Am I eligible to apply for Bank Islam Floating Rate Personal Financing-i?
Only Government employees, employees of Government Linked Companies and Public Listed Companies as well as employees in selected private limited companies can apply for Bank Islam Floating Rate Personal Financing-i
You also need to earn a minimum monthly income of RM2,000 to qualify for this floating-rate personal financing.
What can I get from this floating rate personal financing-i package?
This Islamic personal financing from Bank Islam is calculated on a floating or variable rate basis, with or without Takaful coverage.
With Takaful coverage:
|1 - 3 years||SBR + 2.67% p.a.|
|4 - 10 years||SBR + 2.77% p.a.|
Without Takaful coverage:
|1 - 3 years||SBR + 4.15% p.a.|
|4 - 10 years||SBR + 6.05% p.a.|
*Bank Islam's current Standardised Base Rate is 3.00% p.a.
This personal financing offers a borrowing amount between RM10,000 to RM300,000 with a repayment period of up to ten years earlier.
Does Bank Islam require Advance Payment?
Yes. You are required to make an advance payment, which is equivalent to a 2-months instalment amount.
How do I repay my monthly instalments?
You need to arrange your monthly instalment payments either through Salary Deduction, Salary Transfer with Auto Fund Transfer or Standing Instruction.
To avoid being penalised with a late payment charge of 1% on the outstanding balance, you are advised to make your monthly instalment payment on time.
Can I make an early settlement on my Islamic personal loan?
You can make an early settlement of your personal financing anytime before maturity as there is no lock-in period and no penalty.
In fact, you will receive an Ibra’ (rebate) which is equivalent to the remaining profit charges at the time of settlement.
What documents are required to apply for this floating-rate personal loan?
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 IC (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 following:
- EPF statement;
- Latest income tax form (Form B or Form EA/EC).
I'm blacklisted, can I apply for Bank Islam Floating Rate Personal Financing-i?
Depending on your credit history with other financial institutions because all this information (outstanding credit card, personal loan, home loan or car loan debts) will be captured in CCRIS / CTOS (a system that collects credit information on borrowers, not blacklisting them).
Assuming you have poor credit standing due to irregular payments, the best course would be to break the habit and start making your payments on time to avoid future hurdles.
Bank 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.