What can I get from Al Rajhi Bank Personal Financing-i?
Al Rajhi Bank offers a financing amount between RM10,000 to RM150,000 (or up to 8 times your monthly income) to all salaried employees and self employed individuals.
The profit rate is flat and fixed at 4.99% p.a., whereas the repayment tenure is flexible, between 2 to 8 years, with an option to early settlement at zero fee.
This unsecured Islamic personal loan can be used for personal consumption, home improvement, holiday, medical, education, investment, small business financing and debt consolidation.
Can I consolidate my credit card and personal loan debts with Al Rajhi Personal Financing-i?
Yes, you can. Al Rajhi Personal Financing-i allows for debt consolidation under its Balance Transfer feature at lower monthly instalment and fixed profit rate.
How fast can I get my money?
Once you have applied for Al Rajhi personal loan, you will be required to open either a Current Account or Savings Account with Al Rajhi Bank.
The financing application is usually processed within 24 hours, after which you will get to access your money via your account with Al Rajhi Bank.
What are the fees and charges of this Islamic personal loan?
Al Rajhi Bank does not charge processing fee, late payment fee and early termination fee. A Stamp Duty of 0.50% will be charged on the total borrowed amount.
As for Balance Transfer, a Lawyer's fee of RM20 will be applied.
What is my monthly commitment?
Your monthly instalment will due on every first of the month, which means the payment of this personal financing must be completed before or on the due date.
While Al Rajhi Bank does not charge a late payment fee on overdue instalment payment, the Islamic bank has the right to take a legal action against you to recover the non-paid outstanding amount.
This, in turns, can affect your credit rating and make it difficult for you apply for personal loans with other banks in future.
Who can apply for this personal financing from Al Rajhi Bank?
Any Malaysian individuals aged 25 years and above with a minimum monthly income of RM5,000 can apply for this unsecured personal financing.
You will be asked to provide supporting documents such as:
- Copy of MyKad / Passport / Military ID / Police ID (front and back)
- Latest 3-months salary slips or Employer Reference Letter
- Latest 3-months bank account statement.
- Copy of MyKad (front and back)
- Business Registration Certificate
- Latest 6-months bank statement
- Form 9, 24 & 49
- Memorandum and Articles of Association
- Income Tax Returns duly endorsed by IRB or EA Forms (latest 2 years)
- Audited/Unaudited Account for the past 3 years
Am I qualified to apply for Al Rajhi personal loan if I'm blacklisted?
Depending on your credit history with other financial institutions because all these information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS / CTOS (a system that collect credit information on borrowers, not blacklisting them).
Assuming you have poor credit standing due to irregular payments, the best course of action would be to break the habit and start making your payments on time to avoid future hurdles.
Al Rajhi Bank is more likely to approve your personal loan application if you can show that you are managing your personal finances, rather than accumulating more debt.