• Personal Loan BYTES FROM OUR KITCHEN

    Bank Rakyat Personal Financing-i Debt Consolidation

    Bank Rakyat’s Personal Financing-i Debt Consolidation facility helps you consolidate all your balances from other financial institutions into one single consolidated instalment to give a stress-free and convenient mode of payment. With help of this facility, you can convert multiple profit rates for different financial balances into a financial balance with relatively lower profit rate.

    Profit Rates

    The following table contains an illustration describing the profit rate pattern of Bank Rakyat’s Personal Financing-i Debt Consolidation for RM100,000 for a period of 10 years:

    Financing tenure Current rate and monthly instalment Debt consolidation rate and monthly instalment Savings
    10 years 11.37% p.a. and RM1,399 10.17% p.a. and RM1,331 RM68 per month or RM8,160 for 10 years

    Benefits & Features

    The following are the benefits and features of Personal Financing-i Debt Consolidation:

    • The minimum settlement with this facility is RM50,000.
    • The process comes with fast approval time.
    • You can make settlements for more than one account with this facility.
    • The facility comes with a flexible range of tenures of up to 10 years.
    • With this facility, you can consolidate balances from conventional credit lines.
    • You can enjoy lower profit rates allowing for easier repayment.
    • The facility is open to new as well as existing Bank Rakyat customers.

    Fees and Charges

    Fee type Fee details
    Processing fee No charge.
    Late Payment charges (Before the maturity date) 1% p.a. of the outstanding amount of the pending monthly instalment.
    Late Payment charges (After the maturity date) IIMM% of the outstanding principal.
    Stamp Duty 0.5% of the total financing as per the Stamp Duty Act 1949.
    Will Fee or Wasiat RM30 inclusive of 6% GST.

    Where IIMM: Islamic Interbank Money Market.

    Eligibility Criteria

    • Nationality criteria: Only Malaysian citizens can apply for this facility.
    • Age criteria: The applicants must be at least 18 years at the time of application and should not be older than 60 years by the time of the maturity of this facility.

    What documents do i need to prepare for this loan application?

    • A copy of MyKad or MyTentera.
    • Bank statement for last 3 months from the salary crediting account.
    • Last 3 months’ salary slips.
    • Confirmation letter from the employer or the latest EA form.
    • The private companies’ employees also need to provide the e-B Slip by LHDN.
    • The confirmation statement from other financial institutions or credit company.

    How to apply for Personal Financing-i Debt Consolidation?

    • Offline application: You can get the estimated financing eligibility and apply for the Bank Rakyat’s Personal Financing-i Debt Consolidation at the nearest Bank Rakyat’s branch or put in a request by calling the bank’s hotline numbers.
    • Online Application: You can also submit your financing application online by filling out the form at the bank’s website and uploading the supporting documents along with it.

    FAQs

    Q. What range of discounts on profit rates can I get through this facility?

    A. The public sector employees can get up to 1.00% of discount on profit rates, whereas the private sector employees can enjoy up to 1.20% discount on the profit rates.

    Q. What is the range of tenures I can get with the facility?

    A. You can choose any tenure from 1 to 10 years with this facility.

    Q. What other institutions can I set the balance for with this facility?

    A. You can settle outstanding or open lines of credit other credit companies, financial cooperatives, and financial institutions.

    Q. Does the process require any collateral?

    A. No. The process doesn’t require any collateral.

    Q. What if I don’t opt to get the takaful coverage with this facility?

    A. Although it’s optional to get the takaful coverage with the facility, it is advised to opt for the same.

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