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.

    Compare Personal Loans by Bank Rakyat

    *Rates last updated February 14th, 2018

    Name of Personal Loan Flat Rate Max. Loan Amount Min. monthly income Tenure Processing Fee More Info.
    Bank Rakyat Personal Financing-i Private 4.95% - 9.37% p.a. RM150,000 RM2,000 1 to 10 years NA
    Bank Rakyat Personal Financing-i Public 3.26% - 6.53% p.a. RM200,000 RM1,000 1 to 10 years NA
    Bank Rakyat Personal Financing-i SMART Cash 9.89% p.a. RM50000 RM72000 1 to 5 years NA
    Bank Rakyat Personal Financing-i for Pensioner 4.63% - 5.60% p.a.(Effective Rate) RM100,000 RM8,00 1 to 10 years NA
    *List of Bank Rakyat Personal Loans in Malaysia

    Features

    Interest Rate (p.a.) Starting from 5.09% p.a. (Flat Rate)
    Loan Tenure Upto 10 years
    Min. monthly income RM2,000
    Min. Loan Amount RM5,000
    Islamic/Conventional Islamic
    Debt Consolidation No
    *Product Features

    Interest Rates

    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: 5.09% p.a. Effective rate: 9.47% p.a.
    3-10 years Flat rate: 5.61% p.a. Effective rate: 9.62% p.a.
    Biro Perkhidmatan Angkasa (BPA) 3 years or less Flat rate: 5.09% p.a. Effective rate: 9.47% p.a.
    3-10 years Flat rate: 5.61% p.a. Effective rate: 9.62% p.a.
    Salary Deduction (PGM) 3 years or less Flat rate: 5.09% p.a. Effective rate: 9.47% p.a.
    3-10 years Flat rate: 5.61% p.a. Effective rate: 9.62% p.a.
    Electronic Payment 3 years or less Flat rate: 6.22% p.a. Effective rate: 11.47% p.a.
    3-10 years Flat rate: 6.95% p.a. Effective rate: 11.62% p.a.
    *Interest Rates for Private Sector
    • 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: 4.54% p.a. Effective rate: 6.41% p.a.
    3-10 years 4.99% p.a. Flat rate: 4.99% p.a. Effective rate: 7.04% p.a.
    Biro Perkhidmatan Angkasa (BPA) 3 years or less 4.54% p.a. Flat rate: 4.54% p.a. Effective rate: 6.72% p.a.
    3-10 years 4.99% p.a. Flat rate: 4.99% p.a. Effective rate: 7.25% p.a.
    Salary Deduction (PGM) 3 years or less 4.54% p.a. Flat rate: 4.54% p.a. Effective rate: 6.72% p.a.
    3-10 years 4.99% p.a. Flat rate: 4.99% p.a. Effective rate: 7.25% p.a.
    Electronic Payment 3 years or less 5.64% p.a. Flat rate: 5.64% p.a. Effective rate: 9.22% p.a.
    3-10 years 6.26% p.a. Flat rate: 6.26% p.a. Effective rate: 9.75% p.a.
    *Interest Rates for Public Sector

    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.

    Benefits

    The following are some of the 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.

    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.
    *Fees & Charges

    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.

    What documents do I need to prepare ?

    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

    How to apply?

    • 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 Apply Online:

      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.

    For any personal loan related queries, you could contact Personal Loan Customer Care Support.

    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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