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Bank Islam Personal Financing-i for Medical Practitioner

Bank Islam Personal Financing-i for Medical Practitioner is a personal financing facility for medical practitioner from Bank Islam that provides instant funds with very little processing and approval time. The funds can be useful at times of medical emergencies, vacation plans, weddings, education purpose, and business expansion and development among many other occasions. The facility provides the customers with competitive profit rates with no hidden charges.

Interest Rates

Loan Amount Loan Tenure Minimum Income Profit Rate
Up to RM200,000 From 1 year to whichever falls early between 120 months and the age of retirement RM2,000 per month Financing rate with takaful cover: 4.99% p.a. (on flat rate basis) From BR + 2.25% p.a. to BR + 3.15% p.a. (floating rate basis) Financing rate without takaful cover: 5.99% p.a. (flat rate basis) From BR + 3.25% p.a. to BR + 5.15% p.a. (floating rate basis)

*(Current BR (Base rate) is 3.90% p.a.

Features

Minimum Loan Amount RM10,000
Maximum Loan Amount Up to RM200,000
Loan Tenure 1 to 10 years
Islamic/Conventional Islamic
Debt Consolidation NA
Takaful Coverage Optional (Personal Financing Takaful Plan)
Approval Duration Fast approval

*(Current Base Rate (BR) 3.90% p.a. and current Base Financing Rate (BFR) is 6.85% p.a.)

Benefits

Let’s take a look at various benefits of Bank Islam Personal Financing-i for Medical Practitioner:

  • The facility lets the customers apply for a high loan amount of up to RM200,000.
  • The repayment tenures are flexible and have a maximum range of up to 120 months.
  • The customers can enjoy a low flat financing rate of as low as 4.99% p.a.
  • You can apply for a maximum of RM150,000 through this facility.
  • The facility comes with quick approval time.
  • The loan doesn’t have a processing fee or any other hidden charges.
  • The salary earners can make the payment through simple payment methods like salary deduction, transferring salary to Bank Islam via auto-debit instructions, and auto-debit instructions from the salary crediting account from other banks.
  • The sole proprietor and the partners of a business can complete the payment by using auto-debit instruction from Bank Islam or salary crediting accounts from other banks.

Fees and charges

Stamp Duty Charges NA
Processing Fee NA
Handling Fee NA
Wakalah or Agency Fee RM25

Penalties

Early Settlement Charges NA
Late Payment Charges Overdue instalments x 1% x Number of overdue days/365 (before the maturity date) Outstanding Sale Price x Prevailing IIMM (in %) x Number of overdue days/365 (after the maturity date)

*(IIMM = Islamic Interbank Money Market)

Eligibility Criteria

The eligibility criteria of Bank Islam Personal Financing-i for Medical Practitioner are given below:

Salary earner:
Nationality: Malaysian citizen
Age requirement:
Minimum age: 25 years
Maximum age: Not exceeding the retirement age at the end of tenure
Income criterion: Minimum RM2,000 per month (minimum gross income)
Minimum tenure in employment:
Permanent staff: 6 months
Contract staff: 2 years (government only)
Sole Proprietorship or Partnership:
Nationality: Malaysian citizen
Age requirement:
Minimum age: 25 years
Maximum age: up to 70 years
Income criterion: Minimum RM2,000 per month (minimum gross income)
Employment: Minimum 2 years in business
Guarantor/Collateral Requirement Not required
Should I have a linked bank account? NA

What documents do I need to prepare for Medical Practitioner personal loan

Salary earner Sole Proprietorship or Partnership
A copy of identity card
Latest salary slip
Employment confirmation letter from the current employer
Any one of the following: Latest income tax form (Form B or Form EA/EC)
Latest bank statements of salary crediting account (for 3 months)
Any other supporting document as requested by the bank (e.g. EPF statement)
A copy of identity card
Business registration certificate
Latest current account statements (for 6 months)
Latest statement for annual income (BE/B Form) with a payment receipt
Financial statements for last 3 years
Certificate of registration with Malaysian Medical Council or Malaysian Dental Council

How to apply for Bank Islam Personal Financing-i for Medical Practitioner?

  • Offline application: The applications for Bank Islam Personal Financing-i for Medical Practitioner can be made at the Bank Islam’s nearest branch. The application form filled with necessary details along with the supporting documents should be presented in order to get this loan. Another way to apply is to by putting the request telephonically through bank’s helpline numbers.
  • Online Application: The applications can also be made online on the bank’s official web portal. The application forms available online need to be filled with required details and the required documents need to be uploaded to complete the process.

FAQs

Q. What is the minimum amount I can apply for through this facility?

A. The maximum and minimum financing amount through this facility is RM200,000 and RM10,000 respectively.

Q. What are the repayment periods I can choose from?

A. You can choose from a range of tenures from 1 year to 10 years.

Q. Is it mandatory to have collateral?

A. No guarantor is required for Bank Islam Personal Financing-i for Medical Practitioner.

Q. How long does it take to get the funds approved?

A. It usually takes up to 5 working days to get the funds approved.

Q. Should I opt for the takaful coverage?

A. Although it is not mandatory to opt for the takaful coverage with this facility, it’s recommended to take takaful coverage protection against death or total permanent disability.

Q. What will happen if I choose to settle the whole repayment amount before it matures? Will I have to pay any fee in such case?

A. No. You’re not liable to pay any early settlement fee. In these cases, you will earn a rebate (Ibra) depending upon the number of months remaining from the actual tenure. 

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