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    Bank Islam Personal Financing-i Non Package

    Bank Islam Personal Financing-i Non Package is a personal financing facility from Bank Islam that comes with a relatively longer duration of up to 10 years and takes very little approval time. You can enjoy a competitive rate of interest with no hidden charges with this financing facility.

    Interest Rates

    The following are the interest rates Bank Islam Personal Financing-i Non Package:

    With Takaful

    Tenure Flat Rate
    1-3 years 6.0% p.a.
    4-8 years 6.8% p.a.
    9-10 years 7.0% p.a.

    Without Takaful

    Tenure Flat Rate
    1-3 years 7.0% p.a.
    4-8 years 7.8% p.a.
    9-10 years 8.0% p.a.

    Benefits & Features

    • You can apply for a maximum of RM150,000 through this facility.
    • The facility has a profit rate of as low as 6% p.a.
    • The Bank Islam Personal Financing-i Non Package comes with a repayment period of up to 120 months.
    • If you’re applying for an amount below RM30,000, you don’t need to be accompanied with a guarantor.
    • The process takes very little processing and approval time.
    • The process doesn’t have any hidden charges.
    • The payments can be made through easy payment methods like salary deduction, transferring salary from salary account to Bank Islam with auto-debit instruction, and by placing standing instructions on other bank accounts.
    • The selling process of this facility is fixed and known.

    Fees and charges

    The fees and charges associated with Bank Islam Personal Financing-i Non Package are given below:

    Fee type Fee details
    Processing fee No charge
    Monthly repayment Monthly instalment is calculated using the formula below: M = [P+(P x R x T1)]/T2; Where M = Monthly repayment instalment; P = Approved financing amount; R = Profit rate imposed; T1 = Tenure in years; T2 = 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
    Late Payment charges (Before maturity date) The late payment charges before maturity date are calculated as: Overdue instalments x 1% x Number of overdue days/365
    Late Payment charges (After maturity date) The late payment charges after maturity date are calculated as: Outstanding Sale Price x Prevailing IIMM (in %) x Number of overdue days/365; where IIMM stands for Islamic Interbank Money Market
    Advance payment The applicants need to pay a 2 months advance payment

    Eligibility Criteria

    • The applicants must be at least 18 years old at the application date and should not exceed retirement age by the maturity date.
    • The applicants must have an annual income of RM42,000 in order to apply for this facility.
    • The applicants must be Malaysian citizens and must be working in government sector, public listed companies, or subsidiaries of government or public listed companies.

    What documents do I need to prepare for Bank Islam Personal Financing-i Non Package?

    The list of the required documents in order to get the loan approved in form of Bank Islam Personal Financing-i Non Package is given below:

    • A copy of identity card, and
    • The confirmation letter from the latest employer, and
    • Last 3 months’ salary slips, and
    • One of the documents listed below:
      • Last 3 months’ bank statement from the account where salary is being credited, or
      • Latest Form B or Form EA/EC, i.e. income tax form, or
      • Any other supporting document like latest EPF statement

    How to apply for Bank Islam Personal Financing-i Non Package Personal Loan?

    • Offline application: You can apply for Bank Islam Personal Financing-i Non Package at the nearest Bank Islam branch. In order to get the loan approved, you need to fill the form and submit it along with the required supporting documents. You can also put in your request telephonically by calling the bank at its helpline numbers.
    • Online Application: Another way to apply for Bank Islam Personal Financing-i Non Package is by filling the application form available online. You just have to visit the bank’s official website and fill the form with necessary details in order to get this facility approved. This saves your valuable time as well as efforts.

    FAQs

    Q. What is the maximum and minimum limit I can apply for through this facility?

    A. You can apply for a minimum and maximum of RM10,000 and RM150,000 through this facility respectively.

    Q. Do I have to necessarily opt for the takaful coverage?

    A. No. The takaful coverage is optional. However it is recommended for coverage protection against death or total permanent disability.

    Q. Is it mandatory for me to be accompanied with a guarantor at the time of application?

    A. The requirement of the guarantor depends upon the financing amount you apply for. If you’re applying for a financing amount of RM30,000 or less, you don’t need to be accompanied by a guarantor. But if the financing amount applied for exceeds RM30,000, you need one guarantor along with you at the time of application.

    Q. Whom can I take as my guarantor?

    A. Any continued employee of government sector, public listed companies, or subsidiaries of government or public listed companies is eligible to accompany you as a guarantor.

    Q. How much time does it take to get the loan approved?

    A. The process generally takes up to 5 working days.

    Q. What repayment periods are available with this facility?

    A. The minimum repayment period with this facility is 12 months. However the upper limit of the repayment period is a maximum of 120 months or up to the retirement age, whichever is earlier.

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