SCC i-Executive is the latest Islamic personal financing product of Sabah Credit Corporation exclusively designed for organizations in the private sectors.
Maximum cash line limit of RM50,000
Several payment method options
SCC i-Executive is the latest Islamic personal financing product of Sabah Credit Corporation exclusively designed for organizations in the private sectors.
Fixed profit rate as low as 4.5% per annum
Financing tenure up to 10 years
This facility requires no guarantor or collateral
Inclusive of Takaful coverage
Applicant must be a Malaysian citizen age not less than 21 years and working / salaried employee in Sabah;
Have worked in the company for at least 1 year and already confirmed in their post, with a minimum fixed monthly gross salary of RM2,500.00;
Hold a managerial position and/or obtained higher education background;
Maximum entitlement is [Gross Salary x 12] subject to not exceeding maximum financing amount of RM50,000.00 and deductions of total liabilities not exceeding 50% of fixed monthly gross salary.
Certified true copies (2) of IC
Latest 3 months salary slip (original and certified true copy)
Latest EPF statement
Latest electricity bill
Confirmation letter from employer (with company's letterhead)
Copy of appointment letter (certified true copy)
Copy of bank book / bank account statement
Salary deduction for companies with deduction code
Standing Instruction (SI) from any banks
Payment through online banking or directly over the counter
SCC i-Executive is a short term financing granted to customers with good track record to help them.
The facility is Islamic revolving facility.
Contract Used
Bay al-‘Inah (Sell and Buy-Back)
Financing Concept Used
Islamic Revolving Facility
Bay al-‘Inah (Sell and Buy-Back) is a series of sale contracts where the buyer buys an asset from a seller for a deferred payment and sells the asset to an original seller for cash at a price less than the deferred price, with the objective of obtaining cash. This process will be repeated once request from customer is obtained through Utilization Notice and exercise of Asset Sale Agreement (“ASA”) and Asset Purchase Agreement(“APA”).
Structure / Procedure
Application from Customer to SCC;
Offer Letter from SCC;
Customer Signing Memorandum of Acceptance of Letter of Offer;
Customer given a line of credit;
Customer signed Utilization Notice;
Customer signed Asset Sale / Buy Back Agreement;
Supplemental Letter of Offer (if required).
Credit Facility Limit up to RM 50,000.00 (Maximum)x
Profit Rate: 6.9 % per annum (Fixed rate)
Repayment period up to 120 months (Maximum)
Stamp Duty : As per Stamp Duty Act 1949 (Revised).
No commitment fee on unutilized portion of the line of credit approved.
Customer shall pay the late payment charges by way of ta'widh (compensation) as stated in the Letter of Offer.
SCC does not impose a lock-in period for this facility.
SCC shall grant rebate (ibra’) which is equivalent to the deferred profit at the point of settlement.
It is compulsory for customer to buy Takaful coverage.