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.
The following are the interest rates Bank Islam Personal Financing-i Non Package:
|1-3 years||6.0% p.a.|
|4-8 years||6.8% p.a.|
|9-10 years||7.0% p.a.|
|1-3 years||7.0% p.a.|
|4-8 years||7.8% p.a.|
|9-10 years||8.0% p.a.|
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|
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:
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.