Who can apply for Bank Islam Personal Financing-i Medical Practitioner?
This unsecured personal financing is open to all fixed income earners and also medical practitioners. To qualify this Islamic financing facility, you must meet the minimum requirements such as:
- must be a Malaysian citizen
- must be between 25 to 60 years of age (not exceeding the retirement age or the end of financing tenure)
- must earn a monthly income of at least RM2,000
- must be a Permanent staff of more than 6 months; Contract staff of more than 2 years (with the Government only)
- minimum 2 years in business (for self employed)
How much money can I borrow?
The profit rate will vary depending on the type of financing package: either with or without Takaful coverage, and the profit rate types, whether flat or floating rate.
In this case, you will get a flat financing rate of 4.99% p.a. throughout the tenure of up to 10 years when you borrow any amount between RM10,000 and RM200,000.
If you choose not to include a Takaful cover, you will get a flat profit rate of 5.99% p.a.for the whole period of borrowing.
Are there fees and charges I should know?
There is no fee for the processing of this Islamic financing, except for a Wakalah (Agency) Fee of RM50. Bank Islam also requests you to make an Advance Payment of equivalent to 2-month instalments upon approval.
Besides that, the Islamic financing facility is also subject to the Government Stamp Duty, which is calculated as 0.5% of the total amount borrowed.
How do I pay the money back?
You will start repaying your Islamic personal loan the month after you have received the money into the bank account of your choice. You must make a prompt payment every month to avoid being charged with a 1% late penalty fee.
If you feel like settling the personal financing off ahead of the maturity date, you can do so and will be entitled to an ibra' (rebate), which is equivalent to the remaining profits at the time of settlement.
Bank Islam requires you to arrange either Salary Deduction, Salary Transfer with Auto Fund Transfer or Standing Instruction for the monthly instalment payments.
What documents are required to apply for this Islamic personal loan?
Before making your way to the nearest Bank Islam branch to submit your application, you will be asked to provide supporting documents,such as:
- Copy of MyKad (front and back)
- Latest salary slip
- Latest Letter of Confirmation from Employer
- Certificate of registration with Malaysian Medical Council or Malaysian Dental Council
And at least one of the followings:
- Latest income statement (Form B/eBE/EA/EC); or
- Latest EPF statement; or
- Latest 3-months bank statement of salary crediting account.
Sole-Proprietorship or Partnership
- Copy of MyKad (front and back)
- Business Registration Certificate
- Last 6-months current account statements
- Last 2-years financial statement
- Latest Annual Income statement (Form B/BE) with tax payment receipt
- Certificate of Registration with Malaysian Medical Council or Malaysian Dental Council
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.