Who is eligible for this Bank Islam Personal Financing-i product?
Only employees, sole proprietors and members of partnerships working in the Medical profession may apply for this loan. You must earn in excess of RM2,000 per month.
How much money can I borrow?
The financing rate will vary depending on the 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% throughout the tenor of 10 years when you borrow any amount between RM10,000 and RM200,000. If you choose to opt out Takaful cover, you will get a flat rate of 5.99%.
During your application you will be credit checked, the outcome of this process will determine your maximum borrowing credit limit.
How much does Bank Islam Personal Financing-i package cost?
No processing fees are charged, only a Wakalah (Agency) fee of RM50. You will also need 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. In most cases you will not need to provide a guarantor, deposit or other security. You will be asked to provide supporting documents:
Salaried Employee
- 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
- Last 3-months bank savings account passbook or current/savings account statement.
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 payment receipt
- Certificate of Registration with Malaysian Medical Council or Malaysian Dental Council
How do I get my hands on the money?
The application process should be completed within a few business days. Upon approval 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. Payments must be made by Salary Deduction, or Salary Transfer with Auto Fund Transfer for employees, or Auto-Debit for Sole Proprietors and Partnerships.
If payments are not made 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, the loan may be ended at any time by paying the total outstanding amount. Borrowers 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.