Pensioners Personal loans are specially designed for the needs of pensioners. Personal financing comes in handy when individuals find themselves in a need of urgent funds. There are multiple personal loan schemes for pensioners in Malaysia that come with flexible repayment tenures and competitive interest and profit rates.
List of Banks in Malaysia that offer Pensioners Personal Loan
Bank Muamalat Pembiayaan Peribadi Pesara (3P) Personal Financing-i
Bank Muamalat offers a personal loan scheme for pensioners based on Shariah principle of Tawarruq and offers loans with a high financing amount and tenures starting from 3 years.
Benefits of Bank Muamalat Pensioners Personal Loan
- The personal financing scheme comes with a flexible range of tenures that has a minimum and maximum limit of 3 and 10 years respectively.
- The financing scheme provides customers with a high range of financing, i.e. up to RM150,000.
- The funds obtainable through the financing package come with fixed and floating profit rates.
- The process doesn’t have a processing fee or handling fee.
- The facility doesn’t need a collateral or a guarantor.
- The facility provides customers with rebate (Ibra’) on early settlement of the financing amount.
Eligibility of Bank Muamalat Pensioners Personal Loan
- The applicants must be government servant pensioners.
- The repayment capacity is determined by DSR and NDI guidelines.
- The candidates must have pension credited with BMMB (Bank Muamalat Malaysia Berhad) under Scheme A and paid by JPA or paid by JHEV for Armed Forces.
Fees and charges of Bank Muamalat Pensioners Personal Loan
|Type of fee||Fee details|
|Will or Wasiat Fee||RM212.00.|
|Late payment fee||1% p.a. on the overdue instalment.|
|Stamp Duty||As per the Stamp Duty Act 1949.|
Bank Muamalat Pensioners Personal Loan Profit Rates
|Tenure||Flat profit rate||Floating profit rate|
|3 to 10 years||5.50% p.a.||(Base financing rate + spread)% p.a. that is capped at 11% p.a.|
Bank Rakyat Personal Financing-i
The package is specifically designed for government pensioners. Coming with a high range of financing and flexible tenures of repayment, this facility provides funds to the pensioners on a competitive range of profit rates. The financing scheme is based on Shariah concept of Tawarruq.
Benefits of Bank Rakyat Pensioners Personal Loan
- The financing facility provides a high range of financing to customers, i.e. up to RM100,000 or 15 times of gross monthly pension of the customer.
- The financing scheme comes with a repayment tenure of up to 10 years.
- The financing package doesn’t need a guarantor or collateral at the time of application process.
- The facility doesn’t require customers to put any security deposit at the time of application.
- The repayments can be made via pension transfer to bank Rakyat.
- Customers can earn rebate (Ibra’) if they choose to pay the total outstanding amount any time before the facility expires.
- There is no processing fee associated with Bank Rakyat Pensioners Personal Loan.
Eligibility of Bank Rakyat Pensioners Personal Loan
- Applicants who are government pensioners are allowed to apply for Bank Rakyat Pensioners Personal Loan.
- Applicants must have a monthly pension of RM800 or more in order to apply for Bank Rakyat Pensioners Personal Loan.
- Applicants should not be older than 65 years of age before the expiration of the financing facility.
Fees and charges of Bank Rakyat Pensioners Personal Loan
|Type of fee||Fee details|
|Wakalah or agency fee||RM30.00.|
|Late payment charges (During the facility period)||1% p.a. on the amount of the overdue monthly instalment.|
|Late payment charges (after the expiration of the facility)||To be determined by IIMM (Islamic Interbank Money Market)|
|Stamp Duty||0.5% of the total approved financing amount as per the Stamp Duty Act 1949.|
Bank Rakyat Pensioners Personal Loan Profit Rates
|Available tenures||Profit rate||Flat rate/Effective rate|
|1 to 10 years||(BR + 4.26)% p.a.||4.63% p.a. / 8.11% p.a.|
Note: BR (Base rate): 3.85% p.a. and additional profit rate for financing with no takaful coverage.
RHB Pensioner Personal Loan
RHB Bank Berhad provides funds to pensioner via its financing plan Pensioner Personal Financing-i. This package is based on the Shariah concept of financing and comes with a range of competitive profit rates.
Benefits of RHB Pensioner Personal Loan
- The financing tenures available with RHB Pensioner Personal Loan range from 3 to 10 years.
- The RHB Pensioner Personal Loan application process doesn’t need any guarantor or collateral.
- Applicants can get funds up to RM100,000 with RHB Pensioner Personal Loan.
- The repayments can be made via pension transfer to the bank.
- In cases where customers decide to opt for an early settlement on the RHB Pensioner Personal Loan, they can earn rebate (Ibra’) on the unutilised financing tenure.
RHB Pensioner Personal Loan Eligibility criteria
- The applicants must be Malaysian government pensioners.
- The applicants must have a monthly pension of RM750 or more to be eligible for RHB Pensioner Personal Loan.
- The applicants must be at least 40 years old at the time of application.
Fees and charges of RHB Pensioner Personal Loan
|Fee type||Fee details|
|Monthly repayment instalment||Monthly repayment instalment is calculated using the formula below: M = [P + (P x R x T) ] / N Where P = Total approved financing amount; R = Profit rate; T = Total tenure in years; N= Total tenure in months.|
|Late payment charges (before the expiration of the financing facility)||1% p.a. on the amount in arrears.|
|Late payment charges (after the expiration of the financing facility)||IIMM% of the total outstanding amount calculated on daily basis. IIMM = Islamic Interbank Money Market.|
|Stamp Duty||RM10.00 per document.|
|Brokerage contribution||RM30.00 per application.|
|Takaful coverage||Depends upon the age of the applicant, financing amount, and the agreed upon financing tenure.|
RHB Pensioner Personal Loan Profit Rates
|Available financing tenures||Profit rate|
|Up to 10 years||5.25% p.a. flat|
How to apply for Pensioners Personal Loan?
- Offline application: Customers can apply for Pensioners Personal Loan at the nearest branch of the bank offering a pensioner personal loan. The request for the same can be put in telephonically via bank’s customer service or hotline numbers.
- Online application: Another way to apply for Pensioners Personal Loan is by visiting the bank’s official website and filling out the application form available there with required details. Customers are then required to upload the supporting documents and submit them along with the duly filled application form.
Q. Is it necessary to take the takaful coverage with Pensioners Personal Loan?
A. For most of the banks offering Pensioners Personal Loan, it is highly recommended for you to take a takaful coverage on the loan.
Q. What is the minimum financing amount one can get with RHB Pensioners Personal Loan?
A. You can apply for an amount of RM5,000 to RM100,000 with RHB Pensioners Personal Loan.
Q. Does a Pensioners Personal Loan require a security deposit?
A. Depending upon the package, you may or may not be asked for a security deposit for a Pensioners Personal Loan.
Q. Can I decide to settle the whole outstanding amount of the Pensioners Personal Loan before the facility expires?
A. Yes, you can opt for an early settlement on your Pensioners Personal Loan.
Q. Is there any benefit associated with settling the outstanding amount of Pensioners Personal Loan before its maturity?
A. Yes. With most of the pensioner’s personal loans, you can get a rebate (Ibra’) on the unused tenure of the facility if you settle the entire loan amount before the expiration of the financing scheme.