Kenapa Insurans Kereta Sangat Penting Untuk Setiap Pemandu Di Malaysia?

Bagi para pemilik kereta, pasti ramai yang selalu mengeluh sewaktu sampai masa untuk
memperbaharui insurans kenderaan
 masing-masing. Iyalah, harga premium
insurans kereta
 bukanlah murah. Tambah lagi jika anda mengambil polisi yang menawarkan pelindungan yang lebih baik seperti pelindungan insurans komprehensif. Sudahlah anda diwajibkan untuk memperbaharui insurans tersebut setiap tahun bersama dengan
cukai jalan
. Kadang-kadang bila duit pun tengah kurang, pasti ada juga yang merungut kenapalah, setiap pemilik kereta diwajibkan untuk mengambil polisi insurans kenderaan bukan? Mari kami kongsikan kepada anda apa yang perlu anda tahu tentang
insurans kereta
, dan kenapa ianya penting untuk para pemandu.

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1. Diwajibkan Kerajaan

Anda tentu tahu bahawa, setiap pemilik kereta diwajibkan untuk mendapatkan pelindungan
insurans kenderaan
 setiap kali ingin
memperbaharui cukai jalan
 mereka. Anda tidak boleh memperbaharui cukai jalan sekiranya anda tidak mempunyai
pelindungan insurans kenderaan
. Jadi, bagi yang mungkin tengah mempunyai masalah kewangan atau pun jarang menggunakan kereta tersebut, mereka akan membeli sekurang-kurangnya pelan insurans pihak ketiga supaya mereka dapat memperbaharui cukai jalan.

2. Melindungi Pemandu Daripada Sebarang Kemungkinan Di Atas Jalan Raya

Insurans kereta sangat penting bagi memberikan pemandu pelindungan daripada sebarang kemungkinan buruk yang mungkin akan berlaku. Contohnya seperti
kemalangan
, kecurian mahupun kebakaran. Jika berlaku sebarang kejadian tidak diingini seperti di atas, pihak insurans akan memberikan pampasan ke atas kerosakan yang dialami oleh anda atau pihak lain dalam kemalangan tersebut. Tetapi, jenis tuntutan yang akan diberikan adalah berbeza-beza mengikut jenis pelindungan yang diambil oleh pemilik kenderaan tersebut. Sebagai contoh, jika anda memilih untuk mendapatkan pelindungan insurans pihak ketiga, syarikat insurans tidak akan menanggung kerugian atas kerosakan yang dialami oleh kereta anda, sebaliknya hanya akan membayar pampasan kepada pihak lain yang anda langgar itu. Kalau anda tidak pasti, jenis pelindungan yang membolehkan anda membuat tuntutan kepada
syarikat insurans
, anda boleh terus berhubung dengan ejen insurans kereta anda. Jadi, senang cerita, insurans kenderaan ini akan membantu menyelamatkan duit poket anda daripada membayar kos baik pulih kenderaan yang boleh mencecah ribuan ringgit.

3. Jenis Insurans Yang Boleh Dipilih

Pemilihan pelan insurans yang tepat sangat penting supaya anda menerima pelindungan yang sesuai dengan keperluan anda. Di Malaysia, terdapat tiga jenis pelindungan insurans yang boleh anda pilih iaitu polisi pihak ketiga, polisi pihak ketiga, kebakaran dan kecurian serta polisi komprehensif. Ketiga-tiga jenis polisi ini memberikan tahap pelindungan yang berbeza-beza. Pelindungan yang paling asas dan murah adalah polisi insurans pihak ketiga. Manakala yang paling mahal serta menawarkan pelindungan yang menyeluruh kepada pemandu dan juga mangsa lain dalam kemalangan tersebut adalah polisi pelindungan komprehensif.

Pemilik kereta juga masih boleh menambah beberapa lagi pelindungan yang dirasakan perlu di dalam polisi insurans komprehensif ini, sebagai contoh, pelindungan untuk cermin hadapan kenderaan serta pelindungan dari kecurian aksesori.

4. Boleh Dikenakan Penalti

Mengikut Akta Pengangkutan Jalan 1987, anda boleh dikenakan sehingga RM1,000 serta tiga tahun penjara sekiranya anda ditangkap memandu tanpa insurans kenderaan. Disebabkan anda tidak dapat memperbaharui cukai jalan tanpa insurans kenderaan, anda akan dikenakan tambahan denda sehingga RM3,000. Banyak bukan? Jadi pilih, nak bayar denda sampai beribu ringgit atau nak perbaharui sahaja insurans?

Roadtax Calculator

Sekarang anda pasti sudah nampak betapa pentingnya untuk mengambil polisi insurans kereta bukan? Jika anda risau tidak tahu mahu memilih polisi insurans yang tepat, anda boleh layari laman perbandingan insurans Fincrew. Anda boleh membandingkan sebut harga yang ditawarkan oleh pelbagai syarikat insurans yang anda di Malaysia. Ini memberikan peluang kepada anda untuk
memilih pelan insurans yang sesuai
 dengan bajet masing-masing.

Tags:
Cukai Jalan
Insurans Kereta
Insurans Komprehesif
Pelindungan Insurans
Pelindungan Komprehensif
Pelindungan Pihak Ketiga
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Everything You Need To Know About Schengen Visa

A Schengen visa may be required if you are visiting multiple countries in Europe. In addition, for citizens of some countries, a
Schengen visa
 is a document they must have to travel within the Schengen area. Read on to learn about the Schengen Area and whether or not you require a
Schengen visa
.

What Is a Schengen Visa?

Schengen visas are short-term visas that enable people to travel to any member state of the Schengen Area, allowing them to stay for up to 90 days for tourism or
business
 purposes. Schengen visas are the most common visas in Europe. Holders can enter and travel freely within the Schengen zone, leaving it from any Schengen member country. In the Schengen zone, all international borders are open. You must, however, apply for a Schengen Visa if you plan to study, work, or live there for more than 90 days. Otherwise, you will need a national visa for that country.

What Is The Schengen Area?

The Schengen Area was established through the Schengen Agreement, ratified in 1985. It allowed for the abolition of national borders and created a free movement area among the 26 European countries that formed the Schengen Area. Presently, there are 26 countries in the Schengen area: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland.

Who Needs a Schengen Visa?

Schengen visa requirements depend more on your home country than your destination. Schengen Area citizens can cross the borders as if they were just one country if they are citizens of a Schengen Area member country. Citizens of the U.S. with a valid passport do not require a visa to visit the Schengen countries for tourism or business, provided you stay no more than 90 days in these countries. The Schengen agreement allows you to enter the Schengen area provided that your stay does not exceed 90 days within six months. If you are a resident of another country, check this list to find out if you need a Schengen visa. You may need an airport transit visa for those wishing to change planes in an airport in a Schengen country.

Your passport on hand must be valid for at least three months beyond your departure date to enter one of the 26 member states of the Schengen Area, even if you do not have a Schengen visa. Most countries assume that visitors will stay for the entire three months they can stay without a visa. Travelers from the Malaysia should:

Their passports should still be valid for at least six months each
time they travel
 abroad.

Check passports’ expiration dates before traveling to Europe.

Carry passports at all times.

Have a valid
travel insurance coverage

Have a peace of mind for your next holiday with travel insurance

How Do I Apply For Schengen Visa?

If you want to visit one of the Schengen countries, you must apply for a visa at the embassy or consulate. If staying in more than one
Schengen country
, visit the country’s consulate you spend the most time in if you see more than one
Schengen Country
. Furthermore, several Schengen visas can be issued, including the Uniform Schengen Visa, limited territorial validity visas, and national visas. Here’s more information on the Schengen Visa Types.

Have a valid passport, a recent photo, a completed and signed Schengen visa application form, and other documents related to your stay, such as proof of accommodation, to apply for a Schengen visa. Verify that you have all the paperwork and fees for a Schengen visa by contacting the embassy or consulate.

Tags:
Schengen
Schengen Visa
Travel Insurance
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Bolehkah Anda Membuat Tuntutan Insurans Sekiranya Kereta Anda Melanggar Tiang Lampu

Kemalangan tidak semestinya hanya akan berlaku di antara sebuah kenderaan dengan kenderaan yang lain. Ada juga kemalangan yang berlaku tanpa melibatkan kenderaan lain. Contohnya, anda sangat letih dan mengantuk setelah membuat kerja lebih masa. Entah bagaimana anda terlanggar tiang lampu di tepi jalan. Dalam keadaan terkejut itu, pastinya hati merungut juga. Kereta sudah kemek. Siapa yang akan membayar kos kerosakan kenderaan anda ini? Adakah
syarikat insurans
 akan meluluskan tuntutan kerosakan seperti ini? Sebenarnya, apa-apa juga
tuntutan insurans
 adalah berpandukan kepada jenis insurans yang anda ambil itu. Untuk kes terlanggar tiang lampu ini, anda masih boleh membuat tuntutan kepada syarikat insurans sekiranya anda mengambil pelan insurans komprehesif. Anda boleh membuat memohon di bawah
Tuntutan Kerosakan Sendiri
 atau
‘Own Damage Claim’ (OD)
 sekiranya anda terlanggar apa-apa objek seperti tiang lampu, pokok, pembahagi jalan dan sebagainya. Tetapi anda perlu tahu, sekiranya anda memfailkan
tuntutan insurans
 untuk kes seperti ini, anda boleh kehilangan
‘No Claim Discount’ (NCD)
.

Bagaimana Anda Boleh Membuat Tuntutan OD?

