How to apply for a Bank
Rakyat’s RIA Aslah personal loan
Who is eligible for Bank Rakyat’s RIA Aslah Personal Financing-i?
Only Government employees and employees of Government Linked Companies may apply for this personal loan product.
How much money can I borrow?
Bank Rakyat’s RIA Aslah Personal Financing-i offers a maximum lending amount of RM200,000 on the condition that monthly repayments do 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 RIA Aslah Personal Financing-i cost?
This Personal Financing-i product has no processing fees and there are no hidden charges. You must pay Government Stamp Duty, which amounts to 0.50% of the total borrowed and is added to the borrowed amount.
You will also be required to signup for a Takaful insurance package from Bank Rakyat to cover the period of your loan.
What do I need to apply for RIA Aslah Personal Financing-i from Bank Rakyat?
As this is an unsecured personal loan you will not need to provide a guarantor or down payment with your application. Bank Rakyat will ask for supporting documents such as:
- Copy of MyKad (front and back)
- Last three month’s payment slip, or EPF statement, 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 your choice.
How do I pay the money back?
A loan repayments schedule will be fixed when you make your application. Payments need to be made 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 RIA Aslah Personal Financing-i Syariah compliant?
Yes, the product is based on Bank Rakyat’s own Syariah standard.