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.
|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)|
|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|
*(Current Bank Islam BR is 3.90% p.a.(Effective from 30 January 2018)
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.)|
The fees and charges applicable to get Bank Islam Personal Loan are listed below:
|Fee Type||Fee Amount|
|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|
The following are the eligibility criteria to get a personal loan from Bank Islam:
The documents required to get Bank Islam Personal Loan approved are:
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.
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.
Bank Islam offers personal financing-i for private sector through following packages:
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.
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.
You can repay the monthly repayments via two methods:
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
For any personal loan related queries, you could contact Bank Islam Personal Loan Customer Care Support.
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.