• Islamic Personal Loan

    Islamic personal loans are compliant with the Sharia (Islamic law) principles. According to the principle of Sharia, acceptance of specific interest or fees for loans of money (known as riba, or usury), no matter if the payment is fixed or floating, is prohibited. A number of banks in Malaysia offer personal loans that are compliant with the Sharia law. Here is a list of Islamic personal loans provided by different Malaysian banks.

    BSN AFLAH PRIMA Personal Financing-i

    This is an unsecured Islamic personal loan with a tenure of up to 10 years, offered exclusively for medical doctors and medical officers. The loan is approved within 5 business days.

    Features and Benefits

    The benefits and features of the personal loan provided by BSN AFLAH PRIMA are mentioned below:

    • Approved loan amount of up to RM200,000
    • Minimum financing – RM10,000
    • Loan tenure - 2 to 10 years
    • Fixed interest rate of 0.54% per month or 6.50% per annum
    • Applicant covered by Takaful protection
    • No guarantor or collateral required

    Eligibility Criteria

    In order to avail the BSN AFLAH PRIMA Islamic personal finance, the borrower has to fulfill the following criteria:

    • Age – 21 to 65 years
    • Should be a Malaysian resident
    • Loan only for medical doctors and officers
    • Should earn a salary of RM3000 per month
    • Should have an open-linked bank account
    • Takaful product should have been availed

    Fees and Charges

    Here is a list of fees charged by BSN AFLAH PRIMA:

    • There is no processing, late payment charges, or disbursement and misc. fees applicable.
    • Stamp duty – 0.5% on the loan amount
    • In case of early settlement, 1% penalty will be charged on the outstanding loan amount.

    Maybank Islamic Personal Financing-i

    With up to 6 years tenure this unsecured Islamic personal loan is provided to Malaysian citizens employed as a Government servant, employee of a private sector organization, or self-employed. The loan is approved within 2 business days.

    Features and Benefits

    The personal financing offered by Maybank has got some attractive features. A few of them are mentioned as under:

    • Minimum loan amount – RM5,000
    • Maximum loan amount – RM100,000
    • Tenure of the loan – 2 to 6 years
    • Rate of interest - Fixed rate of 6.50% to 8.00% per annum
    • No collateral or guarantor is required

    Eligibility Criteria

    The borrower who has fulfilled the following criteria will be considered eligible to avail Maybank’s Islamic personal finance:

    • Age requirement is 21 to 60 years
    • Citizen of Malaysia employed as Government servant
    • Private sector employee and self-employed can also avail this loan
    • The borrower should earn around RM2,500 every month
    • Should have Takaful coverage
    • An open-linked bank account is mandatory

    Fees and Charges

    There are no charges levied on this Islamic personal loan. However, 1% on the outstanding loan amount is deducted as late payment charges.

    Alliance Islamic Bank CashVantage Personal Financing-i

    An unsecured Islamic personal loan of up to 7 years for Malaysian citizens and permanent residents working and residing in Malaysia. The personal finance gets approved within 7 business days.

    Features and Benefits

    The benefits and features of Alliance Islamic Bank CashVantage personal financing-i are mentioned as under:

    • Minimum personal finance amount – RM5,000
    • Maximum personal finance amount – RM100,000
    • Tenure of the personal finance – 1 to 7 years
    • Rate of interest - Fixed rate of 6.88% to 8.88% per annum
    • No collateral or guarantor is required

    Eligibility Criteria

    Here is the eligibility criteria required for personal finance from Alliance Islamic Bank:

    • Age requirement is 21 to 60 years
    • Citizens of Malaysia
    • Permanent residents working and residing in Malaysia
    • Malaysian citizens who are working in Singapore
    • The borrower should earn around RM3,000 every month
    • Should have Takaful

    Fees and Charges

    There are no charges levied on this Islamic personal loan. Stamp duty valued at 0.55% of the loan amount is applicable. 1% on the outstanding loan amount is levied as late payment charges.

