Bank Rakyat Personal Loan

The Bank Rakyat Personal Loan is for those who need quick cash for their financial expenses. You need not put up any security or collateral to get this personal loan. The interest rate for this loan ranges from 7.3% to 8.34% depending on the loan amount and also the tenure of the loan. This form of financing would be suitable for all the younger ones who do not have a house ownership or any other property to use as collateral.

Do you qualify for a Bank Rakyat personal loan?

If you want to qualify for the Bank Rakyat personal loan, you would have to meet the age requirement that has been set by Bank Rakyat whereby you need to be at least 18 years old and above and you also cannot be more than 65 years of age. You have to be employed or self-employed and you must meet the minimum required salary in order to be qualified for the home loan.

Just how much can you really borrow?

Bank Rakyat has made it more than easy for anyone and everyone to borrow an essential amount of cash for their needs. The maximum limit allowed for the personal loan is RM 150,000 and the minimum salary you will need to qualify to be in the running to get a loan in the first place is RM 2,000. Do keep in mind that if you have any other instalments from other existing loans, it will make it a little harder to qualify for the full loan.

How do I improve my chances on a personal loan with Bank Rakyat?

Here are a couple of ways which you can use to increase your chances on getting that personal loan which you wanted from Bank Rakyat. What you need to do is to pay off all your credit card bills and any outstanding debt which you may have. You could also always choose a longer tenure which could be a 10 year tenure to make your repayments easier to lessen your burden.

What are the types of Bank Rakyat Personal Loan Packages offered?

There are a variety of packages available to suit almost anyone from all walks of life. Listed below are some of the packages offered.

Personal Finance-i Civil Servant:

This loan is also known as the ‘Rakan Pintar’, and is specifically to cater for public servants offering a lower rate of profit with a tenure of up to 10 years. It comes with a free premium banking membership and individuals can apply for a loan of up to 35X of their gross salary.

Personal Finance-i Public:

This loan scheme here is to cater for the public sector employees which allows a maximum amount of RM 200,000 required for financing. Government employees who draw a minimum of or RM 1,000 can apply for this loan without needing a guarantor.

Personal Finance-i Private:

Doctors, engineers and lawyers are encouraged to apply for this loan which offers financing of up to RM 150,000. RM 2,000 would be the minimum salary for the private employees, and RM 8,000 for contractual workers.

Personal Finance-i Pensioner:

Government pensioners below the age of 65 years are eligible to apply for this loan with the maximum financing limit of RM 100,000 or even a multiple of 15 on their monthly pension. The other 2 factors would be based on the maximum amount of instalment being 30% of monthly gross pension without house financing or even a maximum amount of instalment being 50% of monthly gross pension with house financing depending on whatever is lower.

The Conclusion

With all these packages offered, it is now more than easy for anyone to apply for a personal loan from Bank Rakyat. You are also entitled to a rebate based on the overcharged interest rates is you can manage to pay the whole outstanding principal sum in a lump-sum amount.

Source: http://www.personalloan.com.my/bank-rakyat-personal-loan-private/61/

Bank Islam Personal Financing-i

Bank Islam Malaysia Berhad is an Islamic bank based in Malaysia that currently provides Shariah-compliant card services and mobile banking. The bank was established in July 1983 primarily to assist the financial needs of the country’s Muslim population but has extended its services to the broader population. One of the bank’s services being offer is called Bank Islam Personal Financing-i.

Bank Islam Personal Financing-i is a Shariah compliant personal loan that is catered for employees who work in government sector, public sector, and selected government-linked company. This personal loan provides options for fixed flat rate or floating interest rates with no collateral or guarantor needed for the loan. The loan offers from RM 10,000 to RM 200,000 of financing with maximum of 10 years repayment upon retirement age.

Repayment

There are three tiers of fixed flat rate under the Bank Islam Personal Financing-i that start from 3.25% per annum (with Bank Islam and Takaful products such as Bank Islam Will Writing, BancaTakaful products subscription or Bank Islam Card-i) for 1 to 3 years, 3.50% per annum (without Bank Islam and Takaful products) for 1 to 3 years, and 4.99% per annum for 4 to 10 years while the floating rates which tied to Bank Islam’s base financing rate start from 1.65% per annum for 1 to 3 years and 0.35% per annum for 4 to 10 years.

Payment for the loan is made monthly via salary deduction, salary transfer to the bank with auto-debit fund transfer or standing instruction deduction. The maximum deductable would be 50% (if not a house owner) or 60% (if a house owner) of salary after statutory deduction and might goes up to 55% (if not a house owner) or 75% (if a house owner) if the salary is above RM 7,000.

Fees

There are no hidden charges or processing fees needed for the loan. However, a RM 50 Wakalah fee will be charge when you apply for the loan and a 0.5% stamp duty fees which is based on the financing amount. There are cases where Bank Islam may request an advanced payment amounting to 60 day’s repayment before the loan is approved.

Borrowers who want to pay off their loan early are entitled to an Ibra’ (rebate) which is equivalent to the remaining profit at the time of settlement with no penalty fees charged. If payments are not made on time, a 1% per annum penalty will be charged for any late repayment by Bank Islam which will increase the total outstanding amount.

Eligibility

It is clearly stated that the loan is only offered to Malaysian government sector, public sector, and selected government-linked company employees only. The loan is eligible to Malaysian citizen, age 18 and not exceeding the retirement age at the end of the payment period and earned a minimum fixed income of RM 2,000 monthly.

Documentations

For salaried applicant:

·         A copy of front and back NRIC

·         Most recent 3 months’ salary slips

·         Most recent confirmation letter by current employer

·         A choice from one of the documents below:

-          Most recent B/BE/EA/EC form with tax payment receipts attached

-          Most recent 3 months bank statements

-          Most recent EPF statement

For self-employed applicant:

·         A copy of front and back NRIC

·         A Business Registration Certificate

·         Most recent 6 months bank statements

·         Most recent 2 years financial statements

·         Most recent B/BE/EA/EC form with tax payment receipts attached

sources: http://www.personal-loan.my/bank-islam-personal-financing-i/95/