Sama juga seperti kes
kemalangan jalan raya
 yang lain, anda terlebih dahulu perlu ke balai polis untuk membuat laporan tentang kejadian kemalangan tersebut dalam tempoh 24 jam. Kemudian, anda perlu menghantar kenderaan anda tadi ke bengkel panel bagi proses pemeriksaan. Nanti mereka akan memberitahu anggaran kos untuk membaiki kerosakan tersebut. Jangan pula anda menghantar kenderaan anda itu ke bengkel yang bukan panel. Ini akan menyukarkan proses anda untuk
membuat tuntutan insurans
. Setelah itu, anda perlu menghantar dokumen seperti salinan laporan polis dan juga anggaran kos baik pulih dari bengkel panel tersebut. Jangan lupa untuk sertakan juga salinan
polisi insurans
, kad pendaftaran kenderaan, ‘disk’
cukai jalan
, salinan kad pengenalan dan lesen memandu serta perjanjian sewa beli kenderaan. Jika sewaktu kejadian, terdapat pekerja TNB atau JKR menjadi saksi kejadian dan meminta anda untuk membayar ganti rugi sekiranya berlaku kerosakan pada tiang lampu atau elektrik tersebut, anda boleh menghantar satu salinan notis tuntutan dari TNB atau JKR kepada syarikat insurans anda. Pihak insurans akan menyelesaikan serta menanggung kos kerugian tersebut.

Bagainmana Pulu Jika Sewaktu Kejadian, Ada Penumpang Lain Di Dalam Kereta Dan Mereka Meminta Anda Untuk Menaggung Kos Perubatan Ke Atas Kecederaan Yang Mereka Alami?

Jika anda mengambil
pelindungan tambahan
 iaitu ‘Legal Liability to Passenger’ (LLP), syarikat insurans anda akan menanggung segala kos perubatan penumpang anda itu. Tetapi sekiranya anda tidak mengambil pelindungan tambahan ini, terpaksalah anda menanggung semua kos perubatan tersebut. Sebagai langkah terbaik, lebih baik jika anda mengambil pelindungan tambahan ini daripada terpaksa menanggung kos lebih besar di kemudian hari. Kadar bayaran untuk pelindungan tambahan ini adalah bergantung kepada kapasiti enjin kenderaan anda. Anda boleh mendapatkan maklumat lanjut tentang perkara ini di Fincrew.my. Selain itu anda juga dapat
membandingkan sebut harga polisi insurans kenderaan
 yang ditawarkan oleh pelbagai syarikat insurans di Malaysia.

Bagaimana Pula Jika Kereta Dipandu Oleh Orang Lain?

Anda masih lagi boleh membuat
tuntutan kerosakan sendiri
 sekiranya anda mengambil polisi Pelindungan Komprehensif. Tapi, anda perlu membayar RM400 sekiranya orang yang memandu kenderaan terbabit tidak dinamakan dalam polisi insurans anda. Di negara ini, pemilik kenderaan meletakkan dua nama pemandu secara percuma dalam polisi motor. Untuk tambahan nama berikutnya, pemilik hanya perlu membayar RM10 sahaja. Jadi anda boleh pilih. Nak bayar RM400 atau RM10? Berdasarkan situasi-situasi di atas, penting bagi pemilik untuk mendapatkan pelindungan tambahan untuk kenderaan mereka. Kemalangan boleh berlaku pada bila-bila masa sahaja tanpa diduga. Jadi apa salahnya jika keluarkan sedikit duit sekarang?

Tags:
Komprehensif
Own Damage Claim (ODC)
Pelindungan Komprehensif
Tuntutan Insurans
Tuntutan Kerosakan Sendiri
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What Are Some Different Kinds Of Auto Insurance Coverage?

Auto insurance is a huge part of driving in the country. Forgetting for a second that it is a legal prerequisite for you to put your car on the road, consider its financial implications. No one actively plans for it, but imagine for a second, you got involved in an accident. Without auto insurance, you’d be the one to bear those huge costs out-of-pocket! Having insurance is a financial safeguard that kicks in should you ever get into trouble.
Insurance
 is essential, true. However, the kind of insurance you get is also very crucial. What are the different types of insurance available to you today? Why is it vital you pick the right one for you? Find out that and more now!

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Hello! I’m Stella, Fincrew brand ambassador, and in this episode of the Insurance360 Video Series, you’ll be discovering the auto insurance options available to you and what each entails. Quickly Subscribe to our channel and enable notifications before we proceed. There are a few options to choose from in the
auto insurance
 world today. Keep in mind that the scope of
insurance coverage
 changes from policy to policy. From the least to most, here are the
auto insurance policies
 you’re likely to find around!

Third-Party Coverage

Every vehicle owner knows they’ve got to have insurance before they can drive around freely. Those who want to spend only the barest minimum to fulfill that requirement opt for the
Third Party
 policy coverage. As the name implies, when you take on this
insurance coverage
, you are only insured for the cost of repairs for the other individuals’ vehicle or property. That is basically the extent of this policy’s coverage. If you want something that insures you for much more, you’d have to commit a bit more financially. Here are the other options you could go for.

Third-Party, Fire and Theft Coverage

In many ways, this can be considered to be the mid-range option where
auto insurance
 in the country is concerned. Significantly pricier than its predecessor, it more than makes up for this with the broader scope of coverage it offers. Under this policy’s coverage, you’re not only financially protected should you damage another party’s vehicle, but you’re also covered if your car gets damaged as a result of a fire. Also, if parts of your
car get stolen
 or the entire vehicle is stolen, this insurance covers your loss!

Comprehensive Coverage

This is arguably the most expensive insurance coverage you could go for. However, in return, it offers all the protective features the other two policies possess plus a lot more. For instance, with comprehensive auto insurance, should you be involved in an accident, this policy also includes the cost of repairs for your vehicle in addition to the repair expenses of the other individuals’ vehicle or property. On top of all the above, there are several useful add-ons you can’t take advantage of if you’re not on a
Comprehensive insurance
 plan. Ultimately, what policy you choose should be determined by what you think you need.

Leave us a Like if you enjoyed this episode and stay tuned for more upcoming episodes from this Insurance360 video series. Hit that Subscribe button and enable notifications to our channel. Catch you in the next video!

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Tags:
Comprehensive Coverage
Coverage
Fire and Theft Cover
Third-Party Coverage
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Fire And Theft Policy In Car Insurance

Third-party-only insurance (TPO) is the minimum level of car insurance cover you can buy. This kind of policy helps protect you against damage to any third party or their property. That is, it helps protect other people, vehicles, and property. So if there were an accident, your policy would payout to cover the repairs and medical expenses to the other driver if the accident was your fault. The next level cover is Third-party,
fire and theft
 (TPFT). It gives you all the benefits of third-party insurance and includes paying you if your car is stolen or damaged in a fire.

Is Third Party, Fire And Theft Cover Suitable For Me?

A Third-party,
fire and theft
 (TPFT) policy is the most fundamental
insurance
 policy you can buy that will cover you against damage to your car. It is helpful if you need that smidgen of additional cover that essential third-party insurances cannot provide. Yet, you do not want to fork out for a fully
comprehensive policy
.
TPFT
 turns into an incredibly reasonable alternative in case you’re driving a car that is either moderately inexpensive or relatively straightforward to fix.

What To Consider Before Buying A Third Party, Fire And Theft Policy?

As
TPFT
 policy offers you some
extra coverage
, it will probably be more expensive than a third-party policy but, most often, cheaper than a comprehensive policy. This policy is best for drivers who have gained some experience but are still pretty new to driving or those with a vehicle value towards the mid to lower end of the scale. When buying a third-party fire and theft policy, it is imperative to consider your vehicle’s repair costs. If the costs of fixing the car after an accident would probably surpass the cost of changing the car, but you still want
cover from fire or theft
, then third party, fire and theft policy may be the best match for your needs.

What Does Third-Party, Fire And Theft Policy Entail?

Third-party, fire and theft policy does not cover your vehicle if you’re involved in an accident, and you are at fault. It only covers the other driver. Other protections include:

Injury to a third party, i.e., the other driver or passenger

Damage to third-party’s car

Damage to third-party’s property – for example, if you drive into a wall.

Replacing your stolen vehicle

Fixing your car if it’s dented in an attempted theft – for example, if your windscreen is broken

Replacing or fixing your car if it’s destroyed by fire

Sometimes your
insurance company
 will not pay out if you find yourself under any of these circumstances:

You didn’t properly secure your car before it was robbed

When your car is damaged because of fire resulting from mechanical, electrical, electronic, or computer failures.

When you are in an accident with a car that isn’t yours or listed on your insurance policy

Damage to yourself or your car if you’re involved in an accident.

Tags:
Fire and Theft Cover
Third-Party Coverage
TPFT
TPO
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The Best Car Insurance In Malaysia

As a driver or vehicle owner in Malaysia, it is safe to say that you have a lot of concerns. In terms of fulfilling due diligence with all things about your vehicle, one of those concerns is
insurance
. There are a lot of reasons why automobile insurance is so important to drivers in the country. All things considered, insurance is sometimes what ultimately determines whether you walk away from an
accident
 financially intact or at a severe loss. In addition to the above, insurance is a non-negotiable prerequisite for driving in the country. All of these factors and more are what make the process of getting
insurance so important
. Noting how important insurance is, many drivers often ask the question, “Which is the
best car insurance
 to get in Malaysia?” We’ll be delving into the answer to this crucial question now. As all drivers in the country know,
car insurance
 is a sort of running, ongoing cost. One primary reason for this is the fact that once you take out an
insurance policy
, you also have to pay premiums at stipulated times to ensure that your coverage remains valid.

Car Insurance Premium

Many drivers tend to use premium as a guiding determinant for picking the
best insurance policy
. Now, it certainly isn’t a bad idea to opt for as cheap a premium as you can get. After all, having great insurance doesn’t mean much if you can’t afford to pay the premiums it demands as at when due. Yet, as important as premiums are, it shouldn’t be your sole criteria when picking out the
best insurance policy
 for your automobile. Apart from the fact that the law actually stipulates that you have to get insurance, keep in mind that you are getting insurance to protect yourself from certain eventualities. Consequently, you have to factor in some other variables that aren’t so immediate but still bear significant weight. Some of these factors include:

The Claims Process

The one thing that can be genuinely considered as your benefit for taking out insurance is that in the event of an unfortunate accident, you have a backup, (so to speak), that at least helps you reduce or completely eliminate the financial costs of the accident. In light of this, the claims process by which you get the payout you need to attend to the result of the accident is very crucial. You need an insurer and a package that has a process that puts you in consideration and justifies what you pay as premium.

