Am I qualify to apply for Bank Islam Personal Financing-i facility?
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 floating rate personal financing.
What can I get from this floating rate personal financing package?
This personal financing facility is calculated based on floating or variable rate basis, which is pegged to Islamic Base Rate (Bank Islam's benchmark profit rate). The plus side of this personal financing is that you get to take advantage of the decline in the Islamic bank's benchmark rate.
This floating rate personal financing offers borrowing amount between RM10,000 to RM200,000 with repayment period of up to 10 years or age of retirement, whichever is earlier.
The outcome of a credit check undertaken by Bank Islam will determine the maximum financing limit of your borrowing - make sure you keep a solid repayment habit!
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 after you have received and disbursed the money from your bank account. The repayments are scheduled every month until full settlement of the financing.
Don't be late on your monthly payment as Bank Islam has the rights to charge you 1% p.a. Ta'widh, or penalty, on the outstanding balance.
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 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 financing?
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.
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.