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| Industrial Hire Purchase Refinancing Facility |
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The IHP refinancing facility is introduced to provide an alternative source of financing to qualified applicants for additional working capital requirements using their existing plant and machinery as collateral. The facility shall be extended to borrowers where their loans have been fully settled or are at the tail-end with AmBank or any other financiers.
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| The terms and conditions imposed are as follows:- |
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| 1. |
Type of Equipment |
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‘Popular’ equipment with good resale value. |
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| 2. |
Age of Equipment |
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Not more than 10 years old. |
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| 3. |
Margin of Finance |
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Up to 70% of purchase price. |
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| 4. |
Loan Tenure |
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Up to 48 months. |
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| 5. |
Guarantee |
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Joint and several guarantee of directors. |
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| 6. |
Insurance |
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AMOC (compulsory) |
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| 7. |
Fee Structure |
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a) |
Processing Fee
0.5% of the facility amount or RM500 whichever is higher. |
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b) |
Documentation Fees
RM300 per Agreement inclusive of stamping fee. |
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| 8. |
Others |
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The applicant needs to furnish the following documents to ascertain absolute ownership of the equipment:- |
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a) |
For registrable goods |
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copy of JPJ registration card (mandatory); |
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copy of purchase order; |
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copy of invoice; |
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copy of the HP agreement; |
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copy of release letter. |
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b) |
For non-registrable goods |
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copy of purchase order; |
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copy of invoice; |
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copy of the HP agreement; |
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copy of release letter. |
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