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.
| Financing Amount | Financing Tenure | Income Requirement | Profit Rate |
|---|---|---|---|
| Up to RM150,000 | Up to 10 years (120 months) | Minimum fixed income of RM3,500 per month |
Flat rates with Takaful coverage: From 6% p.a. to 7% p.a. Flat rates without takaful coverage: From 7% p.a. to 8% p.a. |
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| Profit Rate | Starting from 6% p.a. to 8% p.a. (based on the Takaful coverage) |
| Effective Profit Rate | NA |
| Minimum Financing Amount | RM10,000 |
| Maximum Financing Amount | Up to RM150,000 (financing amount above RM30,000 neds a guarantor) |
| Financing Tenure | Maximum tenure of 120 months (10 years) or up to the retirement age, whichever is earlier |
| Islamic/Conventional | Islamic |
| Debt Consolidation | NA |
| Takaful Coverage | Optional (Personal Financing Takaful Plan) |
| Approval Duration | Fast approval |
| Government Servant? | Yes |
| Stamp Duty Charges | NA |
| Processing Fee | NA |
| Handling Fee | NA |
| Wakalah or Agency Fee | RM25 |
Penalties
| Early Settlement Charges | NA |
| Late Payment Charges |
|
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*(IIMM = Islamic Interbank Money Market)
| 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:
|
| 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 |
Know More about Personal Loan Eligibility
Any one of the following:
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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.
