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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

    The interest rates associated with Bank Islam Personal Financing-i for Medical Practitioner are given below:

    With Takaful

    Tenures Flat Rate Floating Rate
    1-3 years 4.99% p.a. 5.90% p.a.
    4-10 years 4.99% p.a. 6.80% p.a.

    Without Takaful

    Tenures Flat Rate Floating Rate
    1-3 years 5.99% p.a. 6.90% p.a.
    4-10 years 5.99% p.a. 8.80% p.a.

    Benefits & Features

    Let’s take a look at various features and 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

    The following are the fees and charges associated with Bank Islam Personal Financing-i for Medical Practitioner:

    Fee type Fee details
    Processing fee No charge
    Monthly repayment Monthly instalment is calculated using the formula below: M = [A+(A x R x T)]/t; Where M = Monthly repayment instalment; A = Approved financing amount; R = Profit rate imposed; T = Tenure in years; t = Tenure in months
    Handling and disbursement fee No charge
    Stamp Duty 0.5% of the approved financing amount as per the Stamp Duty Act 1949
    Early settlement fee No charge
    Wakalah or Agency fee RM50.00
    Late Payment charges (Before maturity date) The late payment charges before maturity date are determined using the formula below: Overdue instalments x 1% x Number of overdue days/365
    Late Payment charges (Before maturity date) The late payment charges after maturity date are determined using the formula below: Outstanding Sale Price x Prevailing IIMM (in %) x Number of overdue days/365 (IIMM: Islamic Interbank Money Market)
    Advance payment 2 months’ instalment

    Eligibility Criteria

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

    The salaried employee:

    • Must be at least 25 years and not exceed the retirement age by the end of the tenure, and
    • Must be a Malaysian citizen, and
    • Must have a minimum income of RM24,000 p.a., and
    • Must be in service for at least 6 months if permanent employee and 2 years in service if working on contract for the government.

    Sole proprietors:

    • Must be at least 25 years old and not exceed 70 years of age by the end of the loan tenure and
    • Must be a Malaysian citizen, and
    • Must be earning at least RM24,000 p.a. with a minimum of 2 years in business.

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

    The following is the list of the documents required in order to get the Bank Islam Personal Financing-i for Medical Practitioner approved:

    For salaried employees:

    • A photocopy of the identity card, and
    • Latest pay slip, and
    • Registration certificate with Malaysian Medical Council/ Malaysian Dental Council, and
    • The confirmation letter from the employer, and
    • At least one of the following documents:
      • Last 3 months’ bank statements from the account where the salary is being credited, or
      • Latest income statement, i.e. one of B/BE/EA/EC forms, or
      • EPF statement, if necessary

    For sole proprietors:

    • A photocopy of the identity card, and
    • The business registration certificate, and
    • Financial statement for last 2 years, and
    • Certificate of registration with either Malaysian Medical Council or Malaysian Dental Council, and
    • Current account statement for last 6 months, and
    • Latest annual income statement i.e. B/BE Form with payment receipt

    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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