Who is eligible for this Bank Islam Personal Financing-i product?
Only Government employees, employees of Government-Linked Companies and Public Limited Companies and their subsidiaries can apply for this Islamic loan, with monthly income must be in excess of RM3,500.
How much money can I borrow?
Applicants may borrow between RM10,000 and RM150,000. The repayment terms may be up to ten (10) years or upon age of retirement, whichever is earlier. The outcome of a credit check process will define the maximum credit limit for borrowing.
How much does Bank Islam Personal Financing-i package cost?
No processing fees are charged, only a Wakalah (Agency) fee of RM50. Applicants will also be required to pay Government Stamp Duty, which is calculated at 0.5% of the total amount borrowed.
In some cases Bank Islam may request an advance payment amounting to two month’s repayment before the loan is approved.
What do I need to apply for the Bank Islam Personal Financing-i package?
The package is an unsecured personal loan. In most cases applicants will not need to provide a guarantor, deposit or other security. Applicants will be asked to provide supporting documents:
- Copy of MyKad (front and back)
- Latest 3-months salary slips
- Latest employer's confirmation letter
And one of the followings:
- EPF statement
- Latest 3-months bank savings account passbook or current/savings account statement.
- Latest income tax form (Form B or Form EA/EC)
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 the applicant’s choice.
How do I pay the money back?
Loan repayments will be scheduled monthly. Payments must be made by Salary Deduction, Salary Transfer via auto debit transaction, or Standing Instruction.
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. late payment 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.