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.
| 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.
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| 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.)
Let’s take a look at various benefits of Bank Islam Personal Financing-i for Medical Practitioner:
| 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)
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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 |
Know More about Personal Loan Eligibility
| 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 |
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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.
