Bank Islam Personal Financing-i Package

  • Loan amount 10k–400k
  • Tenure1-10Years
  • Age 18-60 Years
  • Min Income 2,000 pm
  • Employee, Gov. Employee & Private sector
  • 1 week

Borrow RM Monthly Repayment
RM


Interest Rate

%
How Long
My monthly income
As a

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 - RM400,000    12 to 120 months      min. RM24,000           7.15% p.a. - 9.05% 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 7.15% p.a.*
*Subject to terms and conditions

Processing Fee

None

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

RM24,000

Minimum Age

  • 18 to 60 years old

Who can apply

  • Malaysians
  • Salaried employee
  • Government employee
  • Selected Public Listed Company employee
  • Subsidiaries of Government or Selected Public Listed Company
  • Other Prominent Private Limited Companies as categorized under package companies listed by Bank Islam

More Information

Am I eligible to apply for Bank Islam Personal Financing-i Package?

Only Government employees, employees of Government Linked Companies and Public Listed Companies as well as employees in selected private limited companies can apply for Bank Islam Personal Financing-i Package

You also need to earn a minimum monthly income of RM2,000 to qualify for this personal financing.

What can I get from this Bank Islam Personal Financing-i Package?

This Islamic personal financing from Bank Islam is calculated on a floating or variable rate basis, with or without Takaful coverage.

With Takaful coverage:

Tenure Profit Rate
1 - 3 years SBR + 2.18% p.a.
4 - 10 years SBR + 2.25% p.a.

Without Takaful coverage:

Tenure Profit Rate
1 - 3 years SBR + 4.15% p.a.
4 - 10 years SBR + 6.05% p.a.

*Bank Islam's current Standardised Base Rate is 3.00% p.a.

This personal financing offers a borrowing amount between RM10,000 to RM400,000 with a repayment period of up to ten years earlier.

 

Does Bank Islam require Advance Payment?

Yes. You are required to make an advance payment, which is equivalent to a 2-months instalment amount. 

How do I repay my monthly instalments?

You need to arrange your monthly instalment payments either through Salary Deduction, Salary Transfer with Auto Fund Transfer or Standing Instruction.

To avoid being penalised with a late payment charge of 1% on the outstanding balance, you are advised to make your monthly instalment payment on time. 

Can I make an early settlement on my Islamic personal loan?

You can make an early settlement of your personal financing anytime before maturity as there is no lock-in period and no penalty. 

In fact, you will receive an Ibra’ (rebate) which is equivalent to the remaining profit charges at the time of settlement.

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

As this is an unsecured personal financing package, you don't need to standby a guarantor, deposit or collateral to back your application up. To apply, you will be asked to provide supporting documents:

  • Copy of IC (front and back);
  • Latest 3-months salary slips;
  • Latest 3-months bank savings account passbook or current/savings account statement;
  • Latest employer's confirmation letter;

And one of the following:

  • EPF statement;
  • Latest income tax form (Form B or Form EA/EC).

I'm blacklisted, can I apply for Bank Islam Personal Financing-i Package?

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.