Terms of Service

By accessing our website, submitting a loan application, or using any of our services, you agree to comply with and be bound by these Terms, along with our Privacy Policy and any other policies we may publish from time to time. If you do not agree to these Terms, you must not use our services or apply for loans.

2.1 General Eligibility

To be eligible for a loan from Amanah Best Credit, you must:

• Be at least 21 years of age and not more than 65 years old at the time of loan maturity
• Be a Malaysian citizen or permanent resident with a valid MyKad
• Have a minimum gross monthly income (varies by loan product):
• Personal Loans: RM 2,000/month
• Home Loans: RM 3,500/month
• Car Loans: RM 2,500/month
• Business Loans: RM 5,000/month (or business revenue of RM 10,000/month)
• Be employed, self-employed, or have a stable source of income
• Have a satisfactory credit history and credit score
• Not be an undischarged bankrupt
• Provide accurate and complete information in your application

2.2 Additional Requirements for Specific Loan Types

4.1 Interest Rates

• Interest rates are calculated on a reducing balance basis unless otherwise specified
• Rates vary based on loan type, amount, tenure, and your credit profile
• For fixed-rate loans, the interest rate remains constant throughout the loan tenure
• For variable-rate loans, the rate may change based on Bank Negara Malaysia's Base Rate (BR) or our Base Lending Rate (BLR)
• Any rate changes will be communicated to you in writing at least 21 days in advance

4.2 Loan Tenure

4.3 Repayment Terms

• Monthly installments must be paid by the due date specified in your loan agreement
• Payments can be made via online banking, standing instruction, cheque, or cash at our office
• You are responsible for ensuring sufficient funds are available on the payment date
• Partial payments are not accepted unless pre-approved by us in writing
• All payments will be applied first to outstanding fees and charges, then interest, and finally principal

5. Fees and Charges

The following fees and charges may apply to your loan. All fees will be clearly disclosed in your loan agreement:

* All fees are subject to applicable taxes. Fees may vary based on loan product and amount.

6. Borrower Responsibilities

As a borrower, you agree to and are responsible for:

• Using the loan proceeds only for lawful purposes as stated in your application
• Making all payments on time and in full as per the loan agreement
• Maintaining adequate insurance coverage where required (e.g., MRTA/MLTA for home loans, comprehensive insurance for car loans)
• Notifying us immediately of any change in your employment status, income, contact details, or residential address
• Keeping all collateral (if applicable) in good condition and properly insured
• Providing any additional information or documentation we may reasonably request
• Not transferring or assigning your obligations under the loan without our prior written consent
• Not providing false, misleading, or incomplete information
• Responding promptly to our communications and requests

7.1 Events of Default

7.2 Consequences of Default

In the event of default, we reserve the right to take the following actions:

• Demand immediate repayment of the entire outstanding loan amount
• Charge additional late payment fees and default interest (as specified in your agreement)
• Report the default to credit reference agencies (CCRIS, CTOS), which will negatively impact your credit score
• Engage debt collection agencies to recover the outstanding amount
• Take possession of and sell any collateral to recover amounts owed
• Commence legal proceedings against you, including filing for bankruptcy or winding-up proceedings
• Claim against any guarantor or co-borrower
• All legal costs and recovery expenses will be added to your outstanding amount

8. Early Repayment & Refinancing

• You may repay your loan early at any time by giving us written notice
• Early settlement fees may apply as specified in your loan agreement
• Some products offer penalty-free early repayment after a lock-in period
• Partial early repayment may be allowed subject to minimum amounts and our approval
• You may apply to refinance your loan, subject to fresh credit assessment and approval

9. Our Rights and Obligations

9.1 Our Rights

• We reserve the right to approve, reject, or modify any loan application at our sole discretion
• We may assign or transfer our rights and obligations under the loan agreement to third parties
• We may amend these Terms with 30 days' prior notice to you
• We may set off any amounts you owe us against any amounts we owe you

9.2 Our Obligations

• We will process your application in a timely manner and communicate the outcome to you
• We will provide clear disclosure of all fees, charges, and terms before you accept the loan
• We will maintain confidentiality of your personal information in accordance with our Privacy Policy
• We will comply with all applicable laws and regulations governing money lending in Malaysia

10. Limitation of Liability

While we strive to provide accurate information and reliable services, we are not liable for any indirect, consequential, special, or punitive damages arising from your use of our services, including but not limited to loss of income, business interruption, or investment losses. Our total liability to you shall not exceed the principal amount of the loan disbursed. This limitation does not affect your statutory rights under Malaysian consumer protection laws.

11. Governing Law and Dispute Resolution

• These Terms are governed by and construed in accordance with the laws of Malaysia
• Any disputes shall be subject to the exclusive jurisdiction of the Malaysian courts
• Before initiating legal proceedings, parties agree to attempt resolution through good faith negotiations
• You may also refer complaints to the Ombudsman for Financial Services (OFS) or Financial Mediation Bureau (FMB)

12. Changes to Terms

We reserve the right to modify these Terms at any time. Material changes will be communicated to existing borrowers at least 30 days in advance via email or written notice. Changes will be effective for new applications immediately upon posting on our website. Your continued use of our services or acceptance of a new loan after changes are made constitutes your acceptance of the modified Terms. If you do not agree to the changes, you may terminate your relationship with us (subject to settling any outstanding obligations).

13. Contact Information

For questions about these Terms of Service, to discuss your loan, or to report issues: