Who can apply for Bank Rakyat Personal Financing-i Public?
Being a public servant has its own challenges; applying for a personal loan from a bank is one of them. Bank Rakyat has the solution for your via its Personal Financing-i Public (Pinjaman Peribadi-i Awam), specially tailored for those working in selected GLC companies and its subsidiaries.
To qualify, you must meet the minimum criteria such as follows:
- must be 18 years old and not more than 60 years at the time of application;
- must be in service for at least 3 months with the company; and
- must earn minimum RM1,000 per month.
How much money can I borrow?
Depending on the outcome of credit check, you can borrow up to RM200,000 for maximum 10 years. The profit rate charged to this personal financing can fixed or floating, based on your selected instalment payment methods.
For a floating rate instalment, you can select a flat profit rate between 3.84% p.a. to 4.40% p.a. for the entire tenure of your borrowing. If you chose a fixed rate instalments, you will be charged the following profit rates:
| Tenure (Month) | Profit Rate (Fixed) |
| 12 - 36 | 4.54% p.a. |
| 48 - 120 | 4.99% p.a. |
Note: Current Islamic Base Rate is 4.10%
If you decide to go without the Takaful protection plan, an additional rate of 1.5% will be charged over the current profit rate.
Are there fees and charges I need to know?
Pinjaman Peribadi-i Awam charges zero processing fee. You only need to pay Government Stamp Duty, which is calculated as 0.5% of the total borrowed and a Wakalah Fee for obtaining this Islamic personal loan.
Do I need Takaful coverage?
Although a Takaful coverage is optional, you are advised to sign up for a Takaful policy from Bank Rakyat's panel Takaful providers. Takaful coverage can help cover your outstanding personal financing balance in the event of death and permanent disablement.
What is my monthly instalment?
Your monthly instalment will begin the month after you have received and utilized the money. You will be given a personal financing payment schedule together with your loan agreement document upon approval.
You can make your personal financing instalment payments via Biro Perkhidmatan Angkasa, Salary Deduction or Salary Transfer to Bank Rakyat.
Can I settle my Pinjaman Peribadi-i Awam off early?
Yes you can make an early settlement of your Bank Rakyat personal financing at zero cost. In fact, you will be granted an ibra' (rebate), i.e. deferred profit which has not been accounted as profit earned.
What documents are required to apply for Pinjaman Peribadi-i Awam?
As this is an unsecured personal financing, you don't need to provide a guarantor or collateral to back up your application. Bank Rakyat will ask for personal and income documents such as:
First time applicant
- Copy of MyKad/MyTentera (front and back)
- Latest 3-months salary slip
- Latest 3-months bank statement of salary crediting account
And any one of these:
- Confirmation Letter from you Employer
- EA form
Returning customer
- Copy of MyKad/MyTentera (front and back)
- Latest 3-months salary slip
Am I qualified to apply for Bank Rakyat 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.
Bank Rakyat 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.