    AmIslamic Bank AmMoneyLine Facility-i

    An unsecured Islamic personal loan of up to 8 years with Takaful protection for Malaysian citizens and permanent residents. It takes only up to 2 business days to get the loan approved.

    Features and Benefits

    Some of the competitive benefits and features of the loan are mentioned as under:

    • Maximum personal finance amount – RM100,000
    • A minimum amount of RM2,000 can be availed as personal loan
    • Tenure of the personal finance – 1 to 8 years
    • Rate of interest – Flat rate of interest at 8% to 11.99%% per annum. The interest rate is subject to credit review by the bank.
    • No collateral or guarantor is required
    • Includes Takaful protection

    Eligibility Criteria

    The borrower should ensure that he falls under the eligibility bracket as issued by the bank. Here are some criteria:

    • Age requirement is 21 to 60 years
    • Malaysian citizens and expats
    • A salary of RM2,000 per month should be earned
    • Should have Takaful coverage

    Fees and Charges

    There are no charges levied on this Islamic personal loan. Stamp duty levied is based as per Stamp Duty Act 1949 (Revised 1989). 1% on the outstanding loan amount is applicable as late payment charges.

    Al Rajhi Bank Personal Financing-i

    An unsecured Islamic personal loan of up to 7 years, Government servants, employees of private sector organizations, and self-employed individuals can avail Al Rajhi Bank’s finance for their personal expenses. The loan approval duration is 5 business days.

    Features and Benefits

    The benefits and features of Al Rajhi Bank personal financing-i are listed as under:

    • Maximum personal finance amount – RM100,000
    • A minimum amount of RM1,000 can be availed as personal loan
    • Personal finance tenure – 1 to 7 years
    • Rate of interest – Flat rate of interest at 8.99% per annum
    • No collateral or guarantor required
    • Includes Takaful protection

    Eligibility Criteria

    The borrower, in order to be eligible to avail the personal loan, should comply by the following criteria:

    • Age requirement is 21 to 54 years
    • Malaysian citizens
    • Government employees, private sector employees and self-employed individuals
    • A salary of RM5,000 per month is mandatory
    • Should have availed Takaful product

    Fees and Charges

    No charges are levied on this Islamic personal loan. However, stamp duty is charged at 0.5% of the loan amount.

    Bank Rakyat Personal Financing-i Aslah Swasta

    Bank Rakyat’s unsecured Islamic personal loan has a 10-year tenure, exclusively for full-time employees of private sector organizations.

    Features and Benefits

    Among the many attractive and competitive benefits and features of the personal finance provided by Bank Rakyat, a few are listed below:

    • Maximum personal loan amount – RM150,000
    • A minimum loan amount of RM5,000 can be availed for personal expenses
    • Personal loan tenure – 1 to 10 years
    • Rate of interest – Flat rate of interest at 8.99% per annum
    • No collateral or guarantor required
    • Can be availed without Takaful protection
    • Approved within 5 business days

    Eligibility Criteria

    In order to avail the loan, the borrower should be aged between 18 to 60 years. A few other criteria are:

    • Should be a citizen of Malaysia
    • Full-time employees of private sector organizations
    • A salary of RM2,000 gross per month is mandatory
    • Should have availed Takaful product

    Fees and Charges

    Apart from the stamp duty at 0.5% of the loan amount, no charges are levied on this Islamic personal loan.

    MBSB Private Sector Personal Finance-i

    An unsecured Islamic personal loan of up to 10 years for Malaysian citizens and permanent residents who are employee of a private sector organization or self-employed.

