Al-Rajhi bank offers personal loan products to its customers that are compliant with the Sharia laws. With attractive interest rates and repayment clauses, the personal loans from Al-Rajhi bank can be obtained for any purpose. In addition to the standard personal loan, existing customers can also apply for additional personal loan.
You’re probably eligible for an Al-Rajhi Bank Personal Loan if you are
At least 25 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Al-Rajhi Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 150,000
Installments of other loans lower
Increase your eligible Al-Rajhi Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 7 years
Documentation needed to apply for Al-Rajhi Bank Personal Loan
- 1.Copy of NRIC
- 2. Copy of latest three (3) months pay slip
- 3. Latest EPF statement
- 4. Employment Confirmation Letter
- 5.Other related documents
Al-Rajhi Bank Personal Loan Interest RatesUpdated on 21 Oct 2016
|Interest Rate||3.50 % - 8.99 %|
|Minimum Gross Income||RM 4,500 & Above|
|Guarantor Requirement||No Guarantee Required|
Al Rajhi is among the premier banking institutions in Saudi Arabia and one of the largest Islamic Banking institutions in the world with over 570 branches and 21,000 POS merchants in the kingdom of Saudi Arabia alone. They made their international foray when they first set up a branch in Malaysia back in 2006. Since then Al Rajhi has increased its operations to now include 24 branches of which 15 are located in the Klang Valley. They provide a holistic list of financial products and solutions to their customers and offer services that include consumer banking, commercial banking and even investment banking.
Al Rajhi Personal Loans Malaysia
People come across various points in life where they wish they had more money to meet certain expenses. Maybe an unforeseen expense cropped up such as broken home appliances or maybe it’s time to take the family out on vacation. Whatever the reason, the need for additional funds can be met with the personal loans from Al Rajhi Bank. The personal loan requires no collateral or guarantor and can be used in anyway deemed fit. The loan has a high financing margin of up to RM 150000. The loan is Shariah compliant and is based on the concept of Bai’ Bithaman Ajil.
Eligibility for Al Rajhi Personal Loans
- The minimum age of the borrower should be no less than 25 years as at last birthday
- The maximum age of the borrower should not exceed 54 years as at last birthday
- Government servants and staff, select private sector employees and salaried personnel and self-employed applicants can avail this loan
- The minimum monthly salary should not be less than RM 5000 per month
If the applicant earns a fixed income, then documents required are:
- A copy of the salary slips dating back at least 3 months.
- A copy of the bank statement dating back at least 3 months
- A copy of the most current EPF statement
- A copy of both sides of the NRIC
- A copy of the confirmation letter by current employer
If the applicant earns a variable income, then the documents required are:
- A copy of both sides of the NRIC
- A copy of the latest bank statement or a copy of the first page of the passbook of the disbursement account having only the applicant’s name
- A copy of the latest EA form or Form B with tax payment receipts
- A copy of the commission statement dating back 6 months or payment vouchers verified against the bank statement
Types of Bank Al Rajhi Personal Loan
Al Rajhi Bank offers a personal loan known as Personal Financing-i which is an unsecured personal loan designed for government and private sector employees and also for self-employed individuals. The loan requires a Takaful cover which is compulsory and has a maximum financing amount which is 5 times the monthly salary or RM 150,000 whichever is lower. The minimum financing amount is RM 5000 and the tenures of the loan range from a minimum of 1 year to a maximum of 7 years. The loan has no processing fee but charges 0.5% of the loan amount approved as stamp duty fee. The loan has no fee for early settlement. Penalties will be levied for late payment of the loan instalment and such late payments attract a fee of 1% of the outstanding amount.
Interest Rates for Al Rajhi personal loans
The interest rates for personal loans depend on the tenure chosen and the loan amount availed. The profit rates levied range from 3.5% p.a. to 8.99% p.a. and the effective lending rate will be decided upon by the bank during approval of the loan
How to apply for Al Rajhi Personal loans
Al Rajhi personal loans can be easily availed from the website. An aspiring applicant needs to download the forms, fill it out and submit them online along with the necessary supporting documents. Applicants need to meet the eligibility criteria to have the loan successfully approved and loan approval takes up to 5 business days.
How to calculate loan instalments for Al Rajhi personal loans
Loan instalments for Al Rajhi personal loans can be calculated on the bbazaar.my website were one can find the personal loan instalment calculator. The aspiring applicants need to fill up details such as desired loan amount and tenure and key in the interest rate. The calculator will then display the monthly instalment which also shows principle and interest amount. This calculator is a useful tool to figure out monthly instalments and plan one’s finances around it.
FAQs on Al Rajhi Personal Loan
Q) Are there any additional costs to incur while taking out personal loans from Al Rajhi?
A) The personal loans charge no processing fees but do charge stamp duty which amounts to 0.5% of the loan amount and a handling fees which is 0.05% of the loan amount.
Q) Is any insurance cover compulsory while availing these loans?
A) Yes. The loans need the borrower to purchase a takaful cover
Q) Can one avail these loans f they have poor credit rating?
A) No. one cannot avail these loans unless they continue repaying previous loan instalments for a minimum of 3 months before applying for the Al Rajhi personal loans.
Other Products offered by Al-Rajhi Bank:
Apart from offering personal loan, Al-Rajhi Bank offers other products and services which include: