SMIfunding - Bank Islam Personal Financing-i Non-Package

Profit rates

Based on your loan amount & loan period, the interest rates are as low as the following

Financing Value Financing period Your Annual Income Profit Rate

RM10,000 - RM300,000 12 to 120 months min. RM48,000 4.5% p.a. - 7.5% p.a.

Financing period is minimum 12 months and maximum 120 months (depending on the financing tier selected)

Fees & Charges

Profit Rate / APR

As low as 4.5% p.a.*
*Subject to terms and conditions

Processing Fee

RM50, Wakalah Fee

Stamp Duty

0.5% of the whole amount, As per the Stamp Act 1949 (Revised 1989)

Early Termination Fee

None

Late Penalty Fee

1% from current outstanding amount

Mode of Payment

You must pay your financing installment by salary deduction

Requirements

Minimum Annual Income

RM48,000

Minimum Age

18 to 60 years old

Who can apply

Malaysians
Salaried employee
Public Listed Company employee

More Information

Who can apply for Bank Islam Personal Financing-i Non-Package?

This unsecured personal financing is open to employees of Public Limited Companies. To qualify, you must meet the minimum requirements such as:

Must be a Malaysian citizen
Must be between 18 to 60 years of age and not exceeding the retirement age or the end of financing tenure
Must earn a minimum monthly income of RM4,000.

How much money can I borrow?

For this Non-Package Islamic personal financing facility, you can borrow any amount between RM10,000 to RM300,000. The repayment terms can be flexible and stretched for up to ten years or upon the age of retirement, whichever is earlier.

To enjoy a competitive flat profit rate, you need to add a one-time Takaful contribution (Personal Financing Takaful Plan) to your total financing amount. However, this is optional. The table below would be the profit rates with Takaful coverage:

Tenure (Year)	Profit Rate
1 - 3	4.50% p.a.
4 - 8	5.99% p.a.
9 - 10	6.99% p.a.

However, if you wish to apply without Takaful coverage, you may find the profit rates as follows:

Tenure (Year)	Profit Rate
1 - 3	6.00% p.a.
4 - 8	7.50% p.a.
9 - 10	7.50% p.a.

Are there fees and charges I should know?

There is no fee for the processing of this Islamic financing, except for a Wakalah (Agency) Fee of RM50. Bank Islam also requests you to make an Advance Payment of the equivalent of two-month instalments upon approval.

Besides that, the Islamic financing facility is also subject to the Government Stamp Duty, which is calculated as 0.50% of the total amount borrowed.

Do I need a guarantor or collateral?

Depending on Bank Islam's assessment of your credit standing, you may need to provide a guarantor or collateral. In this case, for a financing amount of more than RM30,000, one guarantor is required.

How do I pay the money back?

You will start repaying your Islamic personal loan the month after you have received the money into the bank account of your choice. You must make a prompt payment every month to avoid being charged with a 1% late penalty fee.

If you feel like settling the personal financing off ahead of the maturity date, you can do so and will be entitled to an ibra' (rebate), which is equivalent to the remaining profits at the time of settlement.

Bank Islam requires you to arrange either Salary Deduction, Salary Transfer with Auto Fund Transfer or Standing Instruction for the monthly instalment payments.

What documents are required to apply for Bank Islam Personal Financing-i Non-Package?

Before making your way to the nearest Bank Islam branch to submit your application, you will be asked to provide supporting documents, such as:

Copy of your IC (front and back)
Latest 3-months salary slips
Latest Confirmation Letter from Employer

And at least one of the following:

EPF statement
Latest 3-months bank statement showing salary crediting
Latest income tax form (Form B or Form EA/EC).

Am I qualified to apply for Bank Islam personal financing if I'm blacklisted?

Depending on your credit history with other financial institutions because all this information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS / CTOS (a system that collects credit information on borrowers, not blacklisting them).

Assuming you have poor credit standing due to irregular payments, the best course would be to break the habit and start making your payments on time to avoid future hurdles.

Bank Islam is more likely to approve your personal loan application if you can show that you are managing your personal finances, rather than accumulating more debt.