Yayasan Ihsan Rakyat Personal Financing-i

What is Yayasan Ihsan Rakyat (YIR)?

The Yayasan Ihsan Rakyat or YIR, was established in 2012 and is a foundation incorporated under the Companies Act 2016 with a company registration number 201201017719 (1003231-A) and isn't part of the cooperative society under the Cooperative Societies Act 1993.

YIR offers fellow Malaysian civil servants Shariah-compliant personal financing with low-profit rates and a high financing limit for up to 10 years of repayment tenure.

Who can apply for Yayasan Ihsan Rakyat Personal Financing-i?

This fixed-rate Islamic personal financing is open to all civil servants of the Malaysian government for the following employers only:

• Accountant General
• Polis Diraja Malaysia (PDRM)
• Universiti Putra Malaysia (UPM)
• Universiti Teknologi MARA (UiTM)

You are also required to meet the minimum eligibility criteria such as follows:

• A Malaysian citizen
• Aged between 20 to 50 years old (Maximum age for PDRM customers is 55 years old)
• Minimum gross monthly income of RM1,500 per month
• Have a permanent job with at least 6 months of service
• Not a bankrupt person or in the bankruptcy process
• Pass YIR's credit assessment

YIR do not take into consideration outside CCRIS commitments and depending on your credit history, Special Attention Account (SAA) customers may be subject to YIR's due diligence and approval.

I'm interested. What are the documents that I should prepare?

Before applying for this personal financing from Yayasan Ihsan Rakyat (YIR), kindly prepare these documents:

Certified True Copy Required:

• 1 photocopy of MyKad / PDRM Identification Card
• Recent 3 months' payslips

Certified True Copy Not Required:

• Latest bank statement (salary account / local savings account / current account to receive financing)
• Employment verification letter
• Option letter (if applicable)
• Transfer letter/secondment letter (if applicable)
• Settlement statement (if applicable)

What is the profit rate for Yayasan Ihsan Rakyat Personal Financing-i?

YIR Personal Financing-i charges a flat rate between 6.65% to 9.99% per annum on the total approved financing amount for the whole tenure of 10 years. 

The minimum financing amount you can apply is RM2,500 in East Malaysia, whereas RM3,000 in West Malaysia, up until RM300,000.

How soon can I receive my financing?

You can expect to receive your financing within 24 to 48 working hours, provided that you have submitted complete documentation, passed employer verification and confirmed the terms and conditions of the facility agreement. 

Yayasan Ihsan Rakyat will notify you via email once your financing is transferred to your bank account.

How do I repay my monthly instalment?

You must ensure your monthly instalments are paid via the Salary Deduction Scheme. Repayments will be done via Direct Debit or standing instruction if the salary deduction is not activated or is deactivated.

You are also responsible for providing written notice to Yayasan Ihsan Rakyat if there are any changes to your salary account/account specified in the Direct Debit Authorization Form, to update their account details with YIR and by signing a new Direct Debit Authorization Form.

A late payment charge of 1% per annum will be imposed on your outstanding instalment if you are late on your monthly payment.

Do I need a guarantor or collateral for Yayasan Ihsan Rakyat Personal Financing-i?

Guarantor and collateral are not required when you apply for this Islamic personal financing.

Can I apply for more than one account under YIR?

Yes, you can apply for YIR Personal Financing-i more than once subject to successful salary deduction activation of your previous account.