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.
