Paddy-i (Tawarruq) is an uncollateralised financing to finance working capital for rice planting activities in a paddy field which is certified by related government agencies. This product is based on the Tawarruq transactions.
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Product Details
| Limit |
Minimum : RM1,000 Maximum: RM50,000 (or by combination of aggregate financing Paddy-i & Paddy Cash-i financing) |
| Tenor |
Minimum : Six (6) months Maximum : Financing period does not exceed five (5) years or until the Customer reaches 70 years old on the financing maturity date (whichever is earlier). However, for customers over the age of 70, financing can be made with joint borrower from among their immediate family members |
| Profit Rate |
A• BERNAS Paddy-i: The profit rate for this financing is as low as 1.75% per season (6 months) and calculated on a monthly basis.
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Download Product Disclosure Sheet
Download BERNAS Paddy-i A4 Flyers
Financing Payment
- Rice sales and subsidies are channelled directly to the Bank
- Deductions from savings accounts in banks; OR
- Other methods acceptable to the Bank
Eligibility Criteria
- • Malaysian citizen residing in Malaysia.
• Aged 18 years and up to 70 years at the end of the financing period.
• Farmers need to channel the Skim Subsidi Harga Padi (SSHP) proceed with incentive received from the Government via the farmer’s saving account at Agrobank.
• Not subject to legal action, including bankruptcy or have been declared bankrupt
Security/Guarantee
Excluded from any collateral/guarantee
Fees & Charges
| Stamping Fees | As per the Stamp Act 1949 (Revised 1989). | ||||||||||||||||
| Brokerage/ Trading Fees |
Brokerage fee for every successful Tawarruq transaction is at RM 20. (Subject to Sales & Service Tax (SST) 6% ) |
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| Wakalah Fees |
Wakalah fee are based on the table below.
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