Who can apply for Bank Rakyat Personal Financing-i Private?
This Personal Loan is only for Malaysians who are private sector employees or government-linked company workers making their first loan application. Your interest rate will be calculated based on the latest Base Rate by BNM.
How much money can I borrow?
You will be able to borrow as much as RM150,000 at flat profit rates between 4.95% - 9.37% for a maximum tenor of 10 years. The effective profit rate will be subjected to Bank Rakyat's due diligence on your credit score and other factors such as income and repayment capability.
Bank Rakyat has allowed for those earning less than RM2,000 a month to borrow up to 5 times your monthly salary; with monthly income between RM2,000 and RM4,000 a month to borrow up to 15 times of that amount; with monthly income between RM4,001 and RM6,000 per month to borrow up to 20 times your monthly salary; and those earning more than RM6,000 per month to borrow up to 25 times that amount.
How much does it cost to apply for this loan?
What you see is what you get! This Personal Financing-i product has no processing fees and there are no hidden charges. With that said, you must pay Government Stamp Duty, which adds up to 0.5% of the total borrowed amount.
On top of that, you will also need to signup for a Takaful insurance package from Bank Rakyat to cover the period of your loan.
What do I need to apply
for Personal Financing-i Private
This personal loan is unsecured, so you don't need a guarantor. Here are the documents that you need to provide:
- Photocopy of Identity Card
- Letter of confirmation from employee.
- Last three (3) months salary statement.
- Employee Provident Fund Statement
- Income Tax Statement (BE Form)
How will the money be sent to me?
For this personal loan, Bank Rakyat can approve your personal loan almost immediately! Once the loan is approved, the funds will be transferred to the account of your choice.
How do I pay the money back?
You will be given a fixed monthly repayment schedule once your loan is finalised. There are multiple ways that you can repay your debts.
- Biro Perkhidmatan Angkasa
- Salary deduction
- Savings account deduction from Bank Rakyat
- Standing Order
- Post dated Cheques
The easiest method is to sign up an auto deduction from your saving account as you get a better interest rate and avoid late penalty fee as well as bad credit listing in return. You will have to pay one time RM10 for stamp duty for the standing instruction.
Will I be able to pay off my borrowing earlier?
Yes you may, all you have to do is pay in lump sum the remaining amount that you owe to the bank and the bank will rebate the interest they have overcharged on your loan.
Is Bank Rakyat Personal Financing-i Syariah compliant?
Yes, the product is based on Bank Rakyat’s own Syariah standard.
Can I get a loan if I am ‘blacklisted’ on CCRIS?
While CCRIS is not actually a blacklist, your entire credit history is recorded on it. If you have been regularly late in paying your monthly credit card bills or defaulted on a previous loan, it is unlikely that the bank will approve your Personal Financing-i loan.
If you've been having trouble paying off your credit card or loan debts - best to get in touch with AKPK. They have a special programme for Malaysian providing debt management services to help you regain control of your personal finances