Halal Pesa Loan is an Islamic financial service introduced by Takaful, the leading Islamic halal insurance company in the country. It is a perfect solution for all those individuals or business owners who need cash but don’t want to sell their assets. This kind of loan is known as a sukuk (juridical) because it works like a public-company stock and can be traded like any other stock on the stock market. Halal sukuk are not issued as security against future profits nor any other personal guarantees available to banks.
With Halal sukuk, you do not have to get your money from somewhere else; this type of loan offers you instant cash and you can use it right away whereas with standard loans, you need time to find that amount. The main difference between standard loans and sukuks is that the latter usually have longer repayment period than the former. That being said, if you need cash urgently, your best option may be to apply for a loan instead of borrowing from friends and family members.
How To Apply For A Halal Pesa Loan?
Halal sukuks are a financial product that consists of assets and cash collateral. To apply for a loan, you will need to fill out your loan application on the Halal Pesa website. You can also find a link to the application on the Halal Pesa Facebook page. If you have any questions about applying for a sukuk, you can visit their FAQ section or call them at 02033228877.
To make your application process less complicated, please read the terms and conditions of the Halal Pesa loan before filling out the form online. The following points should be noted:
1) You must be over 18 years old to apply for this type of loan;
2) You must be Muslim in order to make an application;
3) You must be a bona fide resident of Malaysia;
4) All applicants for this type of loan must have no outstanding loans from other institutions;
5) Your profession must fall under one of these categories: Lawyer, Accountant, Banker, Chief Financial Officer (CFO), Finance Director (FD), Company Secretary or Head of Finance or Company Treasurer (CT);
6) Your annual income cannot exceed RM 250,000 per year.
Repayment of Halal Pesa Loan
You can repay your loan from the following sources:
– Cash deposits to your bank account
– Paying off debt or existing loans using the money
– Buying property in Malaysia
– Using the money for personal expenses like education, healthcare, transportation, etc.
The repayment period of Halal sukuuk ranges from 3 months to 6 years. It also usually has a higher interest rate than regular loans. But remember that you can use cash deposited with the loan to pay down your debt and pay interest on it. Thus, you will have more cash available when you are repaying your loan. The interest is calculated based on the total profit of Takaful and the profit of your company as well as how much time you borrow for repayment periods between 3 months and 6 years.
Interest rate of Halal Pesa Loan
Halal sukuks are not interest-free loans. The repayment period is usually short, and the rate at which you have to repay it is determined by market conditions.
How Much Repayment Can You Expect From A Sukuks?
A sukuks is a long-term investment and usually has a term of 10 to 20 years. The repayment period depends on the type of sukuks, but it usually ranges from three to 20 years in length.
In general, a person who borrows with halal sukuk can expect to pay back the loan amount plus interest on a monthly basis. The rate of interest is fixed at 1 percent per annum and the rate is calculated on the loan principal plus accrued interest over each month’s repayment period. As such, with this type of loan you get cash up front and make repayments thereafter.
Pros and Cons of Halal Sukuk
Halal sukuk loan is a long-term loan, so you need to be prepared for the repayment period. If you have some collateral such as property or car to offer, then you will get a better interest rate as compared to a standard loan with no collateral. The downside of having this type of loan is that the interest rate can be quite high, but it is not based on the creditworthiness of the borrower. For most people, this type of loan could be a great option because it offers more flexibility than conventional loans and does not require any collateral.
If you don’t have any collateral to offer, applying for Halal Sukuk Loan can help you avoid paying exorbitant interests rates from banks. Another reason why Halal Sukuk Loan is attractive is that it gives borrowers access to instant cash without any additional requirements like submitting your personal information or documents. In other words, if you decide to take out a standard loan from a bank, they would require your social security number and other personal information which may lead to identity theft. With Halal Sukuk Loan, there are no such requirements meaning less documentation burden for borrowers and less risk of identity theft.
Halal Sukuk, a type of Islamic bond, is becoming more popular in Muslim-majority countries. Therefore, it is important to know how to apply and repay a Halal Sukuk.