Bank Rakyat

Bank Rakyat Personal Financing-i for Debt Consolidation

For those working in the public and private sector, save more by settling your debts via a single instalment plan with fast approval and profit rate as low as 3.19% per annum.

    • Up to 10 years tenure
    • Unsecured Islamic Financing
  • Borrow: RM 
    How Long: years
    My monthly income: RM  

    Monthly repayment: RM-

    Profit rate p.a.: -%

Apply online now for Bank Rakyat Personal Financing-i for Debt Consolidation

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Profit rates

How much the bank charges you based on your financing amount & financing period

Financing ValueFinancing PeriodYour IncomeProfit Rate
more than RM5000012 to 120 monthsmin. RM240003.05% p.a.

Fees & Charges

There are always fees but how much are they?

Profit Rate / APR
As low as 3.05% p.a., depending on financing amount and period
Processing Fee
RM28.30, for Wakalah Fee (inclusive of Brokerage Fee)
Stamp Duty
0.5% of the whole amount

Requirements

Are you eligible for this personal financing?

Minimum annual income
RM24000
Minimum age
18 years old
Maximum age
60 years old
Who can Apply
  • Malaysians
  • Government employee
  • Salaried employee
  • GLC employee

Frequently Asked Questions about Bank Rakyat Personal Financing-i for Debt Consolidation

Things you might want to know

Why Debt Consolidation?

Peace of mind. The monthly pressure of having to pay off financing debts on time is taxing. When we top it up with having to manage multiple financing balances due at different times, amounts and parties, it is stressful! Bank Rakyat has the solution for you via its Personal Financing-i for Debt Consolidation (Pembiayaan Peribadi-i Penyatuan Hutang). You only need to consolidate your financing debts from different parties through a single instalment. This would help you to manage your finances more effectively and all in one place!

Who can apply for Bank Rakyat Personal Financing-i for Debt Consolidation?

Any Malaysian individuals working in the public and private sectors can apply for Bank Rakyat Personal Financing-i for Debt Consolidation (Pembiayaan Peribadi-i Penyatuan Hutang).

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; and
  • must earn minimum RM2,000 per month

Can I consolidate my debts from different accounts?

Yes, definitely. You can settle your financing debts from other financial institutions, cooperation and credit companies. Settlement can be made for more than one account.

How much money can I borrow?

You can borrow a minimum of RM50,000 for maximum of 10 years with a profit rate as low as 3.05% per annum. 

Are there fees and charges I need to know?

You only need to pay Government Stamp Duty, which is calculated as 0.5% of the total borrowed and a Wakalah Fee (inclusive of Brokerage 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.

How much do I save from consolidating my debts?

A profit discount rate between 0.10% - 1.20% is given with tenure of 10 years.

Customer SectorTenureDiscount Rate
Public1-10 years0.10% - 1.00%
Private 1-10 years0.40 - 1.20%

What documents are required to apply for Bank Rakyat Personal Financing-i for Debt Consolidation (Pembiayaan Peribadi-i Penyatuan Hutang).?

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 (front and back)
  • Latest 3-months salary slip
  • Latest 3-months bank statement of salary crediting account
  • EPF Statement

And any one of these:

  • Confirmation Letter from your Employer
  • EA form
  • e-B Slip by LHDN

Returning customer

  • Copy of MyKad (front and back)
  • Latest 3-months salary slip
  • EPF Statement

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.

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