Who can apply for Bank Rakyat Personal Financing-i Public?
This personal loan is strictly for Government employees with minimum three months employment. If you do not fall into the category do not try and apply as you will be disappointed.
How much money can I borrow?
Subject to the outcome of a successful credit check you can borrow up to RM200000. You can opt for a fixed or floating interest rate based on the Base Rate ( BR) which is generally lower but is subjected to market conditions. If you decide to go with the Takaful protection plan, you profit rates will go even lower!
How much does it cost to apply for Personal Financing-i Public?
There are no processing fees for this loan. You only have to pay for the Government Stamp Duty which is 0.5% of the loan amount and a RM30 Wakalah Fee. The Bank will ask you to sign up for Takaful plan - you can also include the one time premium for that in your loan.
What do I need to apply for this personal loan?
You don't need a guarantor or any extra security. The documents you'll have to provide are:
First time applicant
- Copy of MyKad (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 your Employer
- EA form
For Returning customer
- Copy of MyKad (front and back)
- Latest 3 months salary slip
How do I get my hands on the money?
Bank Rakyat will process your loan as fast as they can, that may take a few business days. The money you are borrowing will be transferred to the account of your choice once all documents are finalised.
How do I pay the money back?
You have three options to pay your monthly installment. You can choose Angkasa Service Bureau (Biro Perkhidmatan Angkasa), auto salary deduction or auto deduction from the saving account where your salary is credited.
When you sign up for this loan, you'll need to sign a letter allowing the bank to deduct automatically.
Can I pay my Bank Rakyat personal loan off early?
Absolutely. There will be no penalty and Bank Rakyat even give you a rebate for the interest charged to the loan amount when you settle your loan earlier then agreed.