SCC i-Gold is the latest Islamic personal financing product of Sabah Credit Corporation exclusively designed for pensioners from government sectors (Departments & Agencies).
Maximum cash line limit of RM100,000
Several payment method options
SCC i-Gold is the latest Islamic personal financing product of Sabah Credit Corporation exclusively designed for pensioners from government sectors (Departments & Agencies).
Fixed profit rate as low as 3.99% per annum
Financing tenure up to 10 years
This facility does not required guarantor (Subject to terms and conditions)
Inclusive of Takaful coverage
Applicant must be a Malaysian citizen age not more than 67 years and a pensioner from government sectors;
Started receiving a minimum gross pension fund of RM1,500 and
Maximum entitlement is [Gross Pension x 12]; subject to not exceeding maximum financing amount of RM100,000 and deductions of total liabilities not exceeding 50% of monthly gross pension fund
Application Form
Certified true copies (2) of IC
Copies of Pension Card (Certified true copy)
Copy of Pension Statement (Certified true copy)
Copy of Bank Statement
Latest electricity bill
Copy of Standing Instruction form / Direct Debit
Standing Instruction (SI) from any banks
Payment through online banking or directly over the counter
JOMPAY
SABAH PAY
Cash Payment
SCC i-Gold is a short term financing granted to pensioners in order to assist them in their finances.
Contract Used
Bai al-‘Inah (Sell and Buy-Back)
Financing Concept Used
Bai al-'Inah (Sell and Buy-Back)
Bai al-'Inah refer to a contract which involves sale and buy back transactions of an asset by the seller. In these transactions, the seller sells an asset to the buyer on cash basis and then buys back the asset at a deferred price which is higher than the cash sale price. It may also be conducted where the seller sells the asset to the buyer at a deferred price and subsequently buys back the asset on cash basis at a lower price than the deferred sale price.
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 100,000.00 (Maximum)
Profit Rate: 3.99 % 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.
Takaful Coverage - Differs according to the financing amount, tenure of application and age of applicant.
Applicant shall pay the late payment charges by way of ta'widh (compensation) as stated in the Master Agreement.
Applicant can make early settlement before maturity date and no penalty shall be charged.
SCC shall grant rebate (ibra’) which is equivalent to the deferred profit at the point of settlement, as stated on the Bank Negara Malaysia.
It is compulsory for customer to purchase Takaful coverage from our selected panel. Takaful Premium will be deducted from the total amount of facility approved.