• Bank Rakyat Personal Loan

    Bank Rakyat Personal Loan

    Bank Rakyat personal loans are offered by Bank Rakyat, to customers in Malaysia. These loans come at attractive rates of interest and the application process is simple and easy. Bank Rakyat was established in the year 1954 and has since then gained popularity and confidence among the Malaysian customers.

    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 20 Nov 2017

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

    Fees and Charges Involved in Bank Rakyat Personal Loans

    Personal financing products by Bank Rakyat charge the following fees and charges, depending on the type of product:

    • Stamp duty – 0.5% of your total financing amount as per the Stamp Duty Act of 1949. The bank advises you to opt for the Group Takaful Coverage from a bank appointed Takaful Company.
    • Ta`widh or compensation fee for late payments:
      • Before your financing tenure expires – 1% p.a. on your monthly outstanding balance.
      • After your financing tenure expires – IIMM rates are applicable on the principal outstanding balance. IIMM refers to the Islamic Interbank Money Market Rate.
      • Wakalah or Agency Fee – RM30 (includes 6% GST).

    Eligibility Criteria for Bank Rakyat Personal Loans

    Criteria Personal Financing-i Civil Servant (Rakan Pintar) Personal Financing-i Public Sector Personal Financing-i Private Sector Personal Financing-i for Pensioner Personal Financing-i SMART Cash
    Nationality
    • Malaysian citizens.
    • Public sector/select GLC employees in service for at least 3 months.
    • Malaysian citizens.
    • Public sector/select GLC employee in service for at least 3 months.
    Malaysian citizens. Government pensioners. Malaysian citizens.
    Age
    • Min: 18 years.
    • Max: 60 years at the maturity of the financing tenure.
    • Min: 18 years.
    • Max: 60 years at the maturity of the financing tenure.
    • Min: 18 years.
    • Max: 60 years at the maturity of the financing tenure.
    Max: 65 years at the maturity of the financing tenure.
    • Min: 18 years.
    • Max: 60 years at the maturity of the financing tenure.
    Minimum monthly income (includes fixed allowances) RM1,000. RM1,000.
    • Permanent employees – RM1,000.
    • Contract employees – RM8,000.
    Monthly pension of RM800. Min. EPF contribution per month – RM660.

    Document Requirement for Bank Rakyat Personal Loans

    New applications:

    • A copy of My Tentera or MyKad.
    • Salary slips for the last 3 months.
    • Bank statements for salary crediting account for the last 3 months.
    • One of the following documents (depending on type of personal loan):
      • A confirmation letter provided by your employer OR
      • EA Form OR
      • e-B slip by LHDN OR
      • EPF Statement.

    Repeat/Overlap applications:

    • A copy of My Tentera or MyKad.
    • Salary slips for the last 3 months.
    • EPF Statement.

    For pensioners - Jabatan Perkhidmatan Awam (JPA)

    • MyKad.
    • Pensioner Card issued by the Malaysian Government.
    • Pension Statement.

    For pensioners - Jabatan Hal Ehwal Veteran (JHEV)

    • MyKad.
    • Army Pensioner Card.
    • Ledger Pensioner.

    Bank Rakyat offers its customers an array of personal financing products with special benefits. Find below the personal financing products offered by the bank:

    • Personal Financing-i Civil Servant (Rakan Pintar)
    • Personal Financing-i Public Sector
    • Personal Financing-i Private Sector
    • Personal Financing-i for Pensioner
    • Personal Financing-i SMART Cash

    Personal Financing-i Civil Servant (Rakan Pintar)

    This personal financing product is meant only for public servants and certain GLC companies.

    Features:

    • It is based on the Tawarruq concept.
    • You can receive financing of up to RM200,000.
    • There is no guarantor requirement.
    • Optional takaful coverage is available.
    • Instalment method – Salary transfer to the bank.
    • Profit rates – Flat rates of 3.26% p.a. and 3.80% p.a. with Effective Interest Rate (EIR) of 6.16% p.a. and 6.79% p.a.

    Benefits:

    • The bank offers a free membership for premium banking.
    • Earn cashback of RM0.50 at Tabung Haji on ATM Transactions and MEPS.

