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Thursday December 1, 2011

Card offers ‘low cost’ personal loan

KOTA KINABALU: The launch of MBF’s personal loan product in Sabah will see a new market emerging and broader customer base for MBF Cards in the state.

MBF Cards Power Loan offers low cost affordability through its repayment options, which starts from as low as RM99 per month.

MBF Cards president Gan Kheng Chai said the product was a true ‘low cost’ personal loan that puts the ‘power’ in the hands of the consumers in terms of prudent financial management, hence, the name ‘Power Loan’.

He said MBF Cards decided to look at the product proposition from a different angle since the value propositions of loans are built around three key areas namely, interest charges, the speediness of the approval as well the cash disbursement and the loan amount offered.

“Thus, we created a unique selling proposition that was based on a concept that has never been applied before, focusing on the borrower’s repayment affordability,” he said.

Gan said MBF Cards have long been in the forefront of the credit card industry in terms of launching innovative and first-of-a-kind products.

“With new demands and needs in the market to meet, we have accepted the challenge to go beyond the confinement of the card industry and have now ventured into personal loan which enables us to tap into a new market segment and expand our customer base,” he said.

Deputy Chief Minister Datuk Dr Yee Moh Chai launched the product,

witnessed by Gan and MBf Holdings Berhad Group chief executive officer Tan Sri Dr Mogan Lourdernadrecently.

Gan said the MBF Cards Power Loan offers five other attractive monthly repayment options for different levels of customer affordability to suit their individual lifestyle needs.

Dr Mogan said the introduction of the Power Loan product by MBF Cards was one of the ways to assist in curbing the ascending demand for illegal moneylenders.

MBF Cards Power Loan is open to all Malaysians including non-MBF card members aged between 21 to 60 years old with a minimal monthly income of RM1,250 and above.

Under this product, cash loans from a minimum of RM2, 000 up to a maximum of RM30, 000 is offered at a flat interest rate of 9.89 per cent, one of the lowest in the market today, and there is no need for collaterals or guarantors.

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