Bank Rakyat Personal Financing-i Private

  • Loan amount up to 5k-150k
  • Tenure 1-10 Years
  • Age 18-60 Years
  • Min Income 12k
  • Gov. Employee, GLC &  private sectors
  • Almost immediately!

Borrow RM Monthly Repayment
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Bank Rakyat Personal Financing-i Private

An unsecured, flat rate Islamic Personal Loan for private sector workers and first time GLC employee applicants

    • Financing up to RM150k
    • Up to 10 years tenure
    • Unsecured Islamic Financing
    • Takaful insurance required

 

 

Interest Rates

How much the bank charges you based on your loan amount & loan period

 

Financing Value                  Financing Period        Your Income         Profit Rate

RM5000 – RM150000        12 to 120 months        min. RM24000     9.22% p.a.

Fees & Charges

There are always fees but how much are they?

Profit Rate / APR - As low as 9.22% p.a., depending on financing amount and period

Late Payment Charge - 1% from current outstanding amount

Mode of Payment - You must pay your financing installment by salary deduction.

Insurance - You must take takaful insurance with this financing.

 

Requirements

Are you eligible for this personal financing?

Minimum annual income - RM24000

Minimum age - 18 years old

Maximum age - 60 years old

Who can Apply - Malaysians. GLC employee & Salaried employee

 

Frequently Asked Questions about Bank Rakyat Personal Financing-i Private

Things you might want to know

 

Who can apply for Bank Rakyat Personal Financing-i Private?

This Personal Loan is only for Malaysians who are private sector employees or government-linked company workers making their first loan application. Your interest rate will be calculated based on the latest Base Rate by BNM.

 

How much money can I borrow?

You will be able to borrow as much as RM150000. If you earn less than RM2000 a month, you can borrow up to 5 times your monthly salary. If you earn between RM2000 and RM4000 a month, you can be financed for up to 15 times that amount. If you earn between RM4001 and RM6000 a month, the maximum financing is up to 20 times your monthly salary. If you earn more than RM6000 per month, you can borrow up to 25 times that amount.

 

How much does it cost to apply for this loan?

What you see is what you get! This Personal Financing-i product has no processing fees and there are no hidden charges. With that said, you must pay Government Stamp Duty, which adds up to 0.5% of the total borrowed amount.

 

On top of that, you will also need to signup for a Takaful insurance package from Bank Rakyat to cover the period of your loan.

 

What do I need to apply for Personal Financing-i Private

This personal loan is unsecured, so you don't need a guarantor. Here are the documents that you need to provide:

 

  • Photocopy of Identity Card
  • Letter of confirmation from employee.
  • Last three (3) months salary statement.
  • Employee Provident Fund Statement
  • Income Tax Statement (BE Form)

 

How will the money be sent to me?

For this personal loan, Bank Rakyat can approve your personal loan almost immediately! Once the loan is approved, the funds will be transferred to the account of your choice.

 

How do I pay the money back?

You will be given a fixed monthly repayment schedule once your loan is finalised. There are multiple ways that you can repay your debts.

  • Biro PerkhidmatanAngkasa
  • Salary deduction
  • Savings account deduction from Bank Rakyat
  • Standing Order
  • Post datedCheques

The easiest method is to sign up an auto deduction from your saving account as you get a better interest rate and avoid late penalty fee as well as bad credit listing in return. You will have to pay one time RM10 for stamp duty for the standing instruction.

 

Will I be able to pay off my borrowing earlier?

Yes you may, all you have to do is pay in lump sum the remaining amount that you owe to the bank and the bank will rebate the interest they have overcharged on your loan.

 

Is Bank Rakyat Personal Financing-iSyariah compliant?

Yes, the product is based on Bank Rakyat’s own Syariah standard.

 

Can I get a loan if I am ‘blacklisted’ on CCRIS?

While CCRIS is not actually a blacklist, your entire credit history is recorded on it. If you have been regularly late in paying your monthly credit card bills or defaulted on a previous loan, it is unlikely that the bank will approve your Personal Financing-i loan.

If you've been having trouble paying off your credit card or loan debts - best to get in touch with AKPK. They have a special programme for Malaysian providing debt management services to help you regain control of your personal finances