The Claim Duration

Yet another factor that merits careful thought here is the claim duration you’ll be getting with your insurer and policy. By itself, accidents are more than enough to cause stress. You do not need an insurer or policy that would add to that by needlessly delaying your payout. In situations like this, the best thing you could have is an insurer that gives you timely feedback and comes alive to their responsibilities when due.

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Conclusion

Essentially, the
best car insurance
 is one that has an acceptable premium, a fast
claim process
 and reliable claim duration. One way to get this is to find a reliable tool for
comparison-shopping car insurance policies
 and finding the best rates across the board.

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Insurance Claims
Insurance Policy
Insurance Premiums
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Learn How To Get Loan With a Bad Credit Score

It is possible to obtain a loan with
bad credit
 if you work with a lender who does not require good credit or if you meet other qualifications. Credit scores are important when
applying for a loan
, but lenders will also consider your income, debts, collateral, and credit history.

Instant credits to repair your car from RM1,000 to RM5,000

What Is A Bad Credit Loan?

A lender will consider your credit score and credit history when determining whether to lend you money based on your credit score. When you have
bad credit
, you have a low credit score. It can be caused by not having enough credit history, making late payments, or maxing out
credit cards
. If a person with bad credit needs a loan, their search may need to be limited to lenders that offer loans for people with bad credit. Depending on the
loan
 type, it can either be secured (backed by collateral like a home or car) or unsecured. In addition, the terms, fees, and interest rates of these loans can vary widely. Banks, credit unions, and online lending companies grant loans to people with bad credit. However, they differ in their definitions of a “creditworthy borrower.” It is essential to shop around to find the best mortgage lender because some lenders have stricter requirements. Even if you have bad credit, you can still get a loan. Having a
bad credit score may prevent you from getting a great APR
 (annual percentage rate), but there are still options that offer lower interest rates than credit cards or payday loans.

Compare and apply for the best credit cards

What Constitutes a Bad Credit Score?

A
credit score
 is from 300 to 850, so there is no official “bad credit” category. But if you are below 650, you are considered a high risk, which means you’ll pay the highest interest rates. Therefore, this group of people is a good candidate for bad credit loans. Lenders define “good” and “bad” credit scores differently. For example, some lenders won’t work with anyone with a credit score below 650; others market to people with a lower score. In other words, it’s hard to say whether you have good credit or bad credit, but the accepted range looks like this:

A score between 760 and 850 is excellent

700-759 is very good

660-699 is fair

620-659 is poor

Scores under 620 are inferior

How To Get a Loan When Your Credit Is Fair Or Bad

If you have bad credit, you will have fewer options for getting a loan. Still, it’s good to shop around for the best deal. First, you might look for lenders who regularly lend to borrowers with fair credit ranging from 580 to 669. Over time, the best options can also change. Even if your finances are stable, lenders regularly adjust their credit requirements to reflect changes in the economy and market competition.

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What To Look For When Choosing A Bad Credit Loan Company

The best loan company may not be the same for everyone. Consider these factors when choosing a good or
bad credit loan
 company:

Eligibility Requirements
: Most lenders’ websites list eligibility requirements, such as minimum credit scores, income limits, and max debt-to-income ratios.

Interest Rates and Fees
: Interest rates are calculated differently by different lenders. Compare the interest rates, origination fees, and prepayment penalties from a few lenders to find the one with the lowest loan interest.

Repayment Terms
: Lenders of
personal loans
 may offer repayment terms ranging from one year to twelve years. The shorter your repayment period, the sooner you will be debt-free, and the lower your interest payments. On the other hand, extending the repayment period will lower your monthly bill.

Type of Lender
: Online lenders, credit unions, and banks offer personal loans. While you can get the best rates using an online lender, you probably won’t have the same in-person service provided by a bank, but they have other means by which you can reach out to them. In addition, your local credit union may be more willing to extend you a
bad credit loan
 if you have an excellent relationship with them.

Check your company eligibility & apply business loan online.

Tags:
Annual Percentage Rate
APR
Bad Credit Score
Credit Score
Loan Application
Loan Guideline
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6 Reasons Why You Need Travel Insurance

Unforeseen circumstances can derail even the best-planned vacation. A
travel insurance policy
 could help you in the event of certain events taking place during or before your trip. The need for
travel insurance
 does not only apply to expensive vacations or trips abroad, nor does it apply only to long journeys.
Travel insurance
 is essential for every trip, as you never know what could happen when you’re far from home! What are the six reasons why you need travel insurance?

If You Have To Cancel Your Trip, You Don’t Want To Lose All Your Money

No matter how well it was planned in the case of a canceled trip. Nevertheless, many travel providers – especially tour operators, cruise lines, and airlines – do not offer refunds for cancellations made at the last minute. Do you think you could afford to lose every penny you invested in your trip if this happened? Travel insurance gives you the protection of trip cancellation benefits, which is one of the best reasons to purchase it. You can use these to get reimbursed for prepaid, non-refundable trip costs when you have to cancel because of a covered cause. Once you’ve gotten your money back, you’ll be able to book your trip for another, brighter day.

What If Your Passport, Baggage Or Documents Go Missing?

Probably the worst thing you can imagine while traveling is this situation. Luckily, with
travel insurance
, you are protected. If your lost passport is or is stolen, you can obtain a duplicate or a new key through your
travel insurance policy
. In addition, should your belongings go missing, you will be reimbursed up to a certain amount, while if your baggage gets delayed, you will reimburse for the personal effects you might have to buy during that time. You can use this as a massive help while waiting for your luggage.

You Probably Won’t Be Covered By Your Health Insurance Overseas

Being ill while on vacation is the last thing anyone wants to happen. However, it is possible to suffer medical complications or be seriously injured at any time. For this reason, travel insurance is essential. It will ensure you receive the proper medical attention in an emergency, whether you need to be taken to a hospital or a close relative fly to you if you’re a student. In addition, we understand that when you’re in a new place, it can be challenging to stop yourself from eating sweets. Therefore, dental treatment is also included. Your
travel insurance also covers other related expenses
.

Fraudulent Charges

It is difficult to imagine how you would feel if you lost your
credit cards
 while on vacation and started receiving texts saying someone else has used it. Wouldn’t that be scary? Your money is not only being lost, but it is being lost at a place where you might even be unable to get help. If you have travel insurance, that wouldn’t be an issue. If you report the
theft
 of a payment card up to 12 hours before the first time you
claim
 it, your policy will refund you for the amount lost.

Compare and apply for the best credit cards

Emergency Repatriation

In the unfortunate event of death and due to serious accident injuries, who would you contact to transport the body back home? Should the insured be traveling alone, who will act on their behalf? Travel insurance policies come in handy in such situations. As well as covering the cost of repatriation, it also assists with transportation. Every traveler needs a little assistance sometimes, even the most experienced ones. A significant benefit of travel insurance is the peace of mind gained from knowing that assistance is just a phone call away.

If you are facing a crisis while traveling – a medical emergency, lost passport, stolen wallet, natural disaster, etc. –
Fincrew
 can always assist you. We will make sure that our travel experts do everything they can to ensure that everything goes smoothly.

Tags:
Baggage Loss
Health Insurance
Travel Insurance
Trip Cancellation
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Part Two Of Driving Guide In Malaysia

If you went through our
previous post
 on
driving guide
 in Malaysia, then you have a handle on basic driving knowledge in the country and some rules and regulations you have to follow as a driver. Next, we’ll be moving on to slightly more technical matters.

Getting a Drivers’ License

As is probably the rule everywhere in the world, you have to get a
drivers’ license
. This is the tenable proof that you understand all traffic regulations and are deemed qualified to take the wheel. While you can drive at age 17, you can’t get a license till you’re at least 18. So, in addition to this age requirement, you must also possess a
drivers’ license
 from your country of origin before you can be issued one here as well. Note that your foreign
drivers’ license
 is also viable for use, provided you carry along with a translated copy of it in English or Malay.

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Purchasing Or Importing Your Car

For many reasons, either of these options will require you to invest a reasonable amount of time and energy in realizing your goal. Here’s a summary of how both processes work.

Purchasing Your Car

To purchase or rent a vehicle, you must be between the ages of 23 and 65 and must’ve owned your license for at least one year. That said, you might find getting a car here somewhat challenging, especially if you’re not going for local brands. This is mainly due to the government’s effort to protect local manufacturers as they are vital to the country’s economy.

Importing a Car

With a few exceptions, importing a car means you may have to jump through a lot of hoops and spend quite a bit of money. To get the permits to make it possible, you must be able to provide justifiable personal reasons for choosing to import the vehicle. These restrictions are laxer if you possess a
Malaysia My Second Home Visa
 (MM2H) as it affords you the opportunity of either importing or getting a vehicle tax-free from a local manufacturer.

Tolls and Parking

These are two essential aspects of everyday
driving guide
 in Malaysia. Understanding how they both work can save you time and increase how fast you adjust to driving here.

Malaysia Tolls

If you aren’t very familiar with toll stops, get ready to get a lot of experience with them very quickly here! Toll roads abound in Malaysia, and they play a significant role in easing traffic and making driving comfortable, all for a small price. If you’ll be driving through toll roads, your
Touch ‘n Go
 card is virtually indispensable! As the toll gates don’t take cash, this is the only means by which you can pass through. You can get a card anywhere from gas stations to outlets on the highway. Once you have one, you then load money on it then tender it at any gate you wish to pass through.

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Parking In Malaysia

Parking rules change, depending on where you are. More often than not, different locations operate different parking systems. A safe practice is to make your parking plans according to the standards you meet in each spot. That’s a wrap! We hope you’ve been able to pick up a helpful tip or two to navigate driving in Malaysia. Enjoy your stay.

Tags:
Driving License
Malaysian Law
MM2H
Touch N Go
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Office All Risk Insurance – What Is It About & How Your Company Can Benefit From It

The world has never been more volatile than it is at the moment.
Office All Risk Insurance
 is one of the few tools you can leverage to ensure that your
business
 and company don’t suffer from the sudden theft or damage of necessary work equipment. But first;

What Is Office All Risk Insurance?

