When it comes to personal loans, a one package suits all mode doesn’t work because the requirements vary for different people. The need for a personal loan is the number one differentiating feature. One may borrow a loan to pay off other loans whereas someone else might avail a loan to cover for an exotic vacation. There are differences not just in reason or amount withdrawn, but also in the nature of the loan. Some offer fixed rates of financing while others offer floating rates. Some may prefer a conventional loan whereas others may want an Islamic loan. Islamic loans are a very popular product in the Islamic banking industry which has seen tremendous growth in the past decade. These loans offer all the benefits of a conventional loan while being Shariah compliant. Bank Rakyat Personal Financing-i Private Sector is a sought after product when it comes to Islamic personal loans.
The Personal Financing-i Private Sector is a loan that follows the concept of Tawarruq. These loans come with higher maximum tenures of up to 10 years and make repayments easy. The profit rates on this loan are very affordable and employees of select companies and cooperative societies are even offered negotiable rates. What sets this loan apart is that it offers affordable profit rates that are dependent on the salary drawn by the borrower and the payment type chosen. Borrowers can pay either through BPA, Salary deduction or salary transfer. The various features of the Personal Financing-i Private Sector is as follows.
You’re probably eligible for an Bank Rakyat Personal Loan if you are
At least 18 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Bank Rakyat Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 200,000
Installments of other loans lower
Increase your eligible Bank Rakyat Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 10 years
Documentation needed to apply for Bank Rakyat Personal Loan
- 1. Copy of MyKad/MyTentera
- 2. Latest 3 months' salary slip
- 3. Latest 3 months Bank Statements of salary crediting account
- 4. Employment Confirmation Letter or EA Form
Bank Rakyat Personal Loan Interest RatesUpdated on 27 Oct 2016
|Minimum Income||RM 1,000|
|Guarantor Requirement||No Guarantee Required|
Why should I avail Bank Rakyat Personal Loan?
Bank Rakyat personal financing offers a host of great features and benefits to customers. Listed below are some of these features.
- Flexible personal loan amounts of up to RM 2,00,000 can be availed under the personal loan scheme from Bank Rakyat
- Various loan schemes are available for different customer types so that the financial needs of customers from almost all sectors of work, can be met
- Flexibility to repay loan installments via both online and offline modes
- The rate of interest offered is competitive and attractive
- Application for Pinjaman Peribadi is easy, simple and quick
- No hidden or additional charges are applicable for processing of Bank Rakyat personal finance.
Bank Rakyat Personal Finance Schemes
Following are the personal loan schemes offered by Bank Rakyat, to customers in Malaysia.
Personal Finance-i Civil Servant:Also known as ‘Rakan Pintar’, this personal loan is specifically for the public servants with comparatively lower rate of profit and a financing tenure of up to 10 years. Additionally, it also offers free benefits such as premium banking membership. The individuals can apply for a loan of up to 35X of their gross salary.
Personal Finance-i Public:This advanced personal loan scheme is for the public sector employees with a maximum amount of RM 200,000 required for financing. A government employee drawing a salary of minimum RM 1,000 is eligible to apply for this loan without the need of any guarantor.
Personal Financing-i Swasta: The Shariah compliant personal loan or Bank Rakyat Personal Financing-i Swasta is especially designed for those individuals who work for either a private sector organization or listed public sector company. There is no collateral needed to apply for the loan but a guarantor may be asked to sign as security. It must be kept in mind that this loan is only for the customers who are applying per their first personal loan application.
What is the maximum personal loan that can be borrowed under the Swasta personal loan scheme from Bank Rakyat?
The maximum personal finance amount under the Aslah Swasta personal finance scheme varies with respect to the salary of the loan applicant.
|Monthly Salary of the applicant||Personal loan amount|
|RM 1000-1999||up to 5 times monthly salary|
|RM 4001-6000||up to 20 times monthly salary|
|RM 6001-150000||up to 25 times monthly salary|
What is the eligibility criteria to avail Bank Rakayat personal finance-I Aslah Swasta?
