• Bank Rakyat Personal Financing-i Public

    Personal Loan

    Bank Rakyat Personal Financing-i Public makes obtaining cash easier. You also get easy access to the necessary funds. The concept used for financing for this product 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 Bank Rakyat Personal Financing-i Public

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

    • You can get financing up to RM200,000.
    • There is no need for a guarantor.
    • The tenure offered is up to 10 years.
    • If needed, you can take takaful coverage.
    • The profit rate offered are fixed or floating.
    • The payments to be done in instalments. You can use electronic payment, salary deduction, Biro Perkhidmatan Angkasa to make the payments. An additional profit rate of 2% will be charged for electronic payment.
    • For salary deduction and Biro Perkhidmatan Angkasa financing up to RM200,000 is available.
    • 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 for Bank Rakyat Personal Financing-i Public

    To avail Bank Rakyat Personal Financing-i Public, you will have to meet the following criteria:

    • The minimum age requirement is 18 years.
    • You must be a Malaysian citizen.
    • You must be employed in public sector and at selected GLC Company.
    • 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 in service for at least 3 months.

    Profit Rate

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

    Tenure Payment type Fixed rate Takaful protection
    Up to 3 years Biro Perkhidmatan Angkasa 4.54% Yes
    Up to 3 years Salary deduction 4.54% Yes
    More than 3 years to 10 years Biro Perkhidmatan Angkasa 4.99% No
    More than 3 years to 10 years Salary deduction 4.99% No
    Up to 3 years Electronic payment 5.64% Yes
    More than 3 years to 10 years Electronic payment 6.26% Yes

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

    Tenure Profit rate Effective rate Flat rate
    Up to 3 years Base rate + 3.12% 6.97% 3.70%
    More than 3 years to 10 years Base rate + 3.65% 7.50% 4.24%

    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:
      • Latest 3 months’ salary slip.
      • A copy of MyKad or My Tentera.
      • Latest 3 months bank statement to which your salary gets credited.
      • 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 the stamp duty charge. You are advised to take Takaful coverage from the Takaful company that is 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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