Let’s assume that you are in a robbed company. If your company was affected, you would have to buy back all those equipment out-of-pocket. However, if you have
FinCrew’s All Risk Insurance
coverage, they will cover all of these costs for you!

Other Benefits Of Getting FinCrew All Risk Insurance Coverage

A total compensation for all accidental and unfortunate events in the office space.

Enjoyment of a reinstatement value clause.

Around-the-clock coverage for the electronic appliances in your space.

Even with all this, you might still not see why you would need to get this package. To that end, here are some situations when
All Risk Insurance
 can prove to be a lifesaver.

If you or your staff accidentally damage necessary office equipment like a laptop.

If you take the company laptop on a trip and it gets stolen at some point.

If company electronics get damaged as a result of coffee spills or accidental contact with water.

If the electrical board of certain appliances short-circuits and causes a fire in your office space.

What’s more, there are a host of other scenarios where
FinCrew’s All Risk Insurance
 might prove just handy! The best part of the deal is this policy is easy to purchase! With only a few clicks, you can purchase solid peace of mind for your company.

Tags:
All Risk Insurance
Content Insurance
Equipment Insurance
Office Insurance
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Apa Yang Boleh Saya Buat Untuk Mengurangkan Premium Insurans Auto Saya?

Adakah anda perasan apa yang anda bayar sebagai premium adalah agak tinggi? Pernah terfikir tak jika ada apa-apa yang boleh anda lakukan tentang perkara ini? Jangan risau! Bila anda habis menonton video ini, anda akan mengetahui hampir semuanya yang perlu anda tahu untuk mengurangkan atau menghapuskan punca
harga premium
 yang tinggi itu!
Insurans auto
 adalah satu bentuk pelindungan kewangan yang akan anda gunakan untuk situasi yang tidak terjangka, dan anda perlu membayar untuk kos pembaikan dan perbelanjaan lain. Jadi, walaupun tidak diwajibkan undang-undang, mendapatkan
insurans bagi kenderaan
 anda merupakan langkah yang paling bijak.Tapi, bagaimana untuk anda berhadapan dengan masalah premium insurans auto tinggi yang menjengkelkan itu? Ikuti langkah kami!

Hi! Saya Yuna duta produk Fincrew dan hari ini saya akan membongkarkan rahsia bagaimana mendapatkan
harga premium
 terendah untuk pelindungan terbaik! Dalam siri Video Insurans360, kami akan sentiasa memuat naik video hebat seperti ini. Jadi, jika anda tidak mahu terlepas, cepat tekan butang ‘Subscribe’ dan aktifkan notifikasi sekarang juga! Sekarang, setelah anda lakukannya, mari kita teruskan. Soalan cepumas, bagaimana anda caranya supaya berjaya mengurangkan kos premium yang tinggi? Berikut merupakan beberapa langkah praktikal dan tip untuk anda ikuti:

Tip nombor 1 – Bandingkan Kadar

Salah satu cara yang paling pasti untuk menjamin anda mendapat premium yang rendah adalah dengan memiliki rekod pemanduan yang sangat baik. Sekarang, tidak kiralah anda mempunyai rekod itu atau tidak, tidak rugi untuk membandingkan kadar premium antara satu syarikat insurans dengan syarikat insurans yang lain. Apa yang menarik tentang premium adalah, ia tidak tetap. Jadi, harganya boleh berbeza-beza dari satu syarikat insurans dengan satu syarikat insurans yang lain. Anda boleh anggapkan ini sebagai satu kelebihan dan memilih premium yang paling berpatutan!

Tip nombor 2 – Jadikan Potongan Anda Lebih Tinggi

Sebelum berkata apa-apa, kami tahu apa yang anda fikirkan. Mendapatkan potongan yang lebih tinggi adalah kurang produktif bagi anda yang ingin mengurangkan kos
premium insurans
. Tetapi realitinya, ia tidak benar sama sekali! Biar kami jelaskan. Pada asasnya, potongan merupakan apa yang perlu anda bayar sebelum mengaktifkan
polisi pelindungan insurans
 anda. Sekarang, apa yang ramai pemilik kenderaan tidak tahu atau terlepas pandang, Semakin tinggi potongan anda, semakin rendah premium yang boleh anda dapat. Sebenarnya, pengurangan yang tinggi, boleh membawa pengurangan sehingga 30-40% bagi premium pelindungan Pihak Ketiga atau pelindungan Pihak Ketiga, Kebakaran dan Kerugian anda! Menarik, bukan?

Tapi, cuma ada satu masalah kecil-

Untuk menggunakan kaedah ini dengan betul, anda perlu mempunyai simpanan yang cukup untuk diketepikan, sekiranya anda terpaksa memfailkan tuntutan.

Nombor 1- Petimbangkan untuk mengurangkan pelindungan bagi kereta lama

Sekali lagi kami tahu, anda mungkin tidak begitu suka dengan idea untuk mengurangkan pelindungan bagi kenderaan anda. Bagaimana pun, cuba analisis objektif disebalik keadaan ini:

Perlu diingatkan, kebanyakan syarikat
insurans akan menaikkan kadar premium untuk kereta
 lama. Ada juga yang enggan menawarkan pelindungan secara langsung. Jadi, adakah anda berasa berbaloi dengan polisi yang anda ambil sekarang? Anda mungkin akan mendapati, lebih baik memilih untuk mengurangkan pelindungan.

Nombor 2- Manfaatkan Diskaun

Terdapat banyak diskaun dan juga bonus yang ditawarkan dalam
insurans auto
. Ia mungkin akan memerlukan sedikit usaha, tetapi anda boleh cuba untuk mencari polisi yang dapat dimanfaatkan untuk mengurangkan premium anda.

Fincrew.my menawarkan beberapa kadar premium paling kompetitif yang boleh anda dapati di pasaran hari ini.

Savings up to RM300 + Road Tax Deliver To Your Door Step

Tags:
Insurance Premiums
Insurans Kereta
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High-Risk Theft Vehicle (HRTV) In Car Insurance

Imagine this: you wake up in the morning after an overall stressful day—you are going through your daily routine: shower, get the kids ready for school, get dressed, breakfast, grab your car keys and as you are walking out to your parking spot, you get this feeling. Something is not right. As you get closer to where your car should be, you discover it is not where you parked it the night before —your heart starts to beat fast. It is nowhere to be seen; all that is left is space. You asked yourself, what will I do? Is my car a
high-risk theft
 car? Does
insurance cover stolen cars
? Do I know how the theft auto insurance process works? Through the confusion and rush of adrenaline, you need to stay calm and think clearly.

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Do High-Risk Car Theft Increase Insurance Rates?

Auto insurance
 companies base all their
insurance rate
 calculations on risk. Thus, a car declared to have a higher risk of theft implies a higher insurance rate on such vehicles. So, if by choice or chance, you live in an area where
car theft
 is high, then that can shoot up your
insurance
 rate, even if your street or house is secured and pretty safe! This high insurance rate resulted from Bank Negara Malaysia’s decision in 2017 to liberalize motor insurance tariffs. This decision legally permits
insurance companies
 to increase insurance premiums for vehicles often targeted by
car theft
 syndicates, considered
high-risk theft
 vehicles.

Does Insurance Cover Car Theft?

That depends on the policy you’re currently carrying. Typically, you must hold a third-party
fire and theft
 or comprehensive coverage on your auto insurance policy to cover your stolen car. If you only have a third-party auto insurance policy to save money, then you are out of luck if a vehicle is stolen. If you have the required policy (i.e., third-party fire and theft or
comprehensive
 approach) for your stolen car and you
file a claim
, your insurance company will cover the car’s actual cash value and not the total replacement value. If the car is recovered and you realise it’s been damaged, or some parts have been stolen, your insurance company will pay to replace any stolen parts, such as the airbag or catalytic converter, and cover the repair cost.

However, you should note that your insurance policy won’t cover personal items stolen from your car or the cost of cleaning the car (let’s say the robbers have been sleeping in it) after recovering. More so, if personal items like a laptop, phone, money, etc., get stolen, your insurance policy won’t pay to replace them. However, you can file a claim with your renters or homeowner’s insurance for stolen personal items. Your insurance will also not cover the cost of renting a car during the process of getting your claim resolved.

Final Thought

If you are not sure of your
insurance coverage
 covers, learn about auto insurance by speaking with your agent or reading about it online. Having a clear understanding of how your insurance policy works before a claim situation arises will save you from stress and time. Also, ensure to go over your
auto insurance coverage
 altogether at every renewal to make sure you have the best policy suited for your needs.

Tags:
Comprehensive Coverage
High-Risk Theft Vehicle
HRTV
Insurance Coverage
Theft Coverage
Third Party Insurance
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Own Damage Claim (ODC) In Car Insurance

Finding the best way to repair the damages is a part of the aftermath occurring after a car accident.
Own damage claim
 will be one of your options, but when is this the right choice? Here is what you should know about ODC and how to use the maximum potential they offer.

What Is Own Damage Claim (ODC)?

As the term suggests, own damage is a term referring to any damages your car suffered in the accident. It gives you an option to fix the vehicle and get it on the road again at a fairly quick rate. The process is straightforward, and you’re working with your own insurance company, which makes things easier. But before we get into details of the
claim
 itself, let’s understand when you activate your
own damage claim
. For starters, the critical thing to determine is that you are to blame for the accident. Please note that the other driver might start accusing you without valid reasons, so try to look at things realistically. You also don’t want to be subjective – if you are to blame, the odds are you have no chance of claiming against the
third party
.

What If The Accident Was Your Fault?

