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    Bank Islam Personal Financing-i Non Package

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    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.

    Profit Rates

    Loan Amount Loan Tenure Minimum Income Profit Rate
    Up to RM150,000 From 1 year to whichever falls early between 120 months and the age of retirement RM3,500 per month From 6% pa. to 7% p.a. (flat rate basis)

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    Features

    Minimum Loan Amount RM10,000
    Maximum Loan Amount Up to RM150,000
    Loan Tenure Up 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

    • 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

    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 maturity date)

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    *(IIMM = Islamic Interbank Money Market)

    Eligibility Criteria

    Age Requirement Minimum age: 18 years
    Maximum age: Not exceeding the retirement age at the time of end of the tenure
    Employment Applicant and/or guarantor needs to be employed at:
    • Government Sector, or
    • Public Listed Companies, or
    • Subsidiaries of Government or Public Listed Company
    Minimum Income Requirement RM3,500 per month (minimum fixed income)
    Guarantor/Collateral Requirement Financing of RM30,000 and below (without a guarantor) Financing of RM30,000 and above (one guarantor required)
    Should I have a linked bank account? NA

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    What documents do I need to prepare for this?

    • A copy of identity card
    • Latest salary slips (for 3 months)
    • Employment confirmation letter by 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)

    Before applying 5 Things You Must Know About Personal Loans

    How to apply?

    • 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.

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    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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