{"id":1819,"date":"2023-05-15T05:22:31","date_gmt":"2023-05-15T05:22:31","guid":{"rendered":"https:\/\/xanderia.com\/?page_id=1819"},"modified":"2023-10-31T04:36:57","modified_gmt":"2023-10-31T04:36:57","slug":"xanderia-islamic-personal-financing-faq","status":"publish","type":"page","link":"https:\/\/xanderia.com\/my\/xanderia-islamic-personal-financing-faq\/","title":{"rendered":"XANDERIA ISLAMIC PERSONAL FINANCING FAQ"},"content":{"rendered":"<div id='av_section_1'  class='avia-section main_color avia-section-default avia-no-border-styling  avia-bg-style-scroll  avia-builder-el-0  el_before_av_textblock  avia-builder-el-first   av-minimum-height av-minimum-height-25  container_wrap sidebar_right' style='background-color: #5bb99d; background-repeat: repeat; background-image: url(https:\/\/xanderia.com\/wp-content\/uploads\/2020\/10\/pattern.png), linear-gradient(to bottom right,#43aeb7,#23b99b);background-attachment: scroll; background-position: bottom right;  '  data-section-bg-repeat='repeat' data-av_minimum_height_pc='25'><div class='container' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-1819'><div class='entry-content-wrapper clearfix'>\n<div  style='padding-bottom:40px; color:#ffffff;font-size:50px;' class='av-special-heading av-special-heading-h2 custom-color-heading blockquote modern-quote  avia-builder-el-1  avia-builder-el-no-sibling  av-inherit-size'><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >Xanderia FAQ<\/h2><div class='special-heading-border'><div class='special-heading-inner-border' style='border-color:#ffffff'><\/div><\/div><\/div>\n<\/div><\/div><\/main><!-- close content main element --><\/div><\/div><div id='after_section_1'  class='main_color av_default_container_wrap container_wrap sidebar_right' style=' '  ><div class='container' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-1819'><div class='entry-content-wrapper clearfix'>\n<section class=\"av_textblock_section\"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'   itemprop=\"text\" ><p><strong>1. What is a personal loan?<\/strong><br \/>\nA personal loan, also known as a cash loan or cash financing, is a financing product that is provided by a<br \/>\nbank or financial institution to an individual.<\/p>\n<p><strong>2. What is Shariah-Compliant Personal Financing (Islamic Personal Financing)?<\/strong><\/p>\n<p>Shariah-Compliant Personal Financing, also known as Islamic Personal Financing, is cash financing<br \/>\nusually provided by an Islamic financial institution or Islamic Bank. This type of financing is structured<br \/>\nbased on the principles of Islamic finance such as the Tawaruq or commodity Murabahah financing, which<br \/>\nexcludes the charging or paying of interest in the transaction. Instead, the lender and borrower enter into<br \/>\na sale and purchase agreement, where the lender purchases the asset and sells it to the borrower at a<br \/>\nmarkup, which is agreed upon in advance.<\/p>\n<p><strong>3. What is the difference between a personal loan and Shariah-Compliant Personal Financing <\/strong><strong>(Islamic Personal Financing)?<\/strong><\/p>\n<p>The main difference between a personal loan and Shariah Compliant Personal Financing is how they are<br \/>\nstructured. Personal loans are based on the concept of lending with a charge and paying interest, while<br \/>\nShariah-Compliant Personal Financing is based on the principles of Islamic finance and structured either<br \/>\nusing the contract of exchange or participatory which excludes the charging or paying of interest. This is<br \/>\nin line with the Shariah prohibition of interest-based transactions. Additionally, the terms and conditions of<br \/>\nShariah-Compliant Personal Financing may be different from those of a personal loan, as they are based<br \/>\non the sale and purchase agreement or participatory agreement as the case may be.<\/p>\n<p><strong>4. Can anyone apply for Shariah-Compliant Personal Financing (Islamic Personal Financing)<\/strong><\/p>\n<p>Shariah-Compliant Personal Financing is available to anyone who meets the eligibility criteria set by the<br \/>\nIslamic financial institution. The eligibility criteria may vary from institution to institution, but generally<br \/>\ninclude income, creditworthiness, and age.<\/p>\n<p><strong>5. What happens if I default on my Shariah-Compliant Personal Financing?