Product & Services
LOANS
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Loans
Leading the way in Personal and Housing Loans, MBfBank offers the most convenient personal and Hosing Loan for salaried individuals. MBF Personal Loan and Housing Loans interest rates are considered the best in the market. For any emergency cash requirement, to refinance any loans form another financial institution or if you want to build your dream house, please reach out to our credit officers.
- Personal Loan
- Housing Loan
PERSONAL LOAN
A personal loan is an amount of money you can borrow to use for a variety of purposes. For instance, you may use a personal loan to consolidate debt, pay for home renovations, or plan a dream wedding. Personal loans can be offered by banks, credit unions, or online lenders. The money you borrow must
be repaid over time with interest.
Personal lending represents a material loan exposure within the MBF’s loan mix. It must ensure prudent lending practices and contain appropriate risk controls to support the safety and soundness of the MBF. Standard requirement is that of servicing of loans must be by way of payroll arrangement at MBF such as Civil Servants or direct salary deductions only. Personal Loans concentration should be a critical component within portfolio risk management activities.
Who are eligible to borrow?
Permanent Employed Staff
(Eg: Civil Servants, Private Sector, NGOs & Churches Employees)
- Minimum Entry Age : 21
- Age Cessation : 60
- Minimum Annual Salary : T$4000
What are the mandatory documents?
- Application Document
- Letter of Confirmation from Employer
- Retirement Fund Form
- Valid National Identity Card
What’s my borrowing capacity?
- Minimum : T$ 1,000
- Maximum : Limited to Annual Income
What is my repayment period would be?
- Minimum : 12 Months (1 Year)
- Maximum : 30 Months (2.5 Years)
How much Interest charged for my entire borrowing?
Flat Interest of 10.80%p.a
Are there any additional charges apply addition to normal interest?
Yes. There is a one-off processing fee subject to your loan amountCan I apply for top-up facility?
Yes. One-off processing fee as follows
| T$1,001 – T$3,000 | T$200 |
| T$3,001 – T$6,000 | T$300 |
| T$6,001 – T$10,000 | T$500 |
| T$10,001 – T$20,000 | T$500 |
| T$20,001 – T$50,000 | T$500 |
| T$50,001 – T$100,000 | T$500 |
| T$100,001 – T$500,000 | T$500 |
| T$500,001 and Over | T$500 |
Is there any early settlement fee?
No.
Can I transfer my facility to another institution?
Yes, at flat fee of T$150
List of documents required for personal loan
- Application Form – Appendix A
- Credit Report – Appendix B
- Effective Interest Calculator (EIR) – Appendix C
- Repayment Schedule – Appendix D
- Authorizer Form – Appendix E (Above details will be extracted from single excel file “Personal Loan Credit Score Platform”)
- Retirement Consent Letter – Appendix
- Letter of Offer – Appendix G
- Loan Agreement – Appendix H
- Guarantor Agreement – Appendix I
Upon loan approval we need to obtain the following documents from the customer and guarantor
Post Disbursement
HOUSING LOAN
Housing loans represents a material loan exposure within the MBF’s loan mix. Housing loan practices must be prudent and contain appropriate risk controls to support the safety and soundness of the MBF. Standard requirement is that of servicing of housing loans is by way payroll arrangement at MBF such as Civil Servants or direct salary deductions only. Housing loans concentration should be a critical component within portfolio risk management activities
Who are eligible to borrow?
- Permanent Employed Staff
(Eg: Civil Servants, Private Sector, NGOs & Churches Employees) - Minimum Entry Age : 21
Age Cessation : 60 - Minimum Annual Salary : T$4000
What are the mandatory documents?
- Application Document
- Retirement Fund Board
- Declaration Form
- Employment Salary Confirmation Letter
- Valid ID / Passport / Driving License
- House Plan Permit – New Building (Approval by Ministry of Infrastructure)
- Cyclone Survey report (for existing house loan)
- Estimate
- Land Tittle Deed
What’s my borrowing capacity?
- Minimum : T$ 1,000
- Maximum : Maximum 80% of the property value
What is my repayment period would be?
- Minimum : 12 Months (1 Year)
- Maximum : 300 Months (25 Years)
How much Interest charged for my entire borrowing?
Flat Interest of 10.50%p.a
Are there any additional charges apply addition to normal interest?
Yes. As follows Documentation handling fee – T$500 (one-off)
Can I apply for top-up facility?
Yes, One-off processing fee
Is there any early settlement fee?
No.
Can I transfer my facility to another institution?
Yes, at flat fee of T$150
List of documents required for personal loan
- Application Form – Appendix A
- Credit Report – Appendix B
- Effective Interest Calculator (EIR) – Appendix C
- Repayment Schedule – Appendix D
- Authorizer Form – Appendix E <br>
(Above details will be extracted from single excel file “Housing Loan Credit Score Platform”) - Retirement Consent Letter – Appendix F
Upon loan approval we need to obtain the following documents from the customer and guarantor
- Letter of Offer – Appendix G
- Loan Agreement – Appendix H
- Application for Mortgage – Appendix I
- Cyclone & Earthquake Compliance – Appendix J
- Mortgage Discharge Format – Appendix K
Post Disbursement
Credit officers must ensure that all correspondence documents are appropriately arranged and stored
in a fire-resistant cabinet to viewed as needed. In case if there are no fire-resistant cabinets then
following documents must kept in the main vault.
- Loan Agreement
- Loan Offer Letter
- Memorandum of Mortgage
