Financing Terms
– Funding Societies Islamic Micro Financing/-i
Description
A shariah compliant micro term facility product under the principles of Commodity Murabahah (via Tawarruq)
Purpose
Working capital
Tenor
Up to 18 months
Facility Amount
RM3,000 – RM200,000
Security
Personal guarantee
Profit Rate
0.8% – 1.5% per month
Drawdown Fee
5% of facility amount charged upon successful disbursements
Guarantee Fee
5% of financing amount charged upon successful disbursements, it is a fee payable to FS Capital Sdn Bhd (Company No. 201631787R) which is chargeable to the Issuer for the Guaranteed Investment Note product. The Guarantee Fee shall be collected by Modalku Ventures Sdn Bhd for an on behalf of FS Capital Sdn Bhd upon disbursement.
Retention Sum
0% of Facility Amount (deducted upon disbursement). Amount to be refunded upon successful payment of financing obligations.
Prepayment Fee
Not applicable
Penalty Fee
Not applicable
Late Payment Charges
1.00% per annum if paid within 7 days from the Due Date, 10.00% per annum if paid after 7 days from the Due Date charged on the unpaid principal and profit
Eligibility for Financing
Shareholding
Min 30% Malaysian registered company
Entity Type
Sole proprietorships, partnerships, private limited companies (non-subsidiary of listed companies) and unlisted public companies
Duration of Operation
Min 6 months
Annual Revenue
Min RM60,000 per year
Legal Action
No pending/outstanding legal action
AKPK Status
No ongoing AKPK status
Bankruptcy/Litigation
Bankruptcy settled for more than 24 months; and Litigation settled for more than 12 months
Documentation Requirements
NRIC (Malaysian) / Passport (Non-Malaysian) of all Directors and Personal Guarantors
Yes
Bank statements (latest 6 months) – capturing at least 80% of sales
Yes
2 years income tax assessment (personal tax)
Optional
Financing Tenure (Month)
18
Interest Rate
0.8% Per Month
1% Per Month
1.5% Per Month
Financing Amount (RM)
50,000
3,496.56
3,605.56
3,880.56
100,000
6,991.11
7,211.11
7,761.11
150,000
10,486.67
10,816.67
11,641.67
200,000
13,982.22
14,422.22
15,522.22
Installment per month = Facility Amount + [Facility Amount x Interest Rate p.m (%) x Financing Tenure (month)] / Financing Tenure Note: 5% DF and 5% GF is charged upon every successful disbursement
Frequently Asked Questions
What is Islamic Micro Financing/-i?
Funding Societies Islamic Micro Financing/-i is a business financing product that offers micro credit opportunities to SMEs. As a business owner, you can utilise the opportunities to maintain cash flow and enhance your business day-to-day. We offer both Micro Financing (conventional) and Islamic Micro Financing product based on the business activities and needs of the SMEs.
How does Islamic Micro Financing/-i work?
With Funding Societies Islamic Micro Financing/-i, you can apply for a financing amount of up to RM200,000 subject to an interest rate (for conventional) / profit rate (for Islamic) of 0.8% – 1.5% per month and a credit period of up to 18 months. Once you have accepted our offer, we will credit the approved financing amount to you, with applicable fees deducted upfront from the amount.
How long is the credit period?
Depending on your needs and the nature of your financing, you could apply for a credit period/tenure of 6, 9, 12, or 18 months.
How do I apply?
If this is your first time with us, here is a run-through on the application process:
Are there any fees and charges?
Just like any other financing products, the following fees/charges will be applicable:Islamic Micro Financing/-i Micro Financing (Conventional)
What if I can’t make my payments on time? Islamic Micro Financing/-i Micro Financing (Conventional)
Can I make an early settlement? Early repayments are always encouraged, as SMEs are able to save more on interest and profit shared.
What criteria can I use to determine whether my business is eligible for Islamic Micro Financing/-i? If your core business involves the trading of:
You may not be eligible for Islamic Micro Financing/-i
