Bank Rakyat offers Personal Financing-i scheme for government pensioners. The plan comes with competitive profit rates and affordable monthly repayment tenures. The scheme operates on an Islamic banking concept - Tawarruq. Find out more about the plan below:
|Loan Amount||Loan Tenure||Minimum Income||Profit Rate|
|Up to RM100,000 or up to 15 times of the monthly gross pension||Up to 10 years||RM800 of monthly pension||BR + 4.26% (profit rate) 8.36% p.a. (effective rate) 4.79% p.a. (flat rate)|
*(Current Base Rate (BR) is 4.10%)
*(Additional profit rate of 1.5% over the current profit rate for financing without takaful.)
|Interest Rate||Starting from flat rate of 4.79% p.a.|
|Effective Rate||8.36% p.a.|
|Minimum Loan Amount||NA|
|Maximum Loan Amount||Up to RM100,000 or Up to 15 times your monthly pension|
|Loan Tenure||1 to 10 years|
|Stamp Duty Charges||0.5% of total financing amount (as per the Stamp Duty Act 1949)|
|Disbursement and Miscellaneous Fee||NA|
|Wakalah (agency fee)||RM28.30 (includes brokerage fee)|
|Early Settlement Charges||Bank Rakyat provides rebate (ibra’) on early settlement of the financing amount. Ibra is calculated as follows: Ibra’ = Deferred Profit + Undisbursed Principal (if any) – Other Charges (if any)|
|Late Payment Charges||1% p.a. on total outstanding amount of the monthly payment (during financing tenure) As per current Islamic Interbank Money Market Rate (after the agreed financing tenure)|
|Age Requirement||Maximum age: 65 years (at the completion of the financing tenure)|
|Minimum Income Requirement||Minimum fixed monthly pension of RM800|
|Guarantor/Collateral Requirement||Guarantor not required|
|Should I have a linked bank account?||The bank will disburse the approved financing amount to a special account|
|For Applicants from Public Service Departments
(Jabatan Perkhidmatan Awam)
|For Applicants from Department of Veterinary Affairs
(Jabatan Hal Ehwal Veteren)
As the personal loan plan does not need any collateral and compulsory takaful coverage, as a pensioner, this plan can be a convenient funding option for you.
Q. Do I need to take a takaful cover?
A. A takaful cover is optional for this personal financing plan. However, the bank advices you to take a takaful cover.
Q. Can I settle the financing before its maturity?
A. Yes, you are allowed to settle the financing before its maturity date. The bank also provides you rebate (Ibra) for early settlement.
Q. Do I need to provide a guarantor while getting the financing?
A. You may need to provide a guarantor if the banks asks you to do so. However, presenting a collateral is not necessary.
Q. What is the payment method for this personal loan scheme?
A. The repayment is made via Pension Transfer to Bank Rakyat.
Q. Will the interest rate affect if there is any change in the Base Rate (BR)?
A. Yes, any fluctuation in the Base Rate (BR) may affect the payable interest rate of your personal financing plan.
Q. How is the rebate on early settlement calculated?
A. The bank may offer you rebate (Ibra) on early settlement of your financing. The rebate is calculated using the following formula:
Rebate (Ibra) = Deferred Profit + Undisbursed Principal (if any) - Other Charges (if any)
Q. Where should I contact to get any additional information about the scheme?
A. You can contact the bank’s Call Centre by calling 1 300 80 5454 or contact the Data Centre officials on +60326129708.