A Better Financing Alternative: Koperasi Loan

Hey! Here comes the wedding season, your child’s wedding is fixed, all the blueprints are ready for the wedding! But you are not ready with the money section, Okay! It’s time to calm down as the koperasi loan is there to hold your hand. Yes, you read it right!

If you are a civil servant it doesn’t matter if you are from a federal or state, municipality, or statutory body, you should be on cloud nine as a koperasi loan offers you personal financing. And it is going to be your favourite because of its dual nature of being lenient and flexible. It is famed for its pliable quality as it does the repayment by deducting the amount through your salary, by¬† Biro ANGKASA. The majority of koperasi loans are of Syriah compliance, known as Islamic personal loans.

The cooperatives that give the koperasi loan to the people doing civil services are enrolled under the co-operatives societies act of 1993.

Now you may be scratching your head as to why is koperasi loan so loved by people?

Let’s have some insights on its key features!

The qualities endured by Koperasi loan are:

  • The repayment of the loan is processed through direct salary deduction by Biro ANGKASA or account general. These two agencies ensure the deduction of payment by the government from their salary income. That is why this loan is limited to civil servants only.
  • The loan amount can range from a minimum of RM2,000 to a maximum of RM250,000.
  • The best part is that the financing period can be of 10 years, or it can go to retirement, depending on whichever is shorter.
  • Takaful insurance protection is offered by the plethora of koperasi loans. And the premium of Takaful will be deducted directly from the loan principal. So you don’t have to increase your blood pressure as what’s going to happen after your death.
  • The majority of koperasi loans are offered to full-time or permanent civil servants. There are only a few cooperatives that offer personal loans to the civil servants who are working on a contractual basis.
  • One of its best qualities is that the deduction of salary is not allowed to cross the 60% of total income. This means that the salary slip of civil servants must be 40%.

You might still be perplexed by the worthiness of koperasi loans, so let’s clear your confusion by getting the solution to the doubts hovering in your mind.

3 reasons to opt for a Koperasi loan!

By reading this further, you are going to know the benefits of using the Koperasi loan and might consider it later. Let’s see!

  • The best alternative to commercial loans: Indeed! It is an easy choice to be with in comparison to choosing commercial bank loans. A koperasi loan has more leniency in the process of approval if analogized by commercial bank loans. This happens because of the easy process of repayment through the Angkatan Koperasi Kebangsaan Malaysia Berhad also known as Biro ANGKASA, or Accountant General’s (AG) Department.
  • Removing negative CCRIS/CTOS records by the settlement of overdue loans: You have a bad history of loans and are afraid it may provide a negative impact on your next loan transaction. But with the Koperasi loan, you need not worry as it uses the proceeds to settle down your overdue loans. And it will make you free from the negative records of CCRIS/CTOS and offer you the financial flexibility that you want. Well, it is ideal to be disciplined and pay off all your debts and loans on accurate time, to maintain a good financing record.
  • Unify credit card loans with low-interest Koperasi loans: You are having a good history of credits, a koperasi loan can prove beneficial to you as it can minimize your debt burden. If the debts of your credit card are 15% to 18% per annum with interest, or a personal loan with a high-interest rate, you can go for a lower interest Koperasi loan to consolidate your former debts and to pay off these expensive loans with time.

Thus, say goodbye to your tension of money problems. Now you can get your home renovated, the medical expenses are going to get cleared and many more of your dreams can come true with the Koperasi loans. All you have to do is apply for the loan, and choose the best product for you and your future and the documents you might need in the loan procedure. It’s time to boost up your confidence and build up your dreams with a Koperasi loan.