If you are looking for a product that has been inspired by smart banking techniques and at the same time has the best of conventional banking that you are so familiar with the Bank Islam personal loan is the perfect option for you. Also, if you are looking for an option that has the highest margin possible at 100%, for a personal loan, you are in luck, when you choose this product. Whether you are looking forward to buying a new stereo system for your car or even a casual trip to Maldives or Australia with your family, this personal loan, this personal loan might turn out to be very helpful especially if you are looking for competitive profit rates. These loans also come with easy repayment options. The tenure for the loan repayment can go upto 60 months, which is quite reasonably high. Also, a loan guarantor is not required for signing the the personal loan application form. It does not end there.
You also can make the most of your free Takaful insurance, which in Islamic banking, is one of the most lucrative products in the market. Also, being a hard core Shariah law of financing initiatives in Malaysia, they also ensure that the personal loan options do not come to people with hidden charges or even processing fees. You can also, get personal finance against structured finance, fixed deposit or unit trust. The personal loan interest rate for Bank Islam in Malaysia is as low as 7.85%, which is phenomenal for a product, with already so many benefits. Read on to know more about this product.
You’re probably eligible for an Bank Islam Personal Loan if you are
At least 18 years old
Less than 70 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Bank Islam 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 Bank Islam Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Documentation needed to apply for Bank Islam Personal Loan
- 1. A copy of identity card
- 2. Latest 3 months’ salary slip
- 3. Latest employer’s confirmation letter
- 4. Latest 3 months Bank Statements of salary crediting account
- 5. Latest income statement (Form B/eBE/ EA/EC)
Bank Islam Personal Loan Interest RatesUpdated on 25 Jun 2017
|Interest Rate||7.85 %|
|Minimum Income||RM 1,500|
|Guarantor Requirement||No Guarantee Required|
Why should I avail Bank Islam Personal Finance?
Bank Islam personal financing offers a host of great features and benefits to customers. Listed below are some of these features.
- The personal loan provided by the Bank Islam offers highest margin of finance that goes up to 100%. This means that the customer does not need to pay anything and the bank provides every last penny of the intended expense.
- The maximum repayment period allowed is 60 months which gives customer sufficient time to choose the most affordable installment amount.
- The personal loan application process is simple and quick which gives customers options to fulfill their financial needs without much hassle.
- There is no loan processing fee or any hidden charges.
- Bank Islam offers a Takaful coverage to the customers applying for personal loan.
- Flexible and competitive rate of finance.
- Personal loan guarantor is not required to sign the personal loan application.
Bank Islam Personal Loan Schemes
Following are the personal loan schemes offered by Bank Islam, to customers in Malaysia.
A personal loan scheme based on Islamic banking concepts, suitable for customers who wish to avail Islamic Banking financial products.
Personal Cash Line-i
The Personal Cash Line-I comes with 3 variants:
- Loan secured against Fixed Deposit: The margin of finance is 100%
- Loan secured against unit trust: The margin of finance is 60%
- Loan secured against structured investment: The margin of finance is 80%
With the highest finance margins and highest base financing rates (currently 6.85%), the Bank Islam Personal Loan is the first choice of customers. If the applicant is already a savings or current account holder with Bank Islam, application process becomes easier as the loan amount is transferred directly to the existing customer account.
How to Apply For Bank Islam Personal Loan?
Application for Bank Islam Personal Finance can be made either online or offline. Following is the list of documents that are required for processing of Pinjaman Perdbadi for Malaysain customers.
- A copy of identity card of borrower
- Latest 3 months' salary slip
- Latest confirmation letter from employer
- Latest 3 months Bank Statements of salary crediting account
And at least one of these documents:
- Latest income statement (Form B/eBE/ EA/EC); or
- Any other latest supporting document such as EPF statement, if required
Bank Islam Personal Finance FAQs
Q.What documents are required to apply for the Bank Islam Personal Loan?
The customers need to submit an application form along with the copy of NRIC, salary slips of past 3 months, bank statements of past 6 months, Business registration certificate, latest EA statement, latest EPF statement. Documentation may vary slightly depending upon the profile and nature of work of the applicant.
Q.How shall the Personal Loan Installments be paid to the Bank Islam?
Currently the bank accepts only one mode of payment which is standing instruction facility. The customer must have a current account which is linked with the Bank Islam Personal Cash Line-I. In case the customer does not have a current account, he may open one before applying for the Personal Loan.
Q.Who is eligible to apply for the Bank Islam Personal Cash Line-i?
Any Malaysian citizen of age 18 years and above is eligible to apply for the Bank Islam personal loan given that he/she has a minimum monthly income of RM1,500. Business partners and sole proprietors are also eligible to apply if their business has been in existence for two or more years.
Q.How will the Personal Loan Installments be paid to the Bank Islam?
Currently, the bank accepts only one mode of payment which is standing instruction facility. The customer must have a current account which is linked with the Bank Islam Personal Cash Line-I. In case the customer does not have a current account, he may open one before applying for the Personal Loan.
Q.Is a guarantor required to sign my personal loan application?
No. Bank Islam does not require a guarantor for processing your personal loan request.
Q.What is the maximum loan period for which I can avail personal finance from Bank Islam?
The maximum repayment period allowed for personal loans is 10 years.
Q.What are the payment methods available for repaying personal loan?
Two repayment methods are available for repayment of personal loan.
- Deduction from salary
- Salary transfer to Bank Islam via standing instruction to the bank
Other Products offered by Bank Islam:
Apart from offering personal loan, Bank Islam offers other products and services which includes: