Financing Scheme for Mobile Businesses (Caravan)

Objectives

To encourage the participation of youths in mobile entrepreneurship especially in the foodtruck business in line with the current business trends.

Terms and Conditions

Basic Terms

Malaysian citizen and Bumiputera
Aged between 18-60 years
Have gained enough experience / knowledge in the ventured business
Have a valid business registration (SSM)
Have a license / permit / letter of authorization from the local authority (PBT)
Operate a full-time business
Have been operating the business for at least six (6) months
Engaged in a syariah compliance business
Not a MARA blacklisted individual
Pass the psychometric test (with a score of 55% and above)

Specific Terms

Have a driving licence and a valid Good Vehicle Driving License (GDL)
The business location is approved by the local or related authority
Able to provide a quotation or letter of purchase of the container / cabin / caravan / truck (the fund will be paid directly to the supplier)
The lifespan/age of a used caravan must not exceed three (3) years and the amount of financing is subject to the evaluation by the Road Transport Department (JPJ), a mechanical engineer of Public Works Department (JKR) or PUSPAKOM or the relevant local authority (PBT)

Scope of Financing

Financing Limit

Financing Period

Guarantee / Collateral

Guarantee
One or more guarantors with a monthly fixed income of not less than 3% of the total financing applied

Or

Collateral
Land collateral with Forced Sale Value of at least 10% of the financing applied

Or

Or

Fixed Deposits
Islamic fixed deposit (General Investment Account) based on 10% of the financing value

Financing to private limited (Sdn. Bhd.) companies requires guarantee/ assurance of all the Board Members

Profit Rate