Public Bank is a leading banking institution in Malaysia offering a wide variety of banking products and solutions at affordable rates. The bank offers both, conventional and Islamic banking products to its wide consumer base. The Personal financing products from Public Islamic Bank are a sought-after product due to its convenience and utility. The loan is ideal for borrowers to bridge the gap between their expenses and finances.
Types of Public Islamic Bank Personal Loans
Public Islamic Bank offers 4 main types of personal loans which are as follows:
BAE Personal Financing-i: This personal loan package offers financing for a multitude of expenses and has no specific purpose making it a very convenient loan. The loan is available for borrowers who have attained a minimum age of 20 years and has varying loan amounts starting from RM11,000 going up to RM150,000. The loan is an unsecured product and does not require a guarantor or collector.
BAE AG Personal Financing-i: The loan package is available for borrowers who have attained the age of 20 years but have not exceed the age of 58 years. The loan is an unsecured loan and does not require a guarantor or collateral. The loan also offers quick approval and disbursement making it an ideal choice for borrowers who are in need of finances in a hurry. Loan amounts offered range from a minimum of RM11,000 to a maximum of RM150,000 and payments can be made hassle-free by opting for salary deducted from the employer.
PLUS BAE Personal Financing-i: This loan package is specifically designed for existing Public Islamic Bank customers. The loan is offered to customers who have an existing House or Term Financing-i or Cash Line Facility-i and have maintained a good payment track record and allows them to borrow additional finances without the need of a guarantor or collateral. Loan amounts offered can range from RM10,000 to RM150,000 and offers a tenure of up to 10 years. The loan even provides an optional group takaful coverage.
Cash Line/Overdraft: This loan provides borrowers with capital required for their short-term needs. The overdraft facility provided is Shariah-compliant and comes with no compounding profit rates and no commitment fee. Payments can be made using multiple modes such as PBe, ATMs or at Public Islamic Bank or Public Bank branches.
Features and Benefits of Public Islamic Bank Personal Loan
The following are the features and benefits:
- The loan is a Shariah-compliant product that works on the principle of Bai’ ‘Inah.
- The overdraft facility is a Shariah-compliant product that works on the principle of Bai Bithaman Ajil and Bai Al Einah.
- The loans offered are unsecured products. Borrowers do not need to have a guarantor or put up collateral to acquire the loan.
- The loan offers a hassle-free application process and comes with quick approval and disbursal times making it an apt choice when in need of extra finances in a hurry.
- The loan comes with flexible tenures ranging from 1 to 7 years for the BAE and BAE AG Personal Financing-i packages and up to 10 years for the PLUS BAE Personal Financing-i package. Borrowers can choose a tenure that offers a monthly instalment which is affordable and can fit within their financial constraints.
- Repayment of instalments can be made through hassle-free payment modes such as salary deducted from the employer or salary deductions made through Biro Angkasa.
- Loan amounts offered come with a minimum amount of RM5,000 for the BAE Personal Financing-i package, RM11,000 for the BAE AG Personal Financing-i package, and RM10,000 for the PLUS BAE Personal Financing-i package.
- The maximum loan amount available under all packages is RM150,000.
Interest Rates for Public Islamic Bank Personal Financing-i
Base Rate (BR): The BR for individual borrowers is 3.52% p.a. with effect from 27 July 2016
Base Financing Rate (BFR): The BFR for non-individual borrowers is 6.72% p.a. with effect from 27 July 2016
Public Islamic Bank Personal Loan Fees and Charges
|Stamp duty fee on Asset Sale Agreement
|Stamp duty fee on letter of offer
||RM10 for each letter of offer not inclusive of GST
|Late payment fee
||A fee of 1% of the amount overdue is charged
Public Islamic Bank Personal Loan Eligibility Criteria
Nationality criterion: The borrowers must be Malaysian citizens
- Minimum age – 20 years
- Maximum age – 58 years for BAE AG Personal Financing-i and 60 years for BAE Personal Financing-i.
- Citizens and Permanent Residents – Minimum monthly income of RM1,500
- For PLUS BAE Personal Financing-i, borrowers must be existing House/ Term Financing-i or Cash Line Facility-i customers maintaining a good payment record.
Documentation needed to apply for Public Islamic Bank Personal Loan
- A copy of the applicant’s MyKad
- Most recent 3 or 6 months’ payslips
- Most recent EA Statement
- A copy of the most recent 12 months’ EPF statement
- A copy of their latest tax returns and receipts
- A copy of the employment confirmation letter
- Current account or savings account bank statement for the past 3 months
- Latest 2 years bonus payment slips and 3 years non-contractual bonus slips if applicable
- A copy of the applicant’s MyKad
- A copy of the Business Registration Certificate
- A copy of the most recent tax returns and tax receipts
- A copy of the latest 6 months’ current account or savings account bank statements
Public Islamic Bank Personal Loan Calculator
Personal loan repayment 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.
How to apply for Public Islamic Bank Personal Financing-i
- Borrowers who wish to apply for the Public Islamic Bank Personal loan can do so by visiting their nearest Public Islamic Bank branch and requesting for the application form.
- Borrowers can also contact the bank through their customer care number or leave their details with Public Islamic Bank on their bank website after which a bank representative will get in touch with them.
Public Islamic Bank Personal Loan FAQs
Q. Will the bank set-off or debit any amount owed such as instalment or fees and charges automatically?
A. Yes. The bank has the right to debit the borrower’s current or savings account with any amount payable as monthly instalment or any other form of fees and charges applicable to the loan without notifying the borrower.
Q. Is takaful cover required?
A. Public Islamic bank encourages borrowers to opt for takaful cover offered by AIA Public takaful Berhad or Takaful Ikhlas Bhd. The takaful should have a single contribution that covers death and total permanent disability.
Q. Will the contribution made towards takaful be deducted from the loan amount?
A. Yes. The single contribution is deducted from the approved loan amount and is deducted at the time of disbursing the loan.
Q. Are there any exclusions to the takaful cover?
A. Yes. The takaful acquired from APTB or TIB does not provide cover for death or total permanent disability arising from pre-existing illnesses.
Q. What happens when a borrower declares a pre-existing condition at the time of acquiring a takaful cover?
A. For borrowers who have pre-existing illnesses, a guarantor is required in order to have the loan application successfully approved and the amount disbursed.