Personal loans unlike car loans or home loans differ in the aspect of intended use. The personal loans have no predetermined use and can be used in any way deemed fit by the borrower. It can be used to finance a much needed vacation for the family, provide extra cash during an international trip, and fund a child’s education and so on. Due to the varied uses of a personal loan, it is no wonder that it has become a go to tool to secure additional finances when needed. The personal loans from Public bank offer customers personal loan packages that meet their various requirements. These unsecured Islamic loans offer Shariah compliant loans to borrowers without the need for a guarantor. The loan amounts offered under the Public Islamic Bank personal loans can go as high as RM 150,000 and can be availed to meet any requirement provided the candidate is eligible. The tenures are long enough to make payments easier and the repayment can be made through numerous ways such as salary transfer or salary deduction. The personal loan package offered is further tailored for existing customers of Public Islamic bank who have a good history of timely payments. Such customers are eligible to receive attractive financing rates with tenures that go up to 10 years. Read about the features of the Public Islamic Bank personal loans below.
You’re probably eligible for an Public Islamic Bank Personal Loan if you are
At least 20 years old
Less than 58 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Public Islamic Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 150,000
Installments of other loans lower
Increase your eligible Public Islamic Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 10 years
Documentation needed to apply for Public Islamic Bank Personal Loan
- 1.Photocopy of My Kad
- 2.Latest 1 year Tax Returns and Tax Receipts
- 3.Documentation Required for Salaried applicants:
- EPF statement
- Employer confirmation
- Statement Savings Account Book or the last 3 months
- Documentation Required for Self Employed applicants:
- Statement Savings Account Book or the last 6 months
Public Islamic Bank Personal Loan Interest RatesUpdated on 25 Mar 2017
|Minimum Income||RM 1,500|
|Guarantor Requirement||No Guarantee Required|
Public Islamic Bank is one of the most popular banks in UAE and is well known for its cost efficient Islamic finance products. The bank offers finance solutions in the form of home loans, personal loans and vehicle loans. The bank offers different types of personal loan packages that are based on the Islamic principles to suit the different borrowing needs of the customers.
Public Islamic Personal Financing-i in Malaysia
Public Bank has different personal loan packages designed to suit the borrowing needs of the customers in Malaysia. The customers can choose a personal loan product based on their loan requirement. These personal loan packages are designed based on the Sharia principles of the Islamic law and are 100% Sharia compliant. The bank offers two types of Islamic personal loan packages with its own set of features and benefits.
Types of Public Islamic Personal Loan
Listed below are the two types of Islamic personal loan packages offered by the Public Bank.
Public Bank BAE Personal Financing-i -
It is a personal loan that is designed based on the Islamic law. The loan is available to citizens of Malaysia over the age of 20 years with a minimum income of RM 1,000. The loan is approved within a week and comes at a very low rate of interest. Loan amounts up to RM 150,000 are approved with this loan option.
Public Bank Plus BAE Personal Financing-i -
This personal loan is tailor made for exisiting customers of the bank and offers a very attractive margin of finance. One of the main advantages of this personal loan option is that it offers long tenures up to 10 years. The loan also offers optional benefit in the form of Group Takaful coverage.
Features and benefits of Public Islamic Personal Loan
Listed below are the important features of the two Public Islamic Personal loan packages.
- The loan packages are designed based on the Sharia principles of the Islamic law.
- Offers attractive rates of interest
- Offers a mix of long tenure and short tenure options
- Offers high loan amounts
- Low eligibility criteria
- Can be applied for online
- Hassle free application process
- The loans do not require a guarantor
- It offers optional group takaful coverage
- Easy documentation
- 100% Sharia compliant
How to apply for Public Islamic Personal Loan?
One can apply for the loan packages through the traditional method by visiting one of the bank’s branches and applying for the loan personally. Or one can choose to apply to apply for the loan from the comfort of their house by applying for it online either through the bank’s official website or through a third party financial website.
How to Calculate Loan Installment for Public Islamic Bank Personal Loan?
Personal loan installment calculator hosted on bbazaar.my is a useful tool to help you arrive at the tentative installment for your desired Public Islamic Bank personal loan. You can use this tool to calculate how much you have to pay each month so as to plan your finances in advance, even before your personal loan is sanctioned. The installment calculator also furnishes an amortization table that lets you know what part of the loan remains to be paid at any point of time. The personal loan repayment calculator of Public Islamic Bank of Public Islamic Bank personal loan requires you to fill in basic loan-related details like—
- desired personal loan amount
- applicable profit rate
- preferred loan tenure
Knowing your tentative installment amount even before you avail a personal loan is an extremely intelligent way of planning your monthly finances and verifying if you are able to avail the loan or not. Also, these input parameters can be varied to reach that optimum installment amount which is most suitable to your pocket.
Frequently asked questions on Public Islamic Personal Loan
1. Can a new customer apply for Plus BAE Personal Financing-i?
No, only exisiting customers of certain services from the bank are eligible for this loan option.
2. Are the personal loan packages Sharia compliant?
These loan packages are designed based on the Sharia principles of the Islamic Law and are 100% Sharia compliant.
3. What is the rate of interest offered for BAE Personal Financing-i?
The current rate of interest offered for BAE Personal Financing- i is 4.99% per annum. The rate of interest is subject to change from time to time.
Other Products offered by Public Islamic Bank:
Apart from offering personal loan, Public Islamic Bank offers other products and services which includes: