How to apply for Bank Rakyat’s PRIMA Aslah personal loan
Who is eligible for Bank Rakyat’s Personal Financing-i PRIMA Aslah?
Only Government employees may apply for this personal loan product.
How much money can I borrow?
Bank Rakyat’s PRIMA Aslah Personal Financing-i allows applicants to borrow a maximum of RM200,000 on the condition that the monthly repayment does not exceed 60% of gross monthly income. Repayment terms are between one and twenty years. No guarantor or extra security is required.
How much does an Bank Rakyat’s Personal Financing-i PRIMA Aslah cost?
This Personal Financing-i product has no processing fees and there are no hidden charges. Applicants must pay Government Stamp Duty of 0.50% of the total borrowed funds.
The applicant will also need to take a Takaful insurance package from Bank Rakyat.
What do I need to apply for Personal Financing-i PRIMA Aslah from Bank Rakyat?
As this is an unsecured personal loan applicants will not need to provide a guarantor or down payment with an application. Bank Rakyat may ask for supporting documents such as:
- Copy of MyKad (front and back).
- Last three month’s payment slips, or EPF statements, or Reference Letter from your Employer.
- Last three month’s bank savings account passbook or current/savings account statement.
How do I get my hands on the money?
Bank Rakyat may take a few business days to process an application. Once the loan is approved the borrowed money will be transferred to the account of the applicant’s choice.
How do I pay the money back?
A loan repayments schedule will be fixed as and when the application is made. Payments need to be cleared every month until the total amount of the loan is repaid.
A condition of Bank Rakyat’s loan approval is that repayments must be made by Salary Deduction.
Can I pay my Bank Rakyat personal loan off early?
The Personal Finance-I package may be ended at any time by paying the total amount remaining.
Is the Bank Rakyat Personal Financing-i PRIMA Aslah Syariah compliant?
Yes, the product is based on Bank Rakyat’s own Syariah standard.