If you are to blame for the incident, you should consider your own damage claim. The next thing to determine, however, is whether you even have this option in your insurance policy. Most Malaysian
insurance companies
 offer it only in comprehensive coverages. That means
ODC
 isn’t a part of basic policies, which indicates you must add it to your deal. It will be an additional expense, but one that might come in handy if an accident happens. Once a
car accident
 occurs, it’s important to act wisely. The initial task is to confirm there are no injured people who need help. After that, you can resort to assessing any material damages to your vehicle. Make sure to take photos to ensure you have proof of the situation. Next, contact your
insurance company
 right away. They might tell you whether a police report is required (usually yes) and pinpoint other steps to take in the process.

What Are The Benefits and Downsides Of An Own Damage Claim?

The critical advantage is evident – you don’t have to pay for damages on your vehicle even if you are to blame for the incident. Additionally, the entire process is fairly straightforward. You’ll need to handle some paperwork, but the mechanics working with the
insurance
 agency will fix the damage quickly. As for the downsides, please note that this will deactivate your
No Claim Discount
. It’s only logical because it’s a claim, which means any benefits coming with the no-claim options are gone. That’s why you should assess if it’s worth the hassle. If the damages are small, is it cheaper to fix them yourself and keep
NCD
? It’s worth noting that
ODC
 comes with potential fees. For starters, you might need to pay excess and
betterment
 charges. Additionally, you shouldn’t count on compensation for the time when you aren’t using the vehicle (
CART
). That would be only an option if you added CART as an extra option in your
insurance deal
.

Finally, the experts don’t advise making an own damage claim when it’s unclear who caused the accident. That’s where you should go for a no-fault damage option, and the insurance company will take it from there.

Tags:
CART (Compensation for Assessed Repair Time)
Insurance Claims
No Claim Discount (NCD)
Own Damage Claim (ODC)
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Which Car Insurance Policy Gives More Benefits?

Understanding the ins and outs of
car insurance
 can be a bit challenging. For these reasons, many vehicle owners in the country prefer to simply ask around for the “best” auto insurance coverage out there and go for it. Yet, how do you know it’s the best when you don’t even know what the other policies even are? More to the point, do you know what it takes to get the most
benefits
 from an auto insurance package in Malaysia?

If you want to find out, just keep watching! Hi there! I’m Fincrew brand ambassador, Stella, and I’ll be guiding you through Malaysia’s auto insurance terrain today. Become an expert in auto insurance without having to pay a dime! All you have to do to get started is to hit that Subscribe button on your screen, go to your settings, and enable notifications so you can access the Insurance360 Video Series collection! Here’s your chance to become
car insurance
 savvy and get more value for your premiums! Now that you’ve done that let’s get to the main gist. Now, in your quest to find the
auto insurance policy
 that offers the most
benefits
, you must first know the types of coverage out there and their features.

The First Is The Third Party Auto Insurance Policy

You won’t find a cheaper vehicle
insurance
 policy. As the most basic type of
insurance coverage
, there are many limits to what you can get from this package. Apart from helping you fulfill the law’s requirements and putting your vehicle on the road, the only other thing it does for you is to offer you financial protection for repairs and medical bills for the other driver, should you get involved in an accident. You’ll have to cover your own medical bills and the
cost of car repairs
 by yourself.

The Second Is The Third Party, Fire and Theft Cover

For all intents and purposes, this policy is exactly the same as the basic
Third Party
 coverage. The only real difference is that it also gives you financial backup to cover any loss or damage to your car due to
theft
 or fire. However, you need to be very conscious of what claims you file with this policy. For example, you can’t file a claim for a payout if your vehicle caught on fire due to a collision.

Lastly, The Comprehensive Auto Insurance

This
policy offers you the widest range of protection
. Unlike the other
types of cover
, you don’t have to pay out-of-pocket to repair damages to your vehicle from collision! All of that is on top of the fact that it also insures you for all the two other packages cover you for. Considering all of this, you can conclusively say that the
Comprehensive
 cover has the most to offer you. However, that isn’t reason enough for you to opt for it! The more protection an auto insurance policy offers you, the more you usually have to pay for it. So, getting a Comprehensive policy for an old vehicle or which you can easily replace is counter-productive.

In this case, you could get more benefits and value for your money by getting cheaper car insurance. As such, be sure to consider what your situation is before settling for any policy. Did you find this video helpful? If so, don’t leave without leaving it a Like and Subscribing to our channel! Turn on notifications, too! Till then, see you in our next episode from this Insurance360 video series!

Tags:
Comprehensive Coverage
Fire and Theft Cover
Insurance Policy
Third Party Insurance
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Can I Get Car Insurance Without A Car?

Most vehicle owners have a working understanding of the level to which the car insurance coverage they own protects them and their automobiles. However, it begs the question; Where does this leave drivers who don’t own a car? Is there a particular policy for non-vehicle owners, or do they have to drive unprotected?

Today’s episode will explore the
car insurance
 options available to frequent drivers who don’t own a motor vehicle. Hi! My name is Stella. In this episode, we’ll be discussing the steps you can take to get financial security when you take an automobile out on the road as a non-vehicle owner. Driving is a big part of everyday life and because of this, so is
car insurance
. Through our Insurance360 Video Series, you get to find out all you need to know to make your driving experience a pleasant one! Be among the first to see every video we upload by clicking on the Subscribe button and enabling notifications right now! Depending on the exact specifications detailed in a vehicle owners’
insurance policy
, you may be eligible to get coverage, even if you get involved in an auto accident as a non-vehicle owner. However, if the accident was a terrible one, and the vehicle’s
insurance coverage
 doesn’t cover the full extent of the damages caused, this can result in some high out-of-pocket costs for you. But what exactly are your options?

Well, you could find out if you’re eligible for what is called a non-owner
car insurance policy
. Basically, as the name already suggests, this is an
car insurance policy
 extended to drivers who don’t own a personal vehicle. This can be a really advantageous policy to have under your belt if you drive frequently. If you get involved in an accident, the non-owner
car insurance policy
 offers you coverage for any resulting injuries and damages to the third party’s person or property. You need to keep in mind that this type of coverage is that it only operates as Secondary Coverage. The implication is that it only kicks in when the existing coverage on the automobile isn’t sufficient to cater to the accident’s medical and repair expenses. Another detail worth mentioning is that the non-owner car insurance policy won’t pay out claims for the repair of the vehicle or your medical costs if the accident occurred due to your actions. If you’ll be driving a friend or family members’ car around a lot, or you plan on renting a vehicle for a while, this
insurance policy
 just might come in handy. The good news is that a lot of car insurance companies offer this amazing policy. What’s more, you don’t need much to get it set up. All you’re required to have at hand when requesting a quote is,

Some necessary personal information

Your driver’s license details

Your preferred method of payment details

For more assistance with this, simply follow the link provided down below! If you enjoyed this video, leave it a Like and Subscribe to our channel. Also, remember to turn on notifications to stay tuned for all upcoming episodes from this Insurance360 video series. Thanks for watching! We’ll be back with more!

Tags:
Car Insurance
Insurance Policy
Third Party Insurance
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When Should You Start To File A Claim?

Car insurance isn’t only mandatory by law in Malaysia but also strongly recommended by experts. It’s a mechanism that protects if an accident occurs on the road, especially if you’re not the one responsible. People often don’t think they could be participants in road incidents, but it can happen to anyone. Once an accident occurs, you’ll probably have many questions. One of them is how long after the incident you have to
file an insurance claim
. In this article, we’ll discuss all details related to
car accident
 deadlines.

Is There A Deadline By When You Need To File A Claim?

The law doesn’t specify a deadline for
filing car insurance claims
. That’s why the proper address to turn to is your
insurance provider
. These companies might set the actual deadline in the policy you signed, or it can be in general terms and conditions of that agency. Depending on the
insurance company
, the deadline could be from 14 to 60 days or more. Some agencies might even state they expect you to file a
claim
 in a reasonable timeframe. It’s an intelligent move to clarify the agency’s actual terms because you don’t want to miss the deadline for filing a
claim
.

What Other Deadlines You Should Consider For Car Insurance?

Let’s say that you participated in an accident. For the purpose of this example, the accident wasn’t your fault (the process is similar even when you are to blame). Your initial task is to confirm that everyone at the scene is okay and doesn’t require medical help. Once you establish that, it’s time to move to other steps. You want to start by talking to the other driver and clarifying the accident details. They might be ready to accept the blame, which simplifies the process. It’s much easier than refusing the responsibility or leaving the scene, which forces you to deal with a
hit and run
. The mandatory thing to do is to file a police report. It’s something that should happen within 24 hours of the accident. You can take photos of your
damaged car
 and the scene. If possible, take contact information from potential witnesses who could support your story. You want to provide as detailed info as possible in the police report.

Contacting Your Insurance Company

Once you file a police report, it’s time to contact the insurance company. We’ll assume that your car suffered damages and you want to repair them quickly. Therefore, it’s in your best interest to contact the agency soon. Additionally, you don’t want to risk anyone asking you why you waited so long or other problems that could arise because you waited. It’s vital to get in touch with the insurance provider as soon as possible. In practice, many people who
file
insurance claims
 do that in less than a week. That initiates the process and allows you to get the compensation quickly (if everything is alright with the documentation). The actual time for finalizing the claim can vary, and that also depends on the accident’s specifics. If it’s clear that it’s not your fault, everything should go smoothly, albeit if the other party claims differently, you might encounter issues that could prolong the process.

Tags:
Accidents
Car Accident
Insurance Claims
Malaysian Law
Road Accident
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Advantages Of Takaful Malaysia

Takaful
 refers to a cooperative form of insurance governed by Shariah law.
Takaful
 members contribute to a pool of funds that members can use to receive financial support in a covered loss. The Takaful system is built on cooperation, responsibility, assurance, protection, and assistance among groups of participants. Put another way. It involves providing shared contributions to those in need.

Types Of Takaful

The parties to a conventional
insurance contract
 are the policyholder and the insurance company. In return for
insurance coverage
, the policyholder pays the insurance company. Takaful, however, involves both the insurer and the insured as contract participants. Several types of contracts are used to manage the takaful contracts and coverage.

Wakalah (agency)

Mudharabah (profit-sharing)

Hybrid Model

Wakalah

The takaful operator, or Islamic insurance company, becomes a third-party agent and handles the takaful contract. It is the agent who manages participants’ funds. Participants pay a fee for the agent’s services.