Applicant should be a Malaysian citizen of minimum 18 years and maximum 60 years of age and should be employed permanently by his/her employer. Minimum income per month should be at least RM 1000.
Personal Finance-i Private:The private sector employees or professionals such as doctors, engineers and lawyers can apply for this loan which allows a maximum financing of up to RM 150,000. The minimum salary required is RM 2,000 for the private employees, and RM 8,000 for contractual workers.
Personal Finance-i Pensioner:The government pensioners who have not crossed an age of 65 years as on the date of financing are eligible to apply for this loan subjected to the following financing limits:
- Maximum RM 100,000, or
- Maximum 15 times of the monthly gross pension income, or
- The maximum amount of installment being 30% of monthly gross pension without house financing, or
- The maximum amount of installment being 50% of monthly gross pension with house financing; whichever is lower.
How to Apply For Bank Rakyat Personal Loan
Personal finance from Rakyat Bank can be availed via online application by visiting the bank’s website or via offline application by visiting any of the bank branches. Here are the documents that Rakyat Bank requires personal loan applicants to submit.
- Copy of MyKad
- Latest salary slips (last 3 months)
- Copy of bank statement (last 3 months)
- EPF statement
- Confirmation letter by employer
Bank Rakyat Personal Finance FAQs
How will the Rakyat Bank personal loan amount reach me?
Once you have filled in the personal loan application form and submitted the same along with all the required documents, the bank will verify information furnished by you after which based on your eligibility, bank will sanction your loan. This might take a few days following which the personal finance amount will directly be credited by the bank into your Rakyat Bank account.
What are the available payment options for monthly installments?
Thanks to the very flexible financing solutions, Bank Rakyat offers a number of options allowing the customer to choose a method that he/she is most comfortable with. Salary deduction, deduction from savings account, postdated checks, Biro Perkhidmatan Angkasa or a standing order, are all available options. It has been advised by the bank to apply for an automatic deduction from the savings account as it eliminates the chances of late penalty fees and also offers a good interest rate.
Can I choose to repay my personal loan earlier than the actual loan tenure?
Yes. Rakyat Bank personal finance-I can be paid earlier than the stipulated loan tenure. If the borrower has extra funds and is willing to pay in full or partially the entire loan amount then he/she is free to do so since the early settlement charges are 1% per annum on the outstanding amount of the monthly payment.
Is the personal finance-i scheme from Rakyat Bank Sharia compliant?
Yes Rakyat Bank personal finance-i is a Sharia compliant financial tool and is based on the Islamic principles of banking.
What is the mode of repaying personal loan obtained from Rakyat Bank?
Repayment of Rakyat Bank personal loan can be started by borrowers as soon as they get their hands on the loan amount. The payment can be made either online or by visiting any of the bank branches. Standing instructions too can be set so that the bank will auto-debit loan installment from your account each month.
What is the margin of finance that Rakyat Bank offers on its Islamic personal finance scheme?
Margin of finance depends upon the monthly salary of the loan applicant and is different for different customers.
What is the minimum personal loan amount that can be availed as part of Rakyat Bank personal finance-I scheme?
The minimum personal finance amount that can be availed under the personal finance scheme is RM 5,000.
What is the profit rate offered by Rakyat Bank on its personal finance scheme-i?
The profit rate is competitive and is in the range of 4.88% - 9.07% per annum.
Should I apply for Swasta personal finance scheme if I have a bad credit score?
No. It is advisable to first correct your credit score and then apply for personal finance from Rakyat Bank; failing which your personal loan application may be rejected.
Do I get to avail takaful coverage too along with the Rakyat Bank personal finance scheme?
Takaful coverage for personal finance is optional and is dependent upon the sole discretion of customers. If you want, you can avail insurance coverage for your loan amount from Rakyat Bank.
Other Products offered by Bank Rakyat:
Apart from offering personal loan, Bank Rakyat offers other products and services which includes: