Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    Bank Rakyat Personal Loan

    Bank Rakyat offers a personal loan that boasts a myriad of features such as quick approval times and a high financing amount of up to RM200,000.

    You’re probably eligible for an Bank Rakyat Personal Loan if you are

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     Bank Rakyat Personal Loan Minimum Age

    At least 21 years old

    Bank Rakyat Personal Loan Maximum Age

    Less than 70 years old

    Bank Rakyat Personal Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

     Bank Rakyat Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Bank Rakyat Personal Loan amount eligibility is based on these factors

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    Bank Rakyat Personal Loan Minimum Salary

    Minimum income required
    RM 2,000

    Bank Rakyat Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is RM 100,000

    Bank Rakyat Personal Loan Installments

    Installments of other loans lower
    your eligibility


    Increase your eligible Bank Rakyat Personal Loan amount by these steps

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    Bank Rakyat Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

     Bank Rakyat Personal Loan Tenure

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for Bank Rakyat Personal Loan

    • 1.Photocopy of MyKad
    • 2. Application Form
    • 3. Documentation for salaried applicants:
      • Latest 3 months salary slips
      • Latest 3 months Salary-Crediting Account / latest EPF statements / latest EA Form / latest BE Form and tax receipt
    • 4. Documentation for self Employed applicants:
      • Business Registration Form (Form 9, 24 ,49, MA)
      • Latest 6 months Business Bank Statements
      • Latest B form with proof of tax payment receipt/ latest Profit & Loss and Balance Sheet statements

    Bank Rakyat Personal Loan Interest RatesUpdated on 18 Jan 2018

    Bank Rakyat Personal Loan Details
    Tenure 5 years
    Guarantor Requirement No Guarantee Required

    Benefits & Features of Bank Rakyat Personal Loan

    The following are some of the features and benefits associated with Bank Rakyat Personal Loan:

    • The Bank Rakyat personal loan can be used for a range of purposes and offers fast approval loans making it ideal for those facing an urgent expense.
    • The application process is hassle-free.
    • One can apply for a maximum loan amount of up to RM200,000.
    • The loan does not require a guarantor.
    • The loan comes with financing tenures of up to 10 years.
    • These personal loans come with a fixed as well as floating rate of interest.

    Interest Rates for Bank Rakyat Personal Loan

    The following are the fixed and floating rates of Bank Rakyat Personal Loan:

    • Private Sector:
    Type of Payment Tenure Floating Rate
    Salary Transfer to Bank Rakyat 3 years or less Flat rate: 4.95% p.a. Effective rate: 9.22% p.a.
    3-10 years Flat rate: 5.44% p.a. Effective rate: 9.37% p.a.
    Biro Perkhidmatan Angkasa (BPA) 3 years or less Flat rate: 4.95% p.a. Effective rate: 9.22% p.a.
    3-10 years Flat rate: 5.44% p.a. Effective rate: 9.37% p.a.
    Salary Deduction (PGM) 3 years or less Flat rate: 4.95% p.a. Effective rate: 9.22% p.a.
    3-10 years Flat rate: 5.44% p.a. Effective rate: 9.37% p.a.
    Electronic Payment 3 years or less Flat rate: 6.08% p.a. Effective rate: 11.22% p.a.
    3-10 years Flat rate: 6.78% p.a. Effective rate: 11.37% p.a.
    • Public Sector:
    Type of Payment Tenure Fixed Rate Floating Rate
    Salary Transfer to Bank Rakyat 3 years or less 4.54% p.a. Flat rate: 3.26% p.a. Effective rate: 6.16% p.a.
    3-10 years 4.99% p.a. Flat rate: 3.80% p.a. Effective rate: 6.79% p.a.
    Biro Perkhidmatan Angkasa (BPA) 3 years or less 4.54% p.a. Flat rate: 3.70% p.a. Effective rate: 6.97% p.a.
    3-10 years 4.99% p.a. Flat rate: 4.24% p.a. Effective rate: 7.50% p.a.
    Salary Deduction (PGM) 3 years or less 4.54% p.a. Flat rate: 3.70% p.a. Effective rate: 6.97% p.a.
    3-10 years 4.99% p.a. Flat rate: 4.24% p.a. Effective rate: 7.50% p.a.
    Electronic Payment 3 years or less 5.64% p.a. Flat rate: 4.81% p.a. Effective rate: 8.97% p.a.
    3-10 years 6.26% p.a. Flat rate: 5.53% p.a. Effective rate: 9.50% p.a.

    Please note that an additional profit rate of up to 0.86% p.a. and 1.5% p.a. will be charged with fixed and floating rate respectively for financing without takaful.

    Bank Rakyat Personal Loan Eligibility Criteria

    Let’s look at the eligibility criteria of Bank Rakyat Personal Loan:

    • Private Sector:

      Any Malaysian citizen aged between 18 to 60 years can apply for the loan. The permanent employees and the contract employee must have a gross income of RM2,000 and RM8,000 respectively to be eligible to apply for this loan.

    • Public Sector:

      All Malaysians working in public sector, GLC Subsidiary, or GLC Companies with at least 3 months of service can apply for this loan. The applicants must be at least 18 years of age and have a minimum monthly income of more than RM1,000.

    Documents required to Apply for Bank Rakyat Personal Loan

    The following is the list of documents required to apply for Bank Rakyat Personal Loan:

    For private sector applicants:

    • A copy of MyKad
    • Latest 3 months’ bank statement of the account the salary is credited into
    • Last 3 months’ salary slip
    • EPF statement, and
    • At least one of EA form, confirmation letter by the employer, or e-B Slip by LHDN

    For public sector applicants:

    • A copy of either MyKad or MyTentera
    • Latest 3 months’ salary slip
    • Last 3 months’ bank statement of the salary crediting account, and
    • At least one of EA form or the confirmation letter from the employer

    Bank Rakyat Personal Loan Fees and charges

    The following table describes the fees and charges associated with both private and public sector personal loan processes:

    Payment type Charges
    Stamp duty A fee of 0.5% of the financed amount will be charged under Stamp Duty Act 1949.
    Wakalah (Agency Fee) RM30.
    Late payment charges 1% of the total amount due will be charged in cases of late payments during the financing tenure. Whereas, the late payment charges after the expiration of financing tenure, the fee charged on the total outstanding balance will depend upon the current Islamic Interbank Money Market Rate.

    How to apply for Bank Rakyat Personal Loan?

    • Direct walk-in:

      One can apply for a personal loan by visiting the nearest Bank Rakyat Branch. The application form available at the branch can be filled and procedure can be completed by submitting the required documents.

    • Telephonically:

      Another method to apply for the loan is by calling the bank’s contact centre where one can put in a request for a personal loan.

    • Bank Rakyat Personal Loan Online application:

      One can apply for a personal loan on the Bank Rakyat’s website. The completion of the form online will be followed by the bank representative contacting the applicant.

    Bank Rakyat Personal Loan FAQs

    Q. What is the maximum amount I can apply a loan for?

    A. You can apply for a maximum of RM200,000.

    Q. Do I need to be accompanied with a guarantor to get my loan approved?

    A. No. The process doesn’t require a guarantor.

    Q. Is Takaful coverage mandatory to apply for a personal loan?

    A. No, the Takaful coverage is optional.

    Q. I’m an expatriate working in Malaysia. Can I apply for the loan?

    A. No. Only Malaysian citizens can apply for the Bank Rakyat Personal Loan.

    Q. Is there a maximum age limit too?

    A. Yes. Malaysian citizens who are older than 60 years by the end of financing tenure are not eligible to apply for this loan.

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