Who can apply for Bank Rakyat Personal Financing-i for Pensioner?
Obviously, Bank Rakyat Personal Financing-i for Pensioner (Pembiayaan Peribadi-i Pesara) is designed for Malaysian government pensioners with low income status.
If you're an EPF contributors, this personal financing is not for you.
To qualify, you must meet the minimum criteria such as follows:
- must be a government pensioner not older than 65 years during the end of financing period; and
- must earn a minimum monthly pension of RM800.
How much money can I borrow?
There are 2 ways you can determine your maximum borrowing amount:
- Maximum amount of RM100,000; or
- Maximum 15x your monthly gross pension.
Are there fees and charges I need to know?
Pembiayaan Peribadi-i Pesara charges zero processing fees.
You only need to pay Government Stamp Duty, which is calculated as 0.5% of the total borrowed amount 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 Bank Rakyat Personal Financing-i for Pensioner monthly instalment will begin the month after you have received and utilized the money.
Your monthly instalment will consist of a principal amount and profit charges for the month, which is fixed and flat for the whole period of borrowing.
You will be given a personal financing payment schedule together with your loan agreement document upon approval.
Do I need a guarantor or security deposit to apply for this Islamic personal loan?
Bank Rakyat does not require you to pledge any collaterals (your house, fixed deposit, ASB, other securities) to back this Islamic personal loan application.
However, you must present a guarantor whenever required by the bank.
Can I settle my Pembiayaan Peribadi-i Pesara 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 Bank Rakyat Personal Financing-i?
For those under Jabatan Perkhidmatan Awam (JPA):
- Copy of MyKad
- Malaysia Government Pensioner Card
- Pension Statement
For those under Jabatan Hal Ehwal Veteran (JHEV):
- Copy of MyKad
- Army Pensioner Card
- Ledger Pensioner