• Personal Loan BYTES FROM OUR KITCHEN

    Bank Islam Personal Loan

    Bank Islam offers Personal Financing-i wherein you can borrow a loan sum of up to RM200,000. The profit rates for these personal loans are floating and start from 5.99% p.a. Unlike other banks, Bank Islam offers an optional Personal Financing Takaful Plan to protect you from misfortunes.

    Compare Personal Loans by Bank Islam

    Name of Personal Loan Flat Rate Max. Loan Amount Min. Monthly Income Tenure Processing Fee More Info.
    Bank Islam Personal Financing-i Non Package 6% p.a. to 7% p.a. (With takaful cover) RM150,000 RM3,500 Up to 10 years or until retirement age, whichever is earlier -
    7% p.a. to 8% p.a. (Without takaful cover)
    Bank Islam Personal Financing-i for Medical Practitioner 4.99% p.a. (With takaful cover) RM200,000 RM2,000 Up to 10 years or up to retirement age, whichever is earlier Wakalah Fee of RM50
    5.99% p.a. (Without takaful cover)

    Features

    Interest/Profit Rate 4.99% p.a. to 8% p.a. (Flat Rate) and
    6.15% p.a. to 9.05% p.a. (Floating Rate)
    Loan Tenure Up to 10 years
    Minimum Monthly Income RM2,000
    Minimum Loan/Financing Amount RM10,000
    Islamic/Conventional Islamic
    Debt Consolidation No

    *(Current Bank Islam BR is 3.90% p.a.(Effective from 30 January 2018)

    Profit Rates

    Bank Islam provides two types of personal loan: Package and Non Package. The profit rate for these types vary. The profit rates can be fixed or floating. Also, the profit rates vary based on whether you have chosen Takaful Coverage or not.

    The profit rates for Package personal loan are given below:

      With Takaful Coverage Without Takaful Coverage
    Fixed Rate (1-10 years) 4.99% p.a. 5.99% p.a.
    Floating Rate (1-3 years) Base Rate + 2.25% p.a. Base Rate + 3.25% p.a.
    Floating Rate (4-10 years) Base Rate + 3.15% p.a. Base Rate + 5.15% p.a.

    Note: The current Base Rate is set as 3.65% p.a.

    The fixed profit rates for Non Package personal loan are given below:

    Tenure (years) With Takaful Coverage (% p.a.) Without Takaful Coverage (% p.a.)
    1-3 6.0 7.0
    4-8 6.8 7.8
    9-10 7.0 8.0

    Benefits

    • Under Package type, Bank Islam provides personal loan of RM10,000 to RM200,000 depending on your eligibility. Under Non Package type, you can get a maximum financing of RM150,000.
    • The loan repayment period begins at 1 year and can go up to 10 years or up to your retirement age based on the loan amount and your age while applying for the loan.
    • There are no hidden charges involved.
    • For Package personal loan, you do not have to provide a guarantor or any collateral in the form of a deposit for loan approval. However, if you can provide a collateral in the form of a fixed deposit, you may be eligible for a higher financing amount.
    • For Non Package personal loan, you do not have to provide a guarantor if the loan amount is below RM30,000. If you are looking for loan amounts that are above RM30,000, the bank requires one guarantor.
    • The bank provides competitive profit rates and follows a variable rate of profit for Package personal loan and fixed rate of profit for Non Package personal loan. The profit rates may vary based on whether you are opting for Takaful Coverage or not.
    • Bank Islam personal loan comes equipped with fast approval loans.

    Fees and Charges

    The fees and charges applicable to get Bank Islam Personal Loan are listed below:

    Fee Type Fee Amount
    Processing Fee None
    Late Payment Fee during the Loan Tenure 1% p.a. of the overdue amount
    Late Payment Fee after the Loan Tenure Varies according to Islamic Interbank Money Market Rate
    Early Settlement Fee Equivalent to Deferred Profit at the time of settlement
    Wakalah Fee RM50.00

    Eligibility Criteria

    The following are the eligibility criteria to get a personal loan from Bank Islam:

    • Nationality Criterion: The bank provides personal loan only if you are a Malaysian citizen.
    • Age Criteria: You must be 18 years or above to get the personal loan. Also, you must not have crossed the retirement age by the end of loan tenure.
    • Income Criteria: Your monthly income must be not less than RM2,000 if you are choosing Package personal loan. In case of Non Package personal loan, your monthly fixed income must be not less than RM3,500.