    Read more on Bank Rakyat Personal Finance-i Civil Servant

    Personal Financing-i Public Sector

    Features:

    • It is based on the Tawarruq concept.
    • You can receive financing of up to RM200,000.
    • Profit rates:
      • Fixed rates – Between 4.54% p.a. and 7.12% p.a.
      • Floating rates – Flat rates of 3.70% p.a. and 4.24% p.a. with EIR of 6.97% p.a. and 7.50% p.a.
    • There is no guarantor requirement.
    • Optional takaful coverage is available.
    • Salary transfer:
      • Electronic payment.
      • Salary Deduction.
      • Biro Perkhidmatan Angkasa (BPA).
    • Instalment method – Choose between BPA (up to RM200,000) and Salary Deduction.

    Read more on Bank Rakyat Personal Finance-i Public

    Personal Financing-i Private Sector

    This personal financing product can be used to fulfill present financial needs at attractive profit rates.

    Features:

    • It is based on the Tawarruq concept.
    • You can receive financing of up to RM150,000.
    • Floating profit rates – Flat rates from 4.95% p.a. up to 12.64% p.a. with EIR from 9.22% p.a. up to 20.38% p.a.
    • There is no guarantor requirement.
    • Optional takaful coverage is available.
    • Negotiable profit rates offered to employees of cooperatives and companies according to conditions stated by Bank Rakyat.
    • Instalment methods:
      • BPA.
      • Salary transfer to the bank.
      • Salary deduction.
      • Electronic payment.

    Read more on Bank Rakyat Personal Finance-i Private

    Personal Financing-i for Pensioner

    This personal financing product is only meant for government pensioners, offering affordable instalment payment options with attractive profit rates.

    Features:

    • It is based on the Tawarruq concept.
    • You can receive financing of up to RM100,000 or 15X your gross monthly pension.
    • Profit rates – Flat rate of 4.63% p.a. with EIR of 8.11% p.a.
    • Receive financing for up to 10 years.
    • There is no guarantor requirement.
    • Optional takaful coverage is available.
    • Instalment method – Pension transfer to the bank.

    Personal Financing-i SMART Cash

    Get instant cash with this personal financing product offered by Bank Rakyat.

    Features:

    • It is based on the Tawarruq concept.
    • You can receive financing of up to RM50,000.
    • Profit rates – Flat rate of 9.73% p.a. with EIR of 16.85% p.a.
    • There is no guarantor requirement.
    • Optional takaful coverage is available.
    • Financing eligibility – Get up to 25X your monthly contribution to EPF.
    • Payment method – through electronic payments.

    How to Apply for Bank Rakyat Personal Loans

    You can apply for a personal loan from Bank Rakyat online by visiting the bank’s website. Choose the “Apply Now” option corresponding to the personal financing type and provide your product and personal details. A representative of the bank will then contact you based on the contact details you have provided to take the application process further.

    For any enquiries, you can contact the bank on their Contact Centre number (tele-Rakyat) at 1-300-80-5454.

    Alternatively, you can also visit your nearest Bank Rakyat branch, speak to a member of the staff and apply for the loan in person.

    Bank Rakyat Personal Loan FAQs

    Q. How is the profit rate calculated for Bank Rakyat Personal Loans?

    Bank Rakyat uses a BR rate or a Current Base Rate to calculate the profit rates for their personal financing products. The current Base Rate is 3.85%. An additional 1.5% profit rate will added to the Base Rate in case you have not chosen the takaful cover for your personal financing.

    Q. Which states in Malaysia have the Personal Financing-i Quick Cash option under Personal Financing-i SMART Cash?

    You can subscribe for Personal Financing-i Quick Cash option at select bank branches of any of these states - Kuala Lumpur, Kedah, Negeri Sembilan, Pahang, Johor, Perak, Putrajaya, Pulau Pinang, Selangor and Sabah.

    Q. 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.

    Q. 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.

    Q. 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.

    Q. 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.

    Q. 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.

    Q. 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.

    Q. 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.

    Q. 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.

    News About Bank Rakyat Personal Loan

    • Zulkiflee appointed as MD/President by Bank Rakyat

      Datuk Zulkiflee Abbas Abdul Hamid appointed as Bank Rakyat’s Managing Director/President. He said at a press conference that given the chance to explore the bank, he will give more comprehensive action plan. Zulkiflee Abbas Abdul Hamid served on the board of directors for Maybank Islamic and he was Group Chief Executive Officer/ MD at Affin bank until 2015. He has also served on various committees such as Association of Banks, Malaysia, and Malaysian Electronic Payment System. As Bank Rakyat has collaborated with Bank Rakyat Indonesia, the Chief Retail Banking Officer hoped that it will help capture the remittance service market share of Indonesian workers in Malaysia.

      13th April 2017

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