.

To make your application smoother, you will need to prepare a few documents: Copy of Identity Card (front and back) Copy of latest 3 months' payslips EA Form (Annual Income Statement) Letter of Employment Confirmation Supporting documents: Latest 3 months' bank statement Letter of service termination or retirement age (if applicable) Settle statement for other financing (if any)