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.
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.