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The Personal Credit Agreement serves as the primary legal instrument for documenting personal lending arrangements in Malaysia. It is typically used when an individual seeks to obtain credit facilities from a licensed financial institution, whether for personal consumption, education, renovation, or other permitted purposes. The agreement must comply with Malaysian banking regulations, including the Financial Services Act 2013, Contracts Act 1950, and relevant Bank Negara Malaysia directives. It outlines crucial elements such as credit limits, interest calculations, repayment schedules, and borrower obligations, while incorporating consumer protection measures required by Malaysian law. The document can be adapted for both conventional and Islamic banking frameworks, ensuring comprehensive coverage of all necessary legal and regulatory requirements for personal lending in Malaysia.

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

2. Background: Context of the credit agreement and relationship between parties

3. Definitions: Definitions of key terms used throughout the agreement

4. Facility Details: Specific details of the credit facility including principal amount, purpose, and tenure

5. Interest Rate and Charges: Detailed breakdown of interest rates, calculation methods, and all applicable fees

6. Repayment Terms: Payment schedule, method of payment, and consequences of early or late payment

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

8. Representations and Warranties: Borrower's declarations regarding their financial status and ability to repay

9. Borrower's 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 loan

12. Data Protection: Provisions relating to personal data handling in compliance with PDPA 2010

13. Notices: Communication methods and contact details for official notices

14. Governing Law: Specification of Malaysian law as governing law and jurisdiction

15. Execution: Signature blocks and witnessing requirements