TEMAN TEKUN Financing Scheme Conditions

Published on: 22/02/2016
Updated on: 28/03/2018

Introduction

Based on the group concept in providing financing facilities that are easier, faster and more efficient to business needs.

Eligibility Requirements

  • Bumiputera or Indian community (through the SPUMI Fund)
  • Aged 18 – 60 years old
  • Been operating businesses or have proposals or plans for business ventures with potential and viablility
  • Possess licence / permits / Business Registration (SSM) that are valid
  • Having a specific business spot / location or mobile business
  • Existing business financing does not exceed RM50,000

Financing Conditions

  • Repayment period of up to 5 years
  • Form a group of 5 trustworthy members (males or females) and undergo the basic training of TEKUN Nasional financing
  • Attend the TEMAN meeting every week at business premise / TEKUN branch office / appropriate locations with TEKUN officers
  • Repayments on a weekly basis
  • Coverage under Financing Insurance and Life and Accident Insurance
  • A 4% TEKUN Management Charge from the financing value each year throughout the financing period
  • Savings of 5% from the financing value each year.

FINANCING VALUE REPAYMENT PERIOD
RM1,000 – RM5,000 6 Months – 3 Years
RM5,001 – RM50,000 6 Months – 5 Years

Example of Financing Repayment

TOTAL FINANCING PAYMENT PERIOD WEEKLY PAYMENT
RM 1,000 2 Years RM 12
RM 3,000 3 Years RM 25
RM 5,000 3 Years RM 41
RM 10,000 5 Years RM 56
RM 20,000 5 Years RM 112
RM 30,000 5 Years RM 168
RM 40,000 5 Years RM 224
RM 50,000 5 Years RM 279


Repayment Methods

  • Collections are made during group meetings every week.
  • The Group Leader will help collect payment of each group member before submitting to the TEKUN Officer.
  • Implementation based on the concept of security and cooperation among group members.