    Features and Benefits

    Some attractive features of MBSB Islamic personal loan include:

    • Maximum loan amount – RM300,000
    • Minimum loan amount – RM3,000
    • Personal loan tenure – 2 to 10 years
    • Rate of interest – Flat rate of interest at 8.99% per annum
    • No collateral or guarantor required
    • Loan gets approved within 24 hours

    Eligibility Criteria

    The bank will check for the following eligibility criteria of an individual before giving a go ahead for the loan:

    • Age requirement is 21 to 60 years
    • Malaysian citizens
    • Permanent residents with valid proof
    • Private sector employees and self-employed individuals
    • A salary of RM3,500 per month is necessary

    Fees and Charges

    No processing fee, early settlement fee, and stamp duty charges are levied on this Islamic personal loan. However, a few other charges include:

    • Disbursement and misc. fees - Handling fees of RM 34* (*Fees are not including GST 6%) and IBG fees RM 4*
    • Late payment charges - 1% p.a. on the instalments amount in arrears and not compounded.

    HSBC Amanah Anytime Money Personal Financing-i

    This is an unsecured Islamic personal with a tenure of up to 5 years offered by the bank to Malaysian citizens and permanent residents employed as a Government servant, employee of a private sector organization, or self-employed.

    Features and Benefits

    Here are the features of HSBC Amanah Anytime Money Islamic personal finance plan:

    • Maximum personal finance amount – up to RM150,000
    • A minimum amount of RM6,000 can be availed as personal loan
    • Personal finance tenure – 2 to 5 years
    • Fixed rate of interest at 10.50% – 12.50% per annum
    • Loan approval duration – 3 business days
    • No collateral or guarantor required
    • Includes Takaful protection

    Eligibility Criteria

    The criteria are as under:

    • Age requirement is 21 to 60 years
    • Malaysian citizens
    • Government employees, private sector employees and self-employed individuals
    • A salary of RM3,000 per month is mandatory
    • Should have availed Takaful product

    Fees and Charges

    There are no charges or fees levied on this Islamic personal loan.

    Hong Leong Islamic Personal Financing-i

    Hong Leong Bank offers an unsecured Islamic personal finance of up to 5 years for Malaysian citizens employed as a Government servant, employee of a private sector organization, or self-employed.

    Features and Benefits

    Hong Leong Bank’s Islamic personal loan has the following features:

    • Maximum personal finance amount – RM150,000
    • A minimum amount of RM5,000 can be availed as personal loan
    • Personal finance tenure – 1 to 5 years
    • Interest rate – Fixed rate of interest at 12.00% per annum
    • No collateral or guarantor required
    • Includes Takaful protection
    • Duration of loan approval – 2 days

    Eligibility Criteria

    The individual wishing to avail the Islamic personal loan from Hong Leong Bank should fulfill the following eligibility criteria:

    • Age requirement is 21 to 60 years
    • Malaysian citizens
    • Government employees, private sector employees and self-employed individuals
    • The borrower should earn a minimum of RM2,000 per month
    • Should have availed Takaful product

    Fees and Charges

    Here is the list of fees and charges levied by the Hong Leong Bank for Islamic personal finance:

    • Processing fee – RM15
    • Stamp duty – 0.5% of the loan amount
    • Late payment charges – 1% on outstanding loan amount

    RHB Islamic Bank Personal Financing-i

    This is an unsecured Islamic personal loan with a 7 year tenure, provided by the bank for employees of private sector organizations, or self-employed individuals.

    Features and Benefits

    The personal loan from RHB Islamic Bank has a number of attractive benefits and features that include:

    • Maximum personal loan amount – RM150,000
    • A minimum amount of RM5,000 can be availed as personal finance
    • Duration of the Islamic personal loan – 2 to 7 years
    • Rate of interest – Fixed interest rate at 6.60% to 14.16% per annum, depending on the loan taken
    • Tenure of loan approval – Approximately 5 business days
    • No collateral or guarantor required
    • Includes Takaful protection

    Eligibility Criteria

    Here is the eligibility criteria as put down by RHB Islamic Bank:

    • Age – 21 to 65 years old
    • Should be a citizen of Malaysian
    • Private sector employees and self-employed individuals
    • A salary of RM1,500 per month should be earned
    • Should have availed Takaful product
    • Should have an open linked bank account

    Fees and Charges

    The fees and charges levied by RHB Islamic Bank on personal finance is listed as under:

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