• Bank Rakyat Personal Financing-i Civil Servant

    Personal Loan

    Personal Financing-i Civil Servant (Rakan Pintar) is a unique product which is designed for public servants and for selected GLC Company. This product offers low-interest rate with special benefits. The concept used for financing is Tawarruq. You can buy an easily saleable asset at a marked up price from the bank and make the payment at a later date. You can sell the asset to raise cash.

    Features and benefits of Personal Financing-i Civil Servant (Rakan Pintar)

    Following are the features and benefits of Personal Financing-i Civil Servant (Rakan Pintar):

    • You can get financing up to RM200,000.
    • The tenure offered is up to 10 years.
    • There is no need for a guarantor.
    • You can take takaful coverage, if needed.
    • The payments to be done in instalments.
    • You will have to transfer your salary to Bank Rakyat.
    • You will get free premium banking membership.
    • You will get cashback of RM0.50 on Tabung Haji and MEPS at ATM transactions.

    Eligibility Criteria

    To avail Personal Financing-i Civil Servant (Rakan Pintar), you will have to meet the following criteria:

    • You must be a Malaysian citizen.
    • The minimum age requirement is 18 years.
    • You cannot be more than 60 years old at the end of the financing tenure.
    • The monthly income requirement is RM1,000 including fixed allowances.
    • You must be employed in public sector and at selected GLC Company.
    • You must be in service for at least 3 months.

    Profit Rate

    The following are the profit rates offered for various tenures:

    Tenure Up to 3 years More than 3 years - up to 10 years
    Profit rate Base rate + 2.31% Base rate + 2.94%
    Effective interest rate 6.16% 6.79%
    Flat interest rate 3.26% 3.80%

    The current base rate is 3.85%. The additional profit rate of 1.5% is charged if you are taking financing without takaful.

    Documents Required

    Following are the various documents that you will have to submit along with the application form:

    • For new application:
      • A copy of MyKad or My Tentera.
      • Latest 3 months bank statement to which your salary gets credited.
      • Latest 3 months’ salary slip.
      • You must submit either the EA Form or confirmation letter from the employer.
    • For repeat application:
      • Latest 3 months’ salary slip.
      • A copy of MyKad or My Tentera.

    Fees and Charges

    Following are the various applicable fees and charges:

    Stamp duty 0.5% of the total financing is charged as stamp duty charge. You will be advised to take Takaful coverage from the Takaful company which will be appointed by Bank Rakyat.
    Agency fee or Wakalah RM30 + 6% GST.
    Compensation charge for late payment 1% p.a. on the outstanding amount of monthly payment during the financing tenure. After the financing tenure, you will be charged on the outstanding principal balance based on the current Islamic Interbank Money Market Rate.
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