FINANCE DIVISION

FINANCE DIVISION

Staff Financing - FAQ

Staff Financing - FAQ


Who is eligible to apply for a computer financing?

IIUM Staff serving under permanent and contract status only. Staff serving under temporary contract and part-time status are not eligible for consideration.

What is meant by purchasing / the purchase of computers under computer financing?

Purchasing / The purchase of computers means the purchase of computers including its hardware and software or the purchase of hardware and software for the purpose of enhancement the computer at the time of purchase.

This financing amount can be used to purchase new computers which include personal computers, laptops as well as the purchase of printers and scanners. The purchase of smartphone and tablet are also being allowed and considered part of the financing amount.

What are the basic qualifying requirements for an officer to apply for a computer financing?

  • the monthly instalment deduction amount does not exceed 1/3 of basic salary.
  • the total deduction including deductions for computer financing does not exceed 60% of the total basic salary and monthly allowance

What is the maximum limit of eligibility for a computer financing?

The maximum financing amount is RM5,000.

How long is the allowable period for maximum repayment?

The allowable period for maximum repayment is 48 months.

Can an officer make a second computer financing application?

Yes, the officer is allowed to make a new computer financing once in every three (3) years. The new application can only be approved after three (3) years calculated from the date of the previous approval and provided the present financing facility has been settled.

What is the procedure for making early settlement for the computer financing balance?

  • Obtain confirmation of the financing balance through the balance inquiry process for the lump sum settlement with Financing Unit, Finance Division.
  • Subsequently the borrower will need to make full payment based on the verified balance and comply with the specified date period by direct bank-in / bank draft payable to “UIAM Operating Account”.
  • Furnish the original copy of bank-in slips or proof of payment for electronic transfer to Financing Unit, Finance Division.

Who is eligible to apply for a vehicle financing?

IIUM Staff serving under permanent and contract status only. Staff serving under temporary contract and part-time status are not eligible for consideration.

What is the existing package or category under vehicle financing?

A) Financing Facility using University Fund

  1. Motorcycle Financing

- apply to all qualify staff.

  1. Car Financing
  • only applicable to international/foreigner staff and subjected to the contract period.
  • Obtain confirmation of the financing balance through the balance inquiry process for the lump sum settlement with Financing Unit, Finance Division.
  • Subsequently the borrower will need to make full payment based on the verified balance and comply with the specified date period by direct bank-in / bank draft payable to “UIAM Operating Account”.
  • Furnish the original copy of bank-in slips or proof of payment for electronic transfer to Financing Unit, Finance Division
  • Staff need to liaise directly to the respective panel bank for the early settlement procedure.

B) Subsidize Financing Scheme with Financial Institution.

  1. Car Financing

- apply to all Malaysian staff.

- the list of bank panel under the scheme: Bank Muamalat Malaysia Berhad, Bank Islam Malaysia Berhad, AmBank Islamic Berhad and Bank Kerjasama Rakyat Malaysia.

What are the basic qualifying requirements for an officer to apply for a vehicle financing?

  1. the monthly instalment deduction amount does not exceed 1/3 of basic salary.
  2. the total deduction including deductions for vehicle financing does not exceed 60% of the total basic salary and monthly allowance.
  3. The officer must have a basic salary of at least RM1,620 for car purchase.
  4. Require 2 guarantors among IIUM staff for motorcycle purchase.
  5. Possess a valid driving license.

What is the maximum limit of eligibility for a vehicle financing?

The maximum financing amount as follows:

  1. Car Purchase is according to job position.

Position

Financing Limit Amount

a) Special Grade (VK7 and above)

RM 70,000.00

b) Professional & Management

RM 65,000.00

c) Support Group

RM 55,000.00

  1. Purchase of Motorcycle up to amount RM10,000.00

How long is the allowable period for maximum repayment?

Type of Vehicle

Period

a) New Car

Not exceeding 108 months

b) Used Car

Not exceeding 96 months

c) New Motorcycle

Not exceeding 60 months

Can an officer make a second vehicle financing application?

Yes, the officer is allowed to make a new vehicle financing once in every five (5) years. The new application can only be approved after five (5) years calculated from the date of the previous approval and provided the present financing facility has been settled

What is the procedure for making early settlement for the vehicle financing balance?

A) Financing Facility using University Fund

B) Subsidize Financing Scheme with Financial Institution