• Personal Loan for Pensioners

    Bank Muamalat Personal Loan for Pensioners

    Bank Muamalat Malaysia Berhad, the second full-fledged Islamic bank to be established in Malaysia after Bank Islam Malaysia Berhad, is poised to play its role in providing Islamic banking products and services to Malaysians, without regard to race or religious beliefs. The bank provides a variety of loan options especially for the government servant.

    Financing Government pensioners under Scheme A

    • Tenure minimum of 3 years and maximum of 15 years

    • Financing Amount minimum: RM5,000.00

    • Maximum: RM 150,000.00 (Floating Rate), RM 100,000.00 (Flat Rate)

    Documents Required:

    • Copy of NRIC (front and back)

    • Copy of Pensioner Card

    • Copy of latest Pension Ledger or copy of updated Current/Saving Account statement where previous pension credited

    • BMMB Current/Saving Account Passbook Products / Items

    Fees and Charges

    The bank charges a nominal amount as processing fee for the loan. The rates may change as per the bank’s discretion.

    Alliance Pension Planning

    Alliance Pension Financing provides cost effective financing with low monthly instalments, flexible financing tenure and competitive profit rate of BR + 4.65% (reducing balance basis).

    Benefits

    • Monthly instalments from as low as RM38*

    • Complimentary Takaful coverage for applicants below age of 48 years old (next birthday)**

    • Longer financing tenure of up to 10 years

    • NO Processing Fee

    • NO Early Settlement Penalty

    • FAST Approvals

    • NO guarantor or collateral required

    • Consolidate other debts into ONE single monthly instalment

    Eligibility

    • Retired armed forces personnel with pension under scheme A

    • Individual applicant only

    Fees and Charges

    There is processing or early settlement fee

    1% per annum deducted as compensation charges on late payment

    Stamp duty fee 5% and handling fees 0.053% charged according to Stamp Duty Act 1949 (revised 1989)

    Alliance CashVantage Personal Financing

    Alliance CashVantage Personal Financing offers funds for personal or for business purpose with low monthly instalments, flexible financing tenure and profit rate as low as 6.88%* per annum (flat rate basis).

    Benefits

    Monthly instalments from as low as RM97**

    • FLEXIBLE financing tenure up to 7 years

    • NO Processing Fee

    • NO early settlement fee

    • FAST Approval

    • NO guarantor or collateral required

    • EASY Repayment via IBG

    • Consolidate up to a maximum of 4 Credit Cards and/or Personal Financing commitments into ONE single monthly instalment.

    Eligibility Criteria

    Malaysians and permanent residents working and residing in Malaysia only.

    • Malaysians working in Singapore, but residing in Malaysia will be considered.

    • Age requirement:

    a. minimum 21 years old

    b. maximum 60 years old (upon maturity of Facility)

    • Income requirement: minimum gross monthly income of RM3000 or RM36000 per annum.

    Fees and Charges

    There is processing or early settlement fee

    For Pension Financing-I, 3 months' written notice or 3 months' profit rate in lieu of such notices is required

    1% per annum deducted as compensation charges on late payment

    Stamp duty fee 5% and handling fees 0.053% charged according to Stamp Duty Act 1949 (revised 1989)

    RHB Islamic Bank Pensioner Personal Financing-i

    RHB Islamic Bank Pensioner Personal Financing-i is an unsecured Islamic personal loan for Malaysian citizens exclusively for Government and military pensioners. A minimum amount of RM5000 up to RM100,000 is offered as personal loan.

    Features and Benefits

    • Hassle-free loan without guarantor or collateral
    • Applicant is covered by Takaful protection
    • Minimum financing amount RM5000
    • Maximum loan amount RM100000
    • Loan tenure 3 to 10 years
    • 5% fixed rate of interest per annum
    • Approval duration up to 5 business days

    Eligibility Criteria

    • Should be aged between 55-67
    • Should be a government or military pensioner
    • Takaful product is required
    • Should have an open-linked bank account

    Fees and Charges

    • Processing fee – RM50
    • Stamp duty – RM10
    • Disbursement and misc. fee – RM30
    • 1% on outstanding amount is deducted as late payment charges
    • There is no early settlement penalty

    Bank Rakyat Personal Loan for Senior Citizens

    Personal financing-i aslah (senior citizen) is a special loan that is caters to the financial requirements of pensioners.

    Features and Benefits

    • Financing of up to RM20,000 available
    • RM5,000 Takaful death coverage
    • Maximum financing of up to 5 years

    Eligibility Criteria

    • Should be a retired senior citizen with pension
    • Maximum 65 years old at the end of loan tenure
    • The pension account should be in Bank Rakyat

    Fees and Charges

    As with other loans, Bank Rakyat Personal Financing-i also charges a nominal processing fee for senior citizens’ personal finance. The fees and charges, however, are subject to change, as per the bank’s discretion.

    These were some of the banks that offer personal loans for pensioners in Malaysia. In order to know more about the personal finance, it is advisable to go to the bank directly.

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