Who can apply for Bank Islam Personal Financing-i Non-Package?
This unsecured personal financing is open to employees of Government, Government-Linked Companies as well as Public Limited Companies and their subsidiaries. To qualify, you must meet the minimum requirements such as:
- must be a Malaysian citizen
- must be between 18 to 60 years of age (not exceeding the retirement age or the end of financing tenure)
- must earn a monthly income of at least RM3,500.
How much money can I borrow?
For this Non Package Islamic personal financing facility, you can borrow any amount between RM10,000 to RM150,000. The repayment terms can be flexible and stretched for up to 10 years or upon age of retirement, whichever is earlier.
To enjoy a competitive flat profit rate, you need to add a one-time Takaful contribution (Personal Financing Takaful Plan) onto your total financing amount; however, this is optional.
You can bypass this one out and will be charged with slightly different profit rates:
|Tenures (Year)||Profit Rates|
|1 - 3||4.50% p.a.|
|4 - 8||4.90% p.a.|
|9 - 10||5.50% p.a.|
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.
Do I need a guarantor or collateral?
Depending on Bank Islam's assessment of your credit standing, you may need to provide a guarantor or collateral. In this case, for financing amount of more than RM30,000, one guarantor is required.
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 Bank Islam Personal Financing-i Non-Package?
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 3-months salary slips
- Latest Confirmation Letter from Employer
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).
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.