Mudharabah

Unlike Wakalah contracts, Mudharabah contracts allow takaful participants to share profits with the contract company. The takaful participants provide capital through the premiums they pay. The contract manager invests the participants’ money into Sharia-compliant investments using his expertise and skills. Profits are shared between participants and the manager according to an agreement. A shared gain compensates the manager for their time and experience rather than paying a flat fee, and a manager does not receive compensation if the investments do not profit.

Hybrid Model

Hybrid Takaful, also known as mixed Takaful, combines elements of both
Wakalah
 and Mudharabah. The takaful manager in this model receives a set
Wakalah
 fee and a portion of the investment profits.

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What Are The Advantages Of Takaful Insurances

Economic Benefit

Savings, investments, and income largely determine economic growth. Here’s how Takaful has impacted all three:

As Takaful products include a savings and investment component, they have become more complex and helpful in providing early preparation (in case of an emergency) to policyholders.

In Malaysia, because Takaful is Shariah Compliant, it is a popular instrument for saving compared to conventional
insurance
. Furthermore, non-Muslims can also get involved, which further strengthens its appeal.

Takaful’s can pool their funds effectively. By encouraging investment, the country’s Gross Domestic Product (GDP) increases, thereby boosting the nation’s income.

You Earn Profits Instead Of Bonuses

All participants and shareholders share profits from investments. It is unlike
conventional insurance
. Any extra profit or money derived from this coverage goes to the shareholders of the
insurance companies
.

Interest-Free

The traditional insurance industry aims to increase profit by collecting premiums and gaining interest on under-owned accounts. On the other hand, Takaful is aimed at achieving cooperation among participants.

Cashbacks

A certain amount of cashback is offered for certain Takaful products if no claims are made during coverage.

Good Deeds

The fundamental concept of Takaful is cooperation. A pooled fund provides
financial
 assistance. People under Takaful collectively contribute to this. God will bless the participants both in this life and the next. Regardless of participants’ religious beliefs, the Takaful system benefits everyone regardless of color or creed.

Tags:
Gross Domestic Product
Hybrid Takaful
Mudharabah
Shariah Compliant
Takaful
Wakalah
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Unlocking Business Growth: Your Guide To Online Seller Business Loans

E-commerce has a lot of potential in Malaysia. There’s zero doubt about that. But even with this, it isn’t uncommon for eCommerce and online sellers to struggle a little with getting the ball rolling. So, if you want to get
business loans
 to boost your online business, all you have to do is follow these three (3) simple steps:

Step One – Attend To The Legal Affairs Of Your Online Company

As every Malaysian knows, legalities are essential in the country. Because of this, you need to make sure you’re very clear on the specifics of what type of online
business
 you’re running. In addition to the above, you should also ensure a good picture of the local market. Along these lines, one thing you should be intimately familiar with is the debt collection law in the country. Finally, ensure that you have any license or permit necessary to run the
type of online business
 you’ve set up.

Step Two – Prepare a Clear And Concise Business Plan

Even family members will be hesitant to extend you a line of credit if you don’t give the impression that you’re well put together and have a clear idea of where you’re going. It goes double for corporate
finance
 institutions. Consequently, it would help if you had a detailed and specific business plan. But having said that, it can be challenging to prepare a proper business plan. To help with this process, you can start by putting down all your thoughts and ideas for the online venture as well as your short and long-term goals for the virtual enterprise. It can help you get a clear sense of where you will go so you can prepare a more constructive business plan.

Step Three – Start Knocking On Doors

Now that you’ve defined your brand and have a good business plan handy, the next thing on your to-do list becomes finding the best
business loans
 for your enterprise. One of the most practical and efficient ways of doing this is by looking at what funding opportunities the government is offering. Five (5) fantastic funding schemes we love are;

The TEKUN Financing Scheme.

Soft
Loan
 Schemes for Services Sector or SLSSS.

The Tambung Pembangunan Pengangkutan Awam Scheme or TPPA.

Tabung Usahawan Siswazah or TUS Scheme.

SME Emergency Fund Program or SMEEF.

However, as many of these programs tend to have a long waiting list, they aren’t always ideal for online businesses that need the influx of cash as soon as possible. So alternatively, you can use the
FinCrew Small and Medium Enterprise (SME) Loan Comparison tool
 to get a rundown of what options you can access more quickly. It’s simple to use, delivers excellent results, and it’s completely free!

Conclusion

It can take a considerable amount of resources to get your online business to where you want it to be. But now that you have a better idea of how to get more funds, we hope you have an easier time with the affair!

Tags:
Business Loan
Online Seller
SLSSS
SMEEF
TEKUN Financing Scheme
TPPA
TUS Scheme
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Your Car Insurance Cover Type

The law requires you to have
insurance
 for every car you drive. However, many people are unfamiliar with their options and details of different coverage policies. Users often get a policy from an agency without knowing enough about their
car insurance cover
 type. In this article, we will tell you the ways how to learn more about your currently active policy. Our experts also share additional information about different covers to help you make an informed decision on whether you want to change your deal with the agency.

How To Check Your Car Insurance Cover Type?

If you need a reminder or don’t know which type of car insurance you have, there are two ways to check it. The first one is to take a look at your
insurance policy
. You should have it nearby if an accident happens, which is why many people store it in their vehicles. Our advice is not to read it in a rush. Make sure that you have enough time to read all the specifics. Apart from the primary cover, your policy might have some add-ons, and it is vital to get to know all its details. An alternative is to go to your
insurance company
, give them a call, or contact them online. You should provide necessary personal information so that they can track you in their system. Based on the data provided, they will tell you what type of
car insurance cover
 you have. The agency can also tell you when the current deal expires and anything else that might be of interest.

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Which Car Insurance Cover Types Are Available in Malaysia?

Here is an overview of the three basic available plans:

Plan

What’s Included?

What’s Not Included?

Price

3
rd
 Party Cover

*Injury, death, loss, and damage caused to a third-party property

*Injury or death of the driver or passenger

*Loss and damage to your vehicle

*Fire and theft of your vehicle

Affordable

3rd Party, Fire &
Theft Cover

*Injury, death, loss, and damage caused to a third-party property

*Fire and theft of your vehicle

*Injury or death of the driver or passenger

*Loss and damage to your vehicle

Average

Comprehensive
 Cover

*Injury, death, loss, and damage caused to a third-party property

*Fire and theft, loss, and damage of your vehicle

*Injury or death of the driver or passenger

Costly

We will discuss the basics of each below.

Third-Party Cover

The term third party refers to those who didn’t directly sign the insurance cover. That means anyone out there who is not the policy owner or the agency. A
third-party cover
 offers essential protection if an accident occurs. That means it
covers any damages
 and injuries caused to third-party persons or vehicles. However, it won’t cover anything that happens to your car or people traveling in it at the moment of the accident.

3rd Party + Fire And Theft

The second option is to get the
third-party cover
 with
theft and fire protection of your car
. This is a two-in-one deal, and it can be a smart move if you live in a neighborhood with a high crime rate. However, please note that this policy is more expensive than the basic third-party cover.

Comprehensive Cover

This is the deal that offers the most from all three available. It covers damage and loss to all vehicles participating in the accident. However, it will only cover the death and injury of those in third-party cars and not in the vehicle you own. Apart from the basic types of
car insurance
 covers, you can also go with different add-ons. Ask your
insurance provider
 to learn about additional services provided if you pay the extra price.

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Comprehensive Coverage
Coverage
Fire and Theft Cover
Third-Party Coverage
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Personal Loan Terms And Prepayment Penalties

Getting a personal loan
 requires considering many details, from interest rates and credit score requirements. An extra fee you don’t want to pay is a prepayment penalty. Here, we’ll look at a prepayment penalty, why lenders charge it, and how to avoid it entirely.

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What Is a Prepayment Penalty?

Prepayment penalties
 (also known as early payoff fees) are charged by some lenders when you repay your
loan
 early. In addition, there is a specific
loan term for each personal loan
, which represents the length of time you have to pay off the loan balance (plus interest) you borrowed. Repayment terms can typically range between six months and seven years, but lenders have their preferences regarding repayment, which can vary by a few months or a few years. Suppose you got the approval for a
personal loan
 with a prepayment penalty, and the lender states that the repayment term is four years (48 months); you will need to pay fixed, equal payments with interest for 48 months to repay what you borrowed. You will get a penalty if you pay more than the amount due each month, and you have a paid loan before the 48 months are up.

Prepayment Penalties: Why Do Lenders Charge Them?

Prepayment penalties
 discourage borrowers from paying off loans quickly. When a lender issues a loan, they expect to earn interest income over time. As a result, if you pay off your loan balance quickly, lenders make less interest, reducing their profits from your loan. Prepayment penalties are either a way for lenders to get some of the money they expected or an incentive for you to delay your payments.

What Is The cost Of The Prepayment Penalty?

Prepayment penalties vary in price depending on the charge. Generally, there are three ways to charge prepayment penalties:

Based upon a percentage of the loan balance

The amount of interest you are owing to your lender because you paid off the loan early

For a fixed rate

As a result, the prepayment penalty can range from a few hundred ringgit to several thousand ringgit, depending on how much you borrowed and the calculated fee. So, although prepaying your loan could save you on interest charges, you may, in turn, end up paying a prepayment fee. Any time you choose to pay off your loan early, be sure to do the math. For example, when you are almost done paying off a
personal loan
 balance and want to repay the remaining balance, compare the cost of the fixed prepayment fee versus the remaining interest. There may be a cost advantage to making monthly payments rather than paying a fixed price.

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What You Can Do To Avoid Paying a Prepayment Penalty?

The following suggestions can help you avoid prepayment penalties:

Loan Shop

Speak with several lenders. The lender you work with doesn’t charge any prepayment penalties, regardless of your
credit score
.

Consider Joining a Credit Union

It might be possible to get approved by a credit union if you have trouble getting approved by a lender that does not charge fees. In addition, credit unions care more about keeping you happy than other lenders, so you have a better chance of avoiding a prepayment penalty.

