Who can apply for Bank Islam 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 RM2,000 and above every month to qualify for this flat rate personal financing.
What is so great about this Islamic personal loan?
This personal financing is calculated based on a flat rate basis. Meaning, your monthly instalments will be fixed throughout the periods of borrowing and will not be affected by the movement of Bank Islam's IBR.
Depending on your credit assessment and Bank Islam's approval, you can borrow any amount between RM10,000 up to RM200,000 and be charged a low flat profit rate from 4.99% p.a..
The period of borrowing of this personal financing is up to ten (10) years or upon reaching age of retirement, whichever is earlier.
Bank Islam does not charge any hidden fees. The only charges you must pay is the government Stamp Duty, which is calculated at 0.5% of the total amount borrowed, and a Wakalah (Agency) Fee of RM50.
Does Bank Islam require Advance Payment?
Although the concept is unheard of in any personal loan products in the market, Bank Islam, however, requires you to make advance payment, which is equivalent to 2-months instalment.
Advance payment will be used to offset the instalment payment for the month, which giving you some room for savings as well.
How do I repay my monthly instalments?
Your personal financing repayments will begin once you have made full disbursement of the money from your bank account. The repayments are scheduled every month until full settlement of the financing.
Should you late on your payment, Bank Islam has the rights to charge you 1% p.a. Ta'widh (Compensation Fee).
Bank Islam requires you to arrange either Salary Deduction, Salary Transfer with Auto Fund Transfer or Standing Instruction for the monthly instalment payments.
Can I make an early settlement on my personal financing?
You can choose to settle your personal financing anytime before maturity as there is no lock-in period. In fact, you will receive an Ibra’ (rebate) which is equivalent to the remaining profit charges at the time of settlement. No penalty will be charged for early settlement.
What documents are required for the Bank Islam Personal Financing-i Package application?
As this is an unsecured personal financing package, you don't need to standby a guarantor, deposit or collateral to back your application up. To apply, 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).
Am I qualified to apply for Bank Islam personal financing 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.
Ban Islam 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.