Cash woes? A personal loan to the rescue!

    Bank Rakyat Personal Financing-i SMART Cash

    Bank Rakyat offers multiple personal loan schemes among which Bank Rakyat Personal Financing-i SMART Cash is known for instant loaning facility. The scheme provides prompt cash to a customer with a competitive profit rate. The Bank Rakyat Personal Financing-i SMART Cash works on the Islamic Sharia principle of personal financing which is also known as ‘Tawarruq’. Under this, a customer purchases an easily saleable asset from the Islamic bank at an inflated price to be paid at a later date and sells it immediately to raise cash.

    Profit Rates

    Loan Amount Loan Tenure Minimum Contribution Profit Rate
    Up to RM50,000 1 to 5 years RM660 of monthly EPF employee contribution Basic rate: BR + 13% p.a. Flat rate: 9.89% p.a.

    *(Current Base Rate (BR) is 4.10%) *(Additional profit rate of 1.5% over the current profit rate for financing without takaful.)


    Interest Rate Starting from 9.89% p.a. (flat rate)
    Effective Rate 17.10% p.a.
    Minimum Loan Amount NA
    Maximum Loan Amount Up to RM50,000 or Up to 25 times of your monthly EPF employee contribution
    Loan Tenure 1 to 5 years
    Islamic/Conventional Islamic
    Debt Consolidation NA
    Takaful Coverage Optional
    Approval Duration NA
    Government Servant? NA


    • Through the scheme, a customer can obtain personal financing of up to RM50,000.
    • The Bank Rakyat Personal Financing-i SMART Cash comes with quick approval and disbursal times.
    • The applicant’s Malaysian identity card (MyKad) in the only initial requirement to acquire the loan.
    • An applicant does not need a guarantor while applying for the loan.
    • A takaful or insurance coverage is not mandatory for a customer though it is encouraged to have one.
    • The financing tenure to repay the loan amount goes up to 5 years.
    • A customer can use Electronic Payment method to make the instalments of his payments in an instant and hassle-free way.
    • On early settlement of the payment, the bank will provide rebate (ibra') to its customers.

    Fees and Charges

    Stamp Duty Charges 0.5% of total financing amount (as per the Stamp Duty Act 1949)
    Processing Fee NA
    Disbursement and Miscellaneous Fee NA
    Wakalah (agency fee) RM28.30 (includes brokerage fee)


    Early Settlement Charges No fee charged Bank Rakyat provides rebate (ibra’) on early settlement of the financing amount.
    Ibra is calculated as follows:
    Ibra’ = Deferred Profit + Undisbursed Principal (if any) – Other Charges (if any)
    Late Payment Charges 1% p.a. on total outstanding amount of the monthly payment (during financing tenure) As per current Islamic Interbank Money Market Rate (after the agreed financing tenure)

    Eligibility Criteria

    An applicant needs to conform to the following eligibility criteria while applying for the financing:

    Nationality Malaysian citizen
    Age Requirement Minimum age: 18 years Maximum age: 60 years (at the end of the financing tenure)
    Employment Pensioner
    Minimum Contribution Minimum EPF contribution of RM660
    Guarantor/Collateral Requirement Guarantor not required
    Should I have a linked bank account? The bank will disburse the approved financing amount to a special account
    • An applicant needs to be a Malaysian citizen to apply for the personal loan.
    • Applicants should have attained a minimum of 18 years at the time of application.
    • The maximum age of the applicant should not exceed 60 years at the time of maturity of the tenure.
    • An applicant should have a monthly EPF contribution of at least RM660.

    Required Documents

    Compulsory document MyKad

    How to Apply for this Loan?

    Offline Application: An applicant can choose from over 30 branches of the Bank Rakyat across Malaysia to visit and apply for the personal financing. Applicants must submit the duly filled application form along with any additional supporting documents the bank might request.

    Online Application: An application form is available on the bank’s official website where a customer can submit his/her application for the Personal Financing-i SMART Cash. He/she needs to fill in his personal details to initiate the submission process.


    Q. Can I make online repayment for my financing?

    A. Bank Rakyat Personal Financing-i SMART Cash scheme comes with the Electronic Payment system which allows you to make e-payment which is a more convenient mode than paying by a cheque or cash.

    Q. What documents do I need to submit at the time of application?

    A. You need to present a copy of your authentic Malaysian identity card i.e. MyKad to obtain the loan. You do not need to submit any additional document while making an application.

    Q. How much rebate I will receive from the bank on early settlement of my financing amount?

    A. Decided by the bank, the amount of early settlement is calculated by a formula stated below:

    Early Settlement Amount = Selling Price – Principal Paid – Undisbursed Principal – Ibra’ + [(Cost of Fund (COF) – Effective Financing Rate (EFR)) x Principal Disbursed] + Other Actual Costs

    Q. I have taken a takaful cover from an agent who is not appointed by the bank. Is that authorised?

    A. You are free to obtain it from any other agent in Malaysia. However, it is advised to take a takaful (insurance) plan from an operator appointed by the bank.

    Q. Do I need to pay for the security deposit in addition to my financing instalments?

    A. An instalment amount for 2 months will be subtracted from the financing amount and credited into a Special Account as Security Deposit. This amount can be used to recover the payments that you fail.

    Q. How can I get in touch with the bank representatives?

    A. You can contact the Call Centre at 1-300-88-5454 during the official business hours or reach the Data Care Centre at 03–26129708 for any emergency advice.  

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