• Bank Rakyat Personal Financing-i Private

    Personal Loan

    Bank Rakyat Personal Financing-i Private is designed to fulfill all your current financial needs. Competitive profit rates are offered for this product. The concept used for financing Personal Financing-i Private is Tawarruq. It means that you can buy an easily saleable asset at a marked up price from the bank and make the payment for it at a later date. You can also sell the asset to raise cash.

    Features and benefits of Bank Rakyat Personal Financing-i Private

    Following are the features and benefits of Bank Rakyat Personal Financing-i Private:

    • You can get financing up to RM150,000.
    • There is no need for a guarantor.
    • The tenure offered is up to 10 years.
    • You can take takaful coverage for this product.
    • The rates offered to employees of companies and cooperatives are negotiable. Certain conditions will be stated by the bank.
    • The payments are to be done in instalments. You can use salary transfer to Bank Rakyat, electronic payment, salary deduction, and Biro Perkhidmatan Angkasa to make the payments. An additional profit rate of 2% will be charged for electronic payment.
    • For salary deduction, salary transfer to Bank Rakyat, and Biro Perkhidmatan Angkasa financing eligibility is as follows:
    Income Eligibility
    RM1,000 to RM1,999 5 times your gross monthly salary
    RM2,000 to RM4,000 15 times your gross monthly salary
    RM4,001 to RM6,000 20 times your gross monthly salary
    • For electronic payment the eligibility is as follows:
    Income Eligibility
    RM1,000 to RM5,000 5 times your gross monthly salary
    RM5,001 to RM10,000 8 times your gross monthly salary
    More than RM10,000 10 times your gross monthly salary

    Eligibility Criteria

    You will have to meet the following criteria to avail Bank Rakyat Personal Financing-i Private:

    • The minimum age requirement is 18 years.
    • You must be a Malaysian citizen.
    • You cannot be more than 60 years old at the end of the financing tenure.
    • The minimum gross income including fixed allowance for a permanent employee should be RM1,000 and above. For a contract employee, the minimum gross income including fixed allowances should be RM8,000.
    • The financing tenure requirements are as follows:
    Salary Employment status Financing tenure
    Manufacturing sector RM1,000 to RM1,999 Minimum of 1 year and permanent employment New application – 5 years Repeat application – None
    Manufacturing sector RM1,000 to RM1,999 Minimum of 3 years and permanent employment New application – 7 years Repeat application – None
    RM2,000 to RM3,000 Permanent employment New application – 5 years Repeat application – 10 years
    RM3,001 and above Permanent employment New application – 10 years

    Profit Rate

    The following are the floating profit rates offered for various tenures:

    Employer's category Tenure Profit rate Effective rate Flat rate
    Selected company - salary is RM1,000 to RM1,999 1 to 3 years Base rate + 16.28% 20.13% 11.34%
    Selected company - salary is RM1,000 to RM1,999 4 to 7 years Base rate + 16.53% 20.38% 12.64%
    Selected company - salary is RM2,000 and above 1 to 3 years Base rate + 5.37% 9.22% 4.95%
    Selected company - salary is RM2,000 and above More than 3 years to 10 years Base rate + 5.52% 9.37% 5.44%
    Non-selected company - salary is RM2,000 and above 1 to 3 years Base rate + 7.52% 11.37% 6.16%
    Non-selected company - salary is RM2,000 and above More than 3 years to 10 years Base rate + 7.67% 11.52% 6.89%

    The current base rate is 3.85%. An 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 a new application:
      • Latest 3 months’ salary slip.
      • EPF statement.
      • A copy of MyKad.
      • Latest 3 months’ bank statement to which your salary gets credited.
      • You must submit either the EA Form, e-B slip by LHDN or confirmation letter from the employer.
    • For a repeat application:
      • Latest 3 months’ salary slip.
      • You must submit either the EA Form, e-B slip by LHDN or confirmation letter from the employer.
      • A copy of MyKad.
      • EPF statement.

    Fees and Charges

    Following are the various applicable fees and charges:

    Agency fee or Wakalah RM30 + 6% GST.
    Stamp duty 0.5% of the total financing is charged as the stamp duty charge. You will be advised to take Takaful coverage from the Takaful company that is appointed by Bank Rakyat.
    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 which is based on the current Islamic Interbank Money Market Rate.
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