In principle, Personal Financing is an unsecured financing. Accordingly, no Takaful coverage, guarantor, or collateral is required for approving your application. Nonetheless, having Takaful coverage is definitely a plus. MBSB Bank strongly encourages you to acquire Group Credit Family Takaful (GCFT), which will cover the unsettled payments in the case of death or permanent disability.
As previously mentioned in your Financial Obligations, MBSB Bank has the right to deduct unsettled payments under this facility, in the case of default, from your accounts with the bank. However, having a deposit account with MBSB Bank is not a pre-condition for this facility.