<\/strong><\/p>\n<p>If you default on your Shariah Compliant Personal Financing, the Islamic financial institution may take<br \/>\nlegal action to recover the amount owed. The institution may impose penalty fee for the late or default<br \/>\npayment.<\/p>\n<p><strong>6. Can I pay off my Shariah Compliant Personal Financing early?<\/strong><\/p>\n<p>You can pay off your Shariah-Compliant Personal Financing early. However, you may be charged an early<br \/>\nsettlement fee, typically a percentage of the outstanding balance. The prepayment penalty is intended to<br \/>\ncompensate the Islamic financial institution for the loss of profit that would have been earned if the<br \/>\nfinancing had been repaid over the agreed-upon period. Both fees on early settlement and late payment<br \/>\nor default must be channeled to charity after deducting the direct cost of operation.<\/p>\n<p><strong>7. Who is eligible for Xanderia&#8217;s personal Syariah financing products?<\/strong><\/p>\n<p>To be eligible for Xanderia&#8217;s personal Syariah financing products, applicants must be permanent civil<br \/>\nservants, must have a minimum salary of RM1,500, and a Debt Service Ratio of less than 60%. They<br \/>\nmust also provide completed documents for verification.<\/p>\n<p><strong>8. How much financing can I get from Xanderia?<\/strong><\/p>\n<p>Xanderia&#8217;s personal Syariah financing products offer financing starting from RM1,000 up to RM200,000,<br \/>\nwith a tenure of 1 to 10 years. The actual amount and tenure of financing will depend on various factors,<br \/>\nincluding the applicant&#8217;s income, credit history, and financial situation.<\/p>\n<p><strong>9. What are the different types of personal loans in Malaysia?<\/strong><\/p>\n<p>\u25cf Term Loans: These are standard personal loans where you borrow a fixed amount\u00a0 of money and repay it over a predetermined period with fixed monthly installments.<br \/>\n\u25cf Islamic Personal Financing: Islamic banks in Malaysia offer Sharia-compliant personal financing ,which follows Islamic principles. Instead of interest, the bank earns a profit from the sale and<br \/>\npurchase of goods.<br \/>\n\u25cf Flexible Loans: These loans provide a degree of flexibility in repayment schedules and loan amounts, allowing you to adjust your repayments based on your financial situation.<br \/>\n\u25cf Overdraft Loans: Similar to a line of credit, an overdraft loan allows you to withdraw more money than your account balance. Interest is charged on the overdrawn amount until it&#8217;s repaid.<br \/>\n\u25cf Debt Consolidation Loans: These loans allow you to combine multiple debts into a single loan with a potentially lower interest rate, making it more manageable to repay your debts.<br \/>\n\u25cf Personal Line of Credit: This functions like a credit card, giving you access to a set credit limit that you can borrow and repay as needed. Interest is charged only on the amount you borrow.<br \/>\n\u25cf Salary Advance Loans: Offered by some employers, these loans allow employees to access a portion of their upcoming salary in advance. Repayment is usually deducted from the next<br \/>\npaycheck.<br \/>\n\u25cf Government Servant Loans: Special personal loans available exclusively to government employees, often featuring lower interest rates and longer repayment periods.<br \/>\n\u25cf Medical Loans: These loans are designed to cover medical expenses and may offer special terms for healthcare-related costs.<br \/>\n\u25cf Education Loans: Personal loans intended to finance education-related expenses, such as tuition fees, books, and living costs while studying.<br \/>\n\u25cf Wedding Loans: Loans specifically for covering wedding expenses, including venue, catering, and other related costs.<br \/>\n\u25cf Renovation Loans: Designed to fund home renovation and improvement projects, allowing you to upgrade your living space.<br \/>\n\u25cf Emergency Loans: These loans provide quick access to funds for unexpected situations, such as medical emergencies or urgent repairs.<\/p>\n<p><strong>10. What is the age requirement to apply for personal loans in Malaysia?<\/strong><\/p>\n<p>The age requirement for Xanderia Islamic personal loan is from the age of 21 to 60 years<br \/>\nold.<\/p>\n<\/div><\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"class_list":["post-1819","page","type-page","status-publish","hentry"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Frequently Asked Questions | Xanderia<\/title>\n<meta name=\"description\" content=\"Frequently Asked 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