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.
|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|
|Stamp Duty Charges||0.5% of total financing amount (as per the Stamp Duty Act 1949)|
|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)|
An applicant needs to conform to the following eligibility criteria while applying for the financing:
|Age Requirement||Minimum age: 18 years Maximum age: 60 years (at the end of the financing tenure)|
|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|
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.