MBSB Bank is currently offering a flexible and attractive education financing product called MBSB Bank Education Financing-i (EduFin-i) for individuals seeking financial support to pursue their educational aspirations.
EduFin-i is based on the Commodity Murabahah concept and comes with several unique features.
One of the key benefits of EduFin-i is its maximum financing tenure of up to 25 years, allowing borrowers ample time to repay the financing. The financing amount can go up to RM500,000, with a margin of up to 95% against the coursework fees, making it convenient for students to cover their educational costs.
Another notable feature is that EduFin-i allows joint applicants, where two immediate family members can apply together for the financing.
Additionally, it offers Takaful coverage for added protection. A significant advantage is that the full instalment only starts once the study period ends, easing one’s financial burden while pursuing further studies.
During the launch event of EduFin-i held at Menara MBSB Bank in PJ Sentral on Aug 3, MBSB Bank’s chief executive officer Datuk Nor Azam M. Taib emphasised the importance of education in fostering a skilled and competent workforce for the nation’s economic growth and development.
He highlighted that education not only shapes one’ s personalities, values, and skills but also uplifts individuals and their families from poverty, providing better job opportunities and living standards.
Nor Azam shared, “As a full-fledged Islamic bank, we are not only committed in providing Shariah-compliant products and services, but also committed in the well-being of the society, especially on educational development.
“We acknowledge that tertiary education creates higher employability amongst graduates while continuous learning gives those who are currently working a competitive edge in career advancement.
“Therefore, we are confident that the introduction of EduFin-i will be well received by the target groups as it eases the financial commitment that comes with pursuing higher education.
He added that its efficient application process and quick disbursement aim to provide timely financial support to students, enabling them to focus on their desired education programmes without delay.
Also present were MBSB Bank’s personal financing department head Tamin Jafeeri and the bank’s EduFin-i unit manager Eizaaz Farez Zakaria, who shared their insights on the education financing product at the event.
The launch event saw participation from various educational institutions, such as Management Science University (MSU), MAHSA University, Universiti Teknologi MARA (UiTM), Universiti Malaya Centre for Continuing Education (UMCCed), International Medical University, Brickfields Asia College (BAC), ADMAL Aviation College, BATS Aviation, Malaysia Airlines Engineering Academy, Aero Malaysian Engineering Centre (AMEC), Malaysian Flying Academy, Layang Layang Academy, UTMSPACE, KLIA College, KPJ College, Penang Dental College and many others.
Officials from other organisations such as Yayasan Angkasa, Global-i Exceed Management Sdn Bhd, and the National Higher Education Fund Corporation (Perbadanan Tabung Pendidikan Tinggi Nasional, or PTPTN) were also present.
For more information on MBSB Bank’s EduFin-i, interested individuals can visit www.mbsbbank.com or apply at any MBSB Bank branches nationwide.