Al-Rajhi Bank Personal Loan
Al-Rajhi Bank is an Islamic banking institution that is emerging as one of the leading Islamic banking institutions in the country and is a prominent force in banking in the Kingdom of Saudi Arabia. The bank operates on the same principals and platform of its home bank and strives to provide comprehensive and holistic Islamic banking products. The range of personal financing packages from Al Rajhi is a popular choice among its consumer base due to the convenience they provide. They allow for borrowers to acquire the funds through a hassle-free process and allow them to meet various expenses.
Compare Personal Loans By Al-Rajhi Bank
Al Rajhi offers 5 main types of personal financing packages which are as follows:
Al-Rajhi Personal Financing-i: This package from Al Rajhi bank provides borrowers with loans for cash consumption. The loan has no designated purpose and the loan amount can be used to fund various expenses such as funding vacations, consolidating debts or renovating homes. The loan comes with competitive profit rates making it affordable and easier to repay. The loan is an unsecured loan and does not require a guarantor or collateral and offers repayment tenures going up to a maximum of 8 years.
Balance transfer: This loan is designed to consolidate various lines of unsecured debt into one monthly instalment. The profit rate of the package is competitive making it easier to repay. The consolidated instalment will allow for faster repayment of existing debts such as credit card dues or other personal loan balances. The loan offers a maximum loan amount of RM150,000 and has maximum tenure of 8 years.
Personal Financing Secured by Term Deposit: This loan is designed for cash consumption and has no fixed purpose. The loan can be used to finance a wide number of expenses and allows for greater loan amounts as it is a secured loan product. The loan requires a term deposit to be put as collateral. The loan comes with higher loan amounts with the maximum loan amount offered being RM500,000.
Personal Financing Secured by Gold: With gold being one of the safest forms of investment, the loan is designed to allow borrowers to purchase gold and achieve their financial goals. The loan offers a high trade limit of up to RM500,000. The loan is a secured product and requires the borrower to put up the gold purchased as collateral. The gold is safely stored at Al-Rajhi Bank Gold Service Centre. The loan comes with a tenure of up to 5 years.
Corporate Community Select Programme – Salary Deduction (CCSP-SD): This loan is an unsecured loan available for employees belonging to the companies that have been enlisted in the CCSP-SD scheme. The loan amount offered under this package is a maximum of RM150,000. The loan comes with affordable profit rates starting as low as 3.75% p.a. The loan has a hassle-free application process and comes with quick approval times.
Al-Rajhi Personal Financing-i: 6.99% p.a. to 8.25% p.a.
Balance transfer: Profit rates start from 6.99% p.a.
Personal Financing Secured by Term Deposit: Profit rates start from 6.88% p.a.
Personal Financing Secured by Gold: 5.99% p.a. to 6.88% p.a.
Corporate Community Select Programme – Salary Deduction (CCSP-SD): Profit rates start from 8.25% p.a.
Features and benefits
The features and benefits of Al-Rajhi personal financing packages offered are as follows:
- The loans are Shariah-compliant and work on the principle of commodity trading.
- The loans come with flexible repayment periods. Borrowers can choose a tenure which provides an instalment amount that is affordable.
- The tenures offered range from 5 to 10 years depending on the type of loan acquired.
- The loans come in secured and unsecured variants.
- The unsecured loans offer a maximum loan amount of up to RM150,000.
- The secured variants such as the gold package and the personal financing secured by term deposit offer higher maximum loan amounts with the maximum loan amount set at RM500,000.
- The profit rates offered are competitive and affordable.
- The loans can be acquired quickly and in a hassle-free manner making it an ideal choice for those in need of finances in a hurry.
Fees and Charges
||0.5% of approved loan amount
|Bursa Transaction fee
||RM15.90 for every RM1 million
|Redemption statement fee (gold package)
|Lawyer’s fee for Personal financing balance transfer programme
||RM21.20 for each approved balance transfer programme
|Annual financing statement fee
||Free for first year. RM5.30 per request for subsequent years
- Borrowers who apply for an Al Rajhi Personal Financing-i package can stand a chance to win a return flight ticket to select destinations within Malaysia and Asia.
- Promo mechanics: Borrowers who apply for a Personal Financing-i package for a minimum approved loan amount of RM30,000 can be eligible for the promotion. The promotion has a campaign period that lasts until 31 December 2017. The offer is open for first 750 eligible customers and is awarded on a first-come-first-serve basis.
Nationality criterion: The loan is available for Malaysian citizens and Permanent residents working and residing in Malaysia.
Age criteria: The minimum age of the borrower must be 25 years.
Income criteria: The minimum annual income of the borrower must be RM60,000 for the Personal Financing-i package and the Balance Transfer package, a minimum monthly income of RM3,500 and above for the Personal Financing package secured by Term Deposit, RM5,000 per month for Malaysians and RM15,000 per month for non-Malaysians for the Personal Financing secured by Gold package, and RM3,500 per month for the CCSP-SD package.
What documents do I need to prepare?
- Copy of applicant’s NRIC or Passport or Military/Police ID
- Reference letter from Employer
- Copy of most recent 3 months’ payslips
- Copy of EA Form
- Copy of applicant’s NRIC
- Copy of the bank statement for the past 6 months
- Copy of Form 9, 24, 49
- Copy of Memorandum and Articles of Association
- Copy of Business Registration Form or Company License
- Copy of EA Form
Loan instalments for Al Rajhi personal loans can be calculated on the Bbazaar.my website were one can find the personal loan repayments 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.
How to apply?
Al-Rajhi Personal Loan Apply Online: Borrowers can apply for the personal financing packages online by visiting the Al Rajhi bank website and clicking on the ‘apply now’ option. Borrowers are required to fill out the form and submit it online along with the required supporting documents.
Alternatively, borrowers can download the application form off the website and submit the duly-filled form at their nearest Al Rajhi branch or walk into any branch and request for the loan application.
Q. Is there any early settlement fee?
A. No. The borrower can choose to settle the loan at any time they please. The loan does not come with any form of lock-in period.
Q. Do the loans need a guarantor?
A. Under normal circumstances, both secured and unsecured loans do not require a guarantor. The secured loans will however require collateral either in the form of gold for the gold package or a term deposit for the PF secured by a Term Deposit package. Based on a borrower’s credit risk profile, a guarantor may be requested by the bank.
Q. Is there any minimum tenure for the Personal Financing-i package?
A. Yes. The minimum tenure offered by the package is 2 years.
Q. What is the maximum total outstanding amount that the Personal Financing secured by Gold package allows?
A. The maximum permissible outstanding amount under this facility should not exceed 75% of the gold value as published by the bank.
Q. Can variable-income salaried employees apply for the Balance Transfer package?
A. No. The facility is only open for salaried employees who are fixed income earners.