Who is eligible for Bank Islam’s Personal Financing-i Package?
Only Government employees, employees of Government Linked Companies and Public Listed Companies as well as employees in selected private limited companies can apply for this product. You need to earn upward of RM2,000 every month to qualify for this flat rate personal financing.
How much money can I borrow?
Applicants may borrow from RM10,000 to a maximum of RM200,000. Repayment terms are up to ten (10) years or age of retirement, whichever is earlier. The outcome of a credit check will determine the maximum credit limit for your borrowing.
How much does Bank Islam Personal Financing-i package cost?
There are no processing fees, only a Wakalah (Agency) fee of RM50. Applicants will also be required to pay Government Stamp Duty, which is calculated at 0.5% of the total amount borrowed.
What do I need to apply for the Bank Islam Personal Financing-i package?
The package is an unsecured personal loan so you will not need to provide a guarantor, deposit or other security. To make an application you will be asked to provide supporting documents:
- Copy of MyKad (front and back)
- Latest 3-months salary slips
- Latest 3-months bank savings account passbook or current/savings account statement.
- Latest employer's confirmation letter
And one of the followings:
- EPF statement
- Latest income tax form (Form B or Form EA/EC)
How do I get my hands on the money?
The application process may take a few business days to complete. Once your application has been approved the borrowed money will be transferred to the account of your choice.
How do I pay the money back?
Loan repayments will be scheduled monthly as and when you make your loan application. Payments must be made by Salary Deduction, Salary Transfer with Auto Fund Transfer, or Standing Instruction.
If you do not make your payments on time Bank Islam will have the right to charge Ta’widh (compensation) during the loan tenure with a 1% p.a. compensation fee.
Can I pay my Bank Islam Personal Financing-i loan off early?
Yes, you may settle your loan before is due by paying the total amount owing. You will be entitled to an Ibra’ (rebate) which is equivalent to the remaining profit at the time of settlement. No penalty fees are charged for early repayment.
Is this Bank Islam Personal Finance product Syariah compliant?
Yes, the Syariah concept used is Tawarruq which comprises of Bai Murabahah and Wakalah contracts.