FINANCE DIVISION

FINANCE DIVISION

Computer Financing

Computer Financing


COMPUTER FINANCING


Q: Who is eligible to apply for a computer financing?

A: IIUM Staff serving under permanent and contract status only. Staff serving under temporary contract and part-time status are not eligible for consideration.


Q: What is meant by purchasing / the purchase of computers under computer financing?

A: Purchasing / The purchase of computers means the purchase of computers including its hardware and software or the purchase of hardware and software for the purpose of enhancement the computer at the time of purchase.

This financing amount can be used to purchase new computers which include personal computers, laptops as well as the purchase of printers and scanners. The purchase of smartphone and tablet are also being allowed and considered part of the financing amount.


Q: What are the basic qualifying requirements for an officer to apply for a computer financing?

i. the monthly installment deduction amount does not exceed 1/3 of basic salary.
ii. the total deduction including deductions for computer financing does not exceed 60% of the total basic salary and monthly allowance


Q: What is the maximum limit of eligibility for a computer financing?
A: The maximum financing amount is RM5,000. 


Q: How long is the allowable period for maximum repayment?

A: The allowable period for maximum repayment is 48 months.


Q: What is the profit rate or percentage imposed on the approved financing amount?

A: University does not impose any profit according to the financing amount, only administrative cost amounting RM 50 will be imposed for every approved application regardless of financing amount and financing tenure.


Q: Can an officer make a second computer financing application?

A: Yes, the officer is allowed to make a new computer financing once in every three (3) years. The new application can only be approved after three (3) years calculated from the date of the previous approval and provided the present financing facility has been settled. 


Q: What is the procedure for making early settlement for the computer financing balance?

- Obtain confirmation of the financing balance through the balance inquiry process for the lump sum settlement with Financing Unit, Finance Division.

- Subsequently the borrower will need to make full payment based on the verified balance and comply with the specified date period by direct bank-in / bank draft payable to “UIAM Operating Account”.

- Furnish the original copy of bank-in slips or proof of payment for electronic transfer to Financing Unit, Finance Division.


Last updated date : 14th March 2019