Think About a Secured Loan

Some lenders will waive the fee if you obtain a
secured loan
 instead of an unsecured loan. As collateral, secured personal loans require you to own something of value (such as a car, home, investment account, land, or jewellery) to receive a loan.

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Income Replacement Benefits In Insurance

You probably might be eligible for
income replacement benefits
 after being involved in a car accident and unable to work. The amount of your loss of income and the extent of your injury will determine whether you qualify for compensation. Please find out more about
Income Replacement Benefits
, or IRBs as they’re colloquially known.

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Income Replacement Benefits: What Are They?

IRBs pay weekly compensation to people injured in
car accidents
, including workers, students, children, retirees, and the unemployed. To qualify for an IRB, you must have “substantial difficulties carrying out the essential functions of your employment” (including self-employment) due to your car accident. Several factors determine if a person meets these criteria to receive an IRB. These include:

Having a job or being self-employed when the crash occurred

Having worked for 26 or more weeks out of the 52 leading up to the crash

Being covered by employment insurance at the time of the accident

When the collision occurred, you must be unemployed and at least 16 years old.

Personal accident insurance from as low as RM8 per month.

How Much Will You Be Compensated For Your Lost Income?

Depending on your gross weekly income, you may receive up to 70 percent. The amount will depend on your employment history before the crash. For the first seven days following an accident, income replacement benefits are also not payable. To calculate your benefits, you will need to provide the following if you were working when the accident happened:

Gross income for the 52 weeks preceding the crash; or

Taking the gross income in the four weeks before the collision and multiplying it by 13

In addition, if you receive another source of income replacement, they will reduce your benefit amount. For example, if you receive income assistance from your employer or another insurance policy.

How Soon Do Income Replacement Benefits Begin?

Insured persons may receive income replacement benefits seven days after the accident if they qualify. The sooner you
file a claim
 following an accident, the better your chance of receiving compensation to replace the lost income because of your time away from work. It can be challenging to apply for benefits or deal with an insurance company. In light of the complexity of this Insurance Act and its regulations, Fincrew Insurance can assist you with navigating the system.

Is There a Deadline On When I Can Receive An IRB?

You would be eligible for
IRB
 for a minimum of 2 years after an accident as long as you meet the criteria above. The criteria for qualifying for an
IRB
 change after two years and become more challenging to meet. The new measures include:

Suppose you lose your ability to work because of the accident. In that case, you cannot engage in any job for which you are reasonably qualified due to education, training, or experience.

If you qualify for an IRB, you will usually be examined by a doctor of your insurance company’s choice.

For more information on all your options and to protect yourself against unfair assessments and refusals to pay your IRB, speak with a Fincrew Insurance agent to help you out.

Documents Needed To Apply For Income Replacement Benefits

Within seven days of the accident, notify your insurer of your injuries. If you wish to receive income replacement benefits, you must submit your initial application 30 days after the accident. You must also submit the following forms:

Your boss must provide a copy of the Employer’s Confirmation Form (OCF-2) unless you are self-employed. To complete this form, you will need to provide information about your salary, weekly income, tips, and any other compensation you receive.

To add, Disability Certificate (OCF-3), you will need to complete an OCF-3 detailing your inability to work due to your accident.

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Disability Certificate
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Getting Extension For Personal Loan Repayment

Life can be unpredictable at times. If you find yourself suddenly unable to make one or more of your loans, it’s best to act sooner than later. The sooner you move, the minor damage you sustain, and the easier the eventual cleanup is if you do not allow things to deteriorate further. There are times when the solution is simple. If you cannot afford your
car payments
, you can sell your car and try to find a less expensive (but safer) vehicle or do without a car altogether. Indeed, things aren’t always easy, but you can stay on top of things by using specific strategies. If your lender allows it, the best option is to defer or extend your
loan
 repayments until your finances are in order again. It is crucial to understand how the
personal loan
 deferment system works before you start using it to avoid getting into deeper trouble.

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What Is Personal Loan Deferment?

The term “deferment” refers to a pre-approved temporary break from making payments on your debt, such as a
personal loan
. If you need a deferment, you will need to speak to your lender and explain your situation. For example, you lost your job, lost your hours at work, were affected by a national emergency, or needed expensive medical care. The lenders typically defer payments for borrowers who are experiencing
financial
 hardship. Most lenders are still willing to work with you, even though deferment isn’t mandatory on personal loans. However, profit-wise, they make more sense to pre-approve a borrower for a temporary break in payments than to initiate collection proceedings.

How Personal Loan Deferment Payment Works

By deferring payment, you agree to postpone that payment. For instance, if you get a one-month deferment and originally planned to repay your loan in November 2021, you would now have to repay it in December 2021 (assuming no further deferrals exist). You must understand the terms of any deferred payments you might get from a lender. In particular, you need to know precisely when your deferment officially begins and when it ends. Knowing these two dates is vital because regular payments should be outside the deferment period. Suspensions are in one-month intervals usually, but they can last longer. Suppose your next monthly payment is due on Oct. 1, and your deferment starts on Oct. 2; you’ll still have to make the payment in October.

After the end of a borrower’s deferment period, a borrower who is still experiencing financial problems can contact the lender for another deferment. Deferments might be limited in some lenders’ policies, while others could get a grant on a case-by-case basis. Your lender may only grant deferments at monthly intervals, for example, so you’ll need to keep in touch with them each month until you can make payments again or find another solution.

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Alternatives To Personal Loan Deferment

If your lender offers it, loan
deferment
 can be a great option. However, it is not your only option. You can also try these options if your lender doesn’t offer
deferment
 or if you’d instead try another:

Request a Modified Payment Plan From Your Lender

A deferment is technically a modification to your payment schedule. If your financial setback isn’t only temporary, you might be better off asking your lender to extend the duration of your loan. In this way, payments will be over for a more extended period. The long-term cost is higher, but your monthly payments are smaller and easier to budget.

Loan Refinancing

Take your
business
 to another lender by refinancing your loan if your lender won’t modify your payment plan. While you’re at it, you may even be able to get a lower interest rate. To qualify for better terms, you may be required to have a good or excellent credit rating to be eligible for better times.

Consult a Credit Counsellor

If you have trouble working with your lender and know you can’t make your payments right now, speak with a credit counsellor. A counsellor can also assist you if you are unsure whether a moratorium is a suitable option for you – or if you would prefer an alternative.

Check your company eligibility & apply business loan online.

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Credit Counsellor
Deferment
Personal Loan
Refinance
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Is Car Insurance Companies Being Discriminatory?

Have you ever wondered if
car insurance
 companies are fair when determining their
car insurance policy rates
? Many would say that some factors that affect the premiums seem discriminatory. For example, you have a policy for the same vehicles, and the users picked the same add-ons. However, one of the users is only 22 years old, and the other one is 52 years old and without major traffic offenses behind them. The
insurance rates
 for the younger user will be higher, but why is that the case? Here is a thorough analysis of the potentially discriminating factors used when determining
car insurance
 policies.

Do Younger People Need to Pay Higher Premium?

The answer is yes, but that is not because the
insurance companies
 are discriminating. When it comes to
road accidents
 in Malaysia, the statistics show that drivers younger than 25 are most prone to road rage, driving irresponsibly, and causing accidents. Unfortunately, the reports indicate that most deaths are noticed in this age group. Since these statistics show that
young drivers
 are at high risk on the roads, the insurance companies charge them more. As time passes, they can prove themselves by not
filing claims
 or committing traffic offenses. A clean driving record will help them to lower the
car insurance policy rates
 over the years.

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Do Men Have to Pay More for an Insurance Policy Than Females?

Yes, and the research also supports this decision. The statistics show that males
cause more accidents
 than females. Although that might be because you will find more male drivers, it doesn’t change the fact they are a higher risk.

How Can a Car Make and Model Affect the Insurance Rates?

If we are talking about car types, owners of both old and new vehicles could have reasons to complain. When it comes to new cars, the repairs cost more, which is why the insurance company could increase the cost. However, extra safety features found on new vehicles might lower the rates. You won’t find those safety features on old cars, which could cause a rate increase for their owners. Ultimately, this is only one of the factors that affect the
car insurance
 policy cost, and the company will analyze all relevant criteria when setting the price.

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Can Where You live Change the Price of Your Insurance Policy?

Yes, your geographical location will affect the insurance rates in multiple ways. Those include:

Crime rates – if the crime is common in your area, that increases the risk of the vehicle getting stolen.

City driving – if you live or plan on driving through congested roads and busy streets frequently, that could increase the price. Those living in rural states will have somewhat better rates since they are a lower accident risk.

Final Thoughts – It Is Not About Discrimination

Ultimately, we feel the need to mention that
car insurance
 policy is not about discrimination. You can see that because no
insurance company
 will ever change the policy price based on your religion or race. The purpose of assessing various factors when determining your insurance rates is to protect the insurance company from getting into a bad deal. The criteria used to assess a particular user’s situation and the level of risk involved. If the estimated risk is higher, the company will increase its rates. However,
insurance
 agencies also offer a variety of benefits, especially for their loyal users. That is why you should aim to find the best deal possible and enjoy the fact that you found the most favorable policy available.

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Insurance Claims
Insurance Policy
Insurance Premiums
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Claim Declined For Accident Due To Using A Mobile Phone

If you’re using the mobile phone while driving, it is an offense. But not only the
Malaysian law
 requires you to pay a fine if you get caught using your smartphone behind the wheel, that is also irresponsible. You are putting at risk yourself and everyone else around you. What if you participated in an accident while you were using a mobile phone? For example, you could have been driving slowly and checking messages on your smartphone. Another vehicle hit you from behind, which means you are technically not to blame. The question is whether the
insurance company has the right to decline your accident
claim
 if you were using a mobile phone. Our short answer would be yes, and the explanation follows below.

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Why Does The Insurance Company Refuse To Pay For The Damages?

