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