    What documents do I need to prepare?

    The documents required to get Bank Islam Personal Loan approved are:

    Identity Proof:

    • A copy of your NRIC/MyKad

    Income Proof:

    • 3 months’ salary slips
    • 3 months’ bank statement of the salary account
    • EPF statement or Form B/eBE/EA/EC

    Employment Proof:

    • Confirmation Letter from the employer
    • Business Registration Certificate

    Why to Choose Bank Islam?

    Bank Islam offers personal loans in two variants from which you can choose the best option that suits your needs. Bank Islam gives you the flexibility to choose your loan tenure and offers competitive profit rates. You do not have to bring a guarantor with you for loan approval depending on the type of loan package opted and the loan amount chosen. You will be offered higher financing if you can provide collateral in the form of a fixed deposit. You are not forced to keep your loan for any lock-in period. You are free to settle the loan amount whenever you can and be free of debts.

    for Government Employees

    Applicants who work under government sector, selected public listed companies, subsidiary of either government sector or selected public listed companies or other major private companies are eligible to apply for Bank Islam Personal Loan.

    Personal Loan for Private Sector

    Bank Islam offers personal financing-i for private sector through following packages:

    • Personal Financing-i Package: To prominent Private Limited Companies as branded under package companies listed by Bank Islam.
    • Personal Financing-i Programme for Medical Practitioner: To medical practitioners under sole proprietorship or partnership.

    How to Apply?

    At Branch: You can visit the nearest Bank Islam branch to apply for the personal loan. You will have to fill the application form and provide the necessary supporting documents.

    Bank Islam Personal Loan Apply Online: Alternately, you can visit the bank’s official website to apply for loan online. You can click on the apply now option found under the desired loan product. Doing so will redirect you to the application page which needs to be filled in and submitted along with the supporting documents.

    Calculator

    You can determine the bank’s selling price and the monthly instalment amount by entering the details such as the bank’s buying price, profit rate and repayment period on the Calculator page of Bank Islam’s official website. You can vary the loan amount to one which offers an instalment amount that best suits your affordability. The instalment amounts displayed are merely an estimate and can vary based on the profit rate received, the loan amount approved, and the tenure chosen.

    How Do I Pay My Repayments?

    You can repay the monthly repayments via two methods:

    • The monthly instalment will be deducted from your salary and transferred to Bank Islam automatically using Auto-debit instruction.
    • The monthly instalment will be deducted from your salary directly through salary deduction.
    • For Non Package personal loan, standing instruction from other bank’s salary account will also serve the purpose.

    Customer Care Number

    If you wish to contact the customer care department of Bank Islam regarding personal loan product details or for any complaints, you can call on the following numbers:

    Contact Centre: ?+603 26 900 900

    General Line: +603 2088 8000

    FAQ's

    Q. Is there a lock-in period for the personal loan?

    A. No. There is no lock-in period for the personal loan offered by Bank Islam.

    Q. Does the bank ask for any advance payment? If yes, how much is it?

    A. Bank Islam expects an advanced payment that is equivalent to 2 months’ instalment of your loan.

    Q. What is the current base rate of profit at Bank Islam? What would be the profit rate for Package personal loan with Takaful Coverage?

    A. The current base rate of profit for personal loan is 3.65% p.a. The floating base rate for Package personal loan with Takaful Coverage can be 5.9% p.a. to 6.8% p.a. The profit rates given here are indicative and may vary based on changes made to base rate by the bank.

    Q. Is it mandatory to purchase Takaful Coverage while borrowing a personal loan?

    A. It is mandatory to purchase Takaful Coverage with personal loan. If you wish to choose a Takaful provider other than the one offered by the bank you can go for it. However, Takaful becomes optional only when there is a security provided while borrowing the loan.

    Q. Is Wakalah fee applicable on the loan? If yes, how much would it cost?

    A. Yes. A Wakalah fee is applicable on the loan. Bank Islam charges RM50.00 as Wakalah fee.

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