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Instalment Credit Agreement for Malaysia

Instalment Credit Agreement Template for Malaysia

A comprehensive legal agreement governed by Malaysian law that establishes the terms and conditions for credit facilities provided on an instalment basis. The document incorporates requirements from the Financial Services Act 2013, Hire-Purchase Act 1967, and relevant Bank Negara Malaysia guidelines, ensuring compliance with both conventional and Islamic financing principles where applicable. It details the credit amount, repayment schedule, interest/profit rates, security arrangements, and obligations of all parties involved, while incorporating consumer protection measures required under Malaysian legislation.

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What is a Instalment Credit Agreement?

The Instalment Credit Agreement is a fundamental financial document used in Malaysia when extending credit facilities that are to be repaid through scheduled instalments. It is commonly utilized for various financing purposes, from asset purchases to working capital financing, and must comply with Malaysian financial regulations, including the Financial Services Act 2013 and Hire-Purchase Act 1967. The agreement can be structured for both conventional and Islamic financing, incorporating necessary Shariah-compliant elements where required. It includes essential provisions for credit amount, repayment terms, security arrangements, events of default, and remedies, while ensuring adherence to Bank Negara Malaysia's guidelines on responsible lending and consumer protection.

What sections should be included in a Instalment Credit Agreement?

1. Parties: Identification of the credit provider and the borrower with complete details as required by Malaysian law

2. Background: Context of the credit arrangement and purpose of the loan

3. Definitions: Definitions of key terms used throughout the agreement, including financial and technical terms

4. Facility Amount and Purpose: Details of the credit amount, purpose, and drawdown conditions

5. Interest Rate and Charges: Clear specification of interest rate, calculation method, and all applicable fees as required by Malaysian regulations

6. Repayment Terms: Instalment schedule, payment amounts, payment methods, and due dates

7. Conditions Precedent: Conditions that must be satisfied before the facility becomes available

8. Representations and Warranties: Standard declarations by the borrower about their financial status and ability to repay

9. Borrower Covenants: Ongoing obligations of the borrower during the term of the agreement

10. Events of Default: Circumstances constituting default and consequences thereof

11. Security: Details of any security or guarantee provided for the credit facility

12. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution

What sections are optional to include in a Instalment Credit Agreement?

1. Islamic Finance Provisions: Required if the agreement is Shariah-compliant, including specific terms and conditions for Islamic financing

2. Insurance: Required if insurance is mandatory for the credit facility, specifying required coverage and terms

3. Guarantee: Required if a third-party guarantee is part of the security structure

4. Early Settlement: Optional section detailing early repayment terms and any associated fees or rebates

5. Cross Default: Required if the agreement is part of a larger financing arrangement with cross-default provisions

6. Assignment and Transfer: Required if the agreement allows for assignment or transfer of rights and obligations

What schedules should be included in a Instalment Credit Agreement?

1. Schedule 1 - Payment Schedule: Detailed breakdown of instalment amounts, due dates, and amortization schedule

2. Schedule 2 - Fees and Charges: Comprehensive list of all applicable fees, charges, and their calculation methods

3. Schedule 3 - Conditions Precedent Documents: List of required documents and conditions to be fulfilled before drawdown

4. Schedule 4 - Security Documents: List and copies of security documents if applicable

5. Appendix A - Drawdown Notice: Standard form for requesting disbursement of the credit facility

6. Appendix B - Standard Terms and Conditions: Detailed general terms and conditions referenced in the main agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Malaysia

Publisher

Ƶ

Document Type

Financing Agreement

Cost

Free to use
Relevant legal definitions











































Clauses






























Relevant Industries

Banking and Financial Services

Retail

Automotive

Manufacturing

Real Estate

Construction

Small and Medium Enterprises

Agriculture

Technology

Healthcare

Education

Industrial Equipment

Consumer Goods

Relevant Teams

Legal

Finance

Credit Risk

Compliance

Treasury

Corporate Banking

Retail Banking

Islamic Banking

Operations

Collections

Risk Management

Document Management

Customer Relations

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Credit Risk Manager

Compliance Officer

Banking Relationship Manager

Credit Analysis Officer

Treasury Manager

Financial Controller

Corporate Finance Manager

Legal Manager

Risk Assessment Officer

Islamic Banking Officer

Contract Administrator

Collections Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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