If we look at the past cases, there were multiple situations where the
insurance company refused to pay
 for the damages. They used the driver using their mobile phone as the reason for their action. As an explanation, they offered that the
insurance
 owner (driver) didn’t take reasonable measures to prevent the damage from happening in the first place. A simple explanation would be that the
insurance company
 established that you were negligent. If you took precautions expected from you, the vehicle might not have been damaged at all. Not using a mobile phone is among the reasonable actions you should take while behind the wheel.

How Can They Confirm That I Used A Mobile Phone?

While completing a police report, the driver might admit that they used a mobile phone at the moment of the accident. A
police officer
 might have entered that in the report after talking to everyone who participated in the incident. The driver of another vehicle could notice that you were using a smartphone and mentioned that in the report.

What Should I Do When An Insurance Company Rejects My Claim?

Here are some steps that you should consider after receiving a rejection notification:

Read the details of why they rejected your
claim
.

Analyze the existing documentation carefully and compare it with the rejection letter.

Try to identify if you have any grounds to write a complaint.

You can write a formal complaint letter to the insurance company where you
claim
 that you’ve been wrongfully rejected.

It is possible to get an independent assessment of your case. If you feel you are right, you can consider contacting an Ombudsman Service or taking the matter to court.

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It is worth noting that the
Malaysian law
 indicates you can use a mobile phone while driving. According to the official documents, even an attempt to use a handheld device while behind the wheel is prohibited. The only way you can use communication devices is via a hands-free setup. The
insurance companies
 suggest that the driver’s recklessness or carelessness is why the participants couldn’t avoid the accident. That is why they refuse to pay for the damage. If the
insurance
 agency denied your claim because you used a phone while driving, you should pay more attention in the future. Using handheld devices is dangerous not only for drivers but also for passengers and everyone else around the vehicle. That is why you should use hands-free equipment or completely avoid interaction with your smartphone while driving.

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Car Accident
Insurance Claims
Malaysian Law
Ombudsman
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Bagaimana Syarikat Insurans Auto Menyiasat Tuntutan Kemalangan?

Bagi pemandu yang biasa dengan proses bagaimana insurans kenderaan berfungsi di negara ini, keseluruhan proses mengemukakan tuntutan sebenarnya agak mudah. Tapi, bagi pemilik kenderaan yang kurang tahu banyak tentang insurans kenderaan hanya tahu mereka mempunyai pelindungan sekiranya sesuatu yang buruk berlaku. Banyak pihak yang diinsuranskan tidak menyedari bahawa setiap syarikat insurans menyiasat dengan mendalam kesahihan setiap
tuntutan kemalangan
 yang diajukan sebelum mengeluarkan pampasan.

Bagaimana Syarikat Insurans Menyiasat Tuntutan Kemalangan?

Kenapa proses penyiasatan sangat penting? Teruskan menonton untuk mengetahuinya! Siasatan ke atas keaslian tuntutan anda bermula pada saat anda
mengemukakan tuntutan
. Seperti yang mungkin telah anda ketahui, selain membuat laporan polis, anda perlu memaklumkan kepada syarikat insurans anda mengenai kejadian tersebut.. Pada asasnya, penyiasatan ini dilakukan atas dua sebab:

Salah satu sebabnya ialah, syarikat insurans mahu memastikan bahawa kemalangan tersebut benar-benar berlaku seperti yang anda jelaskan dan anda tidak cuba untuk menipu mereka secara sengaja atau pun tidak. Sebab lain syarikat insurans menyelidik
tuntutan kemalangan
 anda dengan teliti adalah untuk memastikan bahawa mereka memang perlu mengeluarkan
pampasan
 kepada anda. Banyak syarikat insurans di luar sana mahu mendapatkan keuntungan dan seandainya mampu tidak teragak-agak untuk menolak pembayaran
pampasan
 kepada pemilik kenderaan.

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Sebaik sahaja anda memfailkan tuntutan tersebut, anda akan mendapat maklum balas daripada wakil syarikat insurans anda. Individu ini dipanggil ‘Adjuster’ atau Penyelaras dan mereka secara rasmi akan memulakan proses siasatan bagi pihak syarikat insurans anda. ‘Adjuster’ mungkin akan meminta item seperti:

Salinan asal laporan polis anda

Gambar bukti mengenai kerosakan akibat
kemalangan
 kereta atau insiden

Periksa kenderaan secara fizikal

Salinan bil perubatan anda

Anda juga diwajibkan untuk menyatakan semua kerugian anda, jadi setiap pihak tahu apakah kerugian yang anda tuntut. Setelah berunding dengan anda, ‘adjuster’ juga akan menghubungi setiap pihak yang
terlibat dalam kemalangan
 tersebut termasuklah saksi dan orang yang lalu-lalang. Ini untuk memastikan mereka mengesahkan kenyataan anda mengenai kejadian tersebut.

Mereka juga akan mengunjungi lokasi kemalangan bagi mendapatkan keputusan yang lebih baik. Setelah menyelesaikan rutin ini dan juga aktiviti lain yang perlu, ‘adjuster’ akan memutuskan kesalahan dan berapa pembayaran yang bersesuaian sekiranya ada. Proses ini boleh memakan masa, di mana anda mungkin mahu memutuskan untuk mula membaiki kenderaan anda. Anda mempunyai pilihan untuk membawa kereta anda ke bengkel panel syarikat insurans atau bengkel lain. Tapi, jika anda menggunakan khidmat bengkel selain bengkel panel insurans syarikat anda, mungkin akan ada pertikaian mengenai kos pembaikan.

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Adjuster
Pampasan Insuran
Syarikat Insurans
Tuntutan Insurans
Tuntutan Kemalangan
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Do Tech Businesses Qualify For Business Loans?

Are you thinking of launching or expanding your high-tech entrepreneurial venture? Perhaps you’ve had a brilliant startup business idea or are considering expanding your startup, but you’re unsure if you can get a loan to fund it. Fortunately, numerous private and public resources in Malaysia provide cash injections to startup businesses! Let’s look at some of the funding options available.

Check your company eligibility & apply business loan online.

Government Business Loans

Startups can look to the government for
loans
 to help them fund their business plans and initiatives. Government-provided financing schemes are typically more affordable and have lower interest rates. Furthermore, government programs improve access to financing for specific groups (e.g., women, ethnic minorities, and young entrepreneurs) that face unique challenges or more significant economic barriers. Consider the following three government loan programs:

Soft Loan Scheme For Small & Medium Enterprises (SLSME)

Malaysian Industrial Development Finance Berhad (MIDF) administers the SLSME, which provides loans to startups and SMEs to fund working capital, fixed asset purchases, and other projects. The minimum amount is RM50,000, with financing caps and percentages varying according to the type of expenditure. For example, you may be able to obtain up to 90% financing for the purchase of new assets. This loan has a profit rate of only 4% per year. For more details on the SLSME loan, visit the MIDF web page or the SLSME web page on MASTIC.

Graduate Entrepreneur Development Programme (PPUS)

This loan scheme, offered by TEKUN Nasional, an agency under the Ministry of Entrepreneurial and Cooperative Development, provides up to RM50,000 in financing for Bumiputera graduates aged 18 to 40 who want to start a
business
. If your startup is a partnership, the maximum financing amount is RM150,000 (up to three business partners per business). If this financing option suits your needs, you can kick start the process by applying online or filling in a form and submitting it to TEKUN Nasional.

Indian Community Entrepreneur Development Scheme (SPUMI)

SPUMI, also part of TEKUN Nasional, provides Malaysian Indians with financing for their businesses (including startups). The loan program has two sections:

Small Loan Scheme, under which applicants can borrow between RM10,000 and RM50,000 with repayment terms of up to 5 years.

Medium Loan Scheme, with loan amounts ranging from RM50,000 to RM100,000 and repayment terms of 10 years. Visit the Application Guidelines page for more info.

Other loan programs administered by TEKUN Nasional include the TemanNita Financing Scheme, TEKUN Niaga Financing Scheme, and Ar-Rahnu TEKUN. If none of these loan programs is a good fit for you, look at this comprehensive list of
financial
 support programs for entrepreneurs to find a better match for your specific business needs.

Business Loans From Private Banks

Business loans
 from private consumer and commercial banks and other financial institutions are typically easier to obtain and disburse than government loans. Sometimes, loan application, approval, and disbursement may take less than 30 minutes. Of course, this depends on the bank’s resources, the type of loan, and the applicant’s credit. Furthermore, private bank
loan schemes
 typically provide unsecured options, which means you would not have to pledge collateral assets such as your home or a fixed deposit to apply for it. Some startups may be unable to obtain
business loans
 due to eligibility requirements. Higher-income levels or revenues, as well as business operation tenure, may preclude smaller startups. Aside from eligibility, private bank
business loan schemes
 typically have higher interest rates and fees. Financing rates usually range from 6.5% to 12.5% per annum or higher, whereas government
loan schemes
 usually offer lower rates ranging from 4% to 8% per annum.

Government Grants

A government financial grant for businesses is a type of financial aid that allows recipients to use it for a specific purpose, such as funding research, initiating automation, paying for marketing activities, etc. Depending on the grant type, it can also be used more broadly, for example, to assist businesses with working capital, emergency assistance, and expansion plans. Let’s take a look at two Malaysian government grant programs for new businesses:

CIP IGNITE

CIP IGNITE is a financial program that provides up to RM500,000 in grant money to eligible startups in the tech industry (including “local SMEs and spin-off companies from universities and research institutes”).

(MDEC) SME Digitalization Grant

The MDEC Digitalization Grant can assist startups in funding the digitalization of their business operations and services. The grant will match 50%, or up to RM5,000, for digital subscription services such as digital marketing plans, web store setup, and remote working, among other things. You may only select digitalization subscription services from MDEC-approved providers as part of the requirements.

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Tags:
Business Loan
CIP IGNITE
Government Grant
Indian Community Entrepreneur Development Scheme
Malaysian Industrial Development Finance Berhad
MDEC
SLSME
SME Digitalization Grant
Soft Loan Scheme For Small & Medium Enterprises
SPUMI
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