Bank Rakyat offers Personal Financing-i for Pensioners which works on the Islamic concept of Tawarruq.
A flat rate and floating profit rate will be determined by the bank on the amount loaned to the customer.
|Tenure||Profit rate||Effective/Flat Rate|
|1 to 10 years||BR + 4.26% p.a.||8.11% p.a. /4.63% p.a.|
(The Current Base Rate (BR) is 3.85% p.a. However, the BR may be flexible. For financing without a takaful coverage, an additional profit rate of 1.5% p.a. over the current profit rate is applicable.)
|Fee type||Fee details|
|Wakalah or Agency Fee||RM30 (inclusive of 6% GST)|
|Compensation charges(Ta’widh) for Late Payment||1% p.a. on the unsettled amount of monthly payment (During the financing tenure) Determined by current Islamic Interbank Money Market Rate on the outstanding principal balance (After expiry of the financial tenure)|
|Stamp Duty||0.5% of total financing as per the Stamp Duty Act 1949|
(JPA : Jabatan Perkhidmatan Awam; JHEV : Jabatan Hal Ehwal Veteren)
Offline Application: An applicant can personally go to the nearest branch of Bank Rakyat and request to apply for the financing package. Applicants must attach the complete set of required documents while submitting the duly-filled application.
Q. I receive RM800 as a monthly pension and I want to apply for a personal loan. What is the maximum amount that I am eligible to get under the Personal Financing-i for Pensioner?
A. A pensioner can get a maximum of RM100,000 personal financing amount from the Bank Rakyat or is granted a maximum amount that is 15 times the monthly gross pension. In this case, you are entitled for a maximum of RM12,000 personal loan under the scheme.
Q. How is the financial tenure decided if I take the loan against my pension?
A. The tenure ranges up to 10 years and is decided as per your loan amount.
Q. Is there any security deposit involved?
A. The bank will inform the customers in advance in case any security deposit is required. A 2-months instalment amount is deducted from the financing amount as security deposit.
Q. How and when can I get the customer assistance facility?
A. For any inconvenience, enquiry or further information needed, you can reach to the customer care executives on 1-300-88-5454 during the active business hours.
Q. Can I get the personal financing if I am a non-government pensioner?
A.No, the Bank Rakyat Personal Financing-i for Pensioner exclusively caters to the government pensioners and anyone who works in the private sector or holds the pension from a private sector firm is not entitled for this particular scheme.
Q. I am a 63-year old government pensioner, what tenure can i opt for under this personal financing scheme?
A. You can apply for the personal loan with a tenure of no more than 2 years since the maximum age of the applicant must not exceed 65 years upon maturity of the tenure.