Here Are 4 Ways To Smartly Use Personal Financing

Here Are 4 Ways To Smartly Use Personal Financing

When considering applying for personal financing, more often than not, it would be for purposes such as consolidating your debts or to have some funds to address for emergency financial situation.

While personal financing can be great in these types of situations, the fact is, you’re underutilising how much of a powerful financial tool it can be.

Provided that you use it responsibly, we’ll explain to you 4 ways to take advantage of what personal financing has to offer and use it to secure financing in other areas beyond just providing financial relief.

1. Funding for a side business

Starting a side business can be costly and resorting to dipping into your savings or asking family and friends to raise money might not be the most sound financial decision.

While you can apply for business financing, obtaining approval might be challenging as there are requirements you need to meet, such as minimum business operational duration or making a certain number of sales that need to be met.

Personal financing offers greater flexibility as it can help to provide immediate funds to cover any costs or even serve as seed money to kickstart your side business.

Personal and Business Financing are two different types of financing. Hence, consider all your options and consult with a professional for guidance.

2. Paying for home improvements or renovations

Got the keys to your property and want to transform it into the dream home that you’ve always wanted? You’ll need to think about hiring interior designers to help you craft your beautiful home and the contractors to manage the wiring and renovation works.

Personal financing can help with all these costs. Plus, it’s not limited to major renovations; you can also use it to finance smaller (but necessary) renovations such as fixing a leaking roof, redesigning your bathroom, or even giving your house a fresh coat of paint.

However, it’s important to do your research and set your budget accordingly as home renovations can go as high as RM60,000 if not being managed carefully.

3. To improve yourself or learn new skills

Personal financing is not solely for purchasing physical items, you can also use it to invest in yourself. Want to learn how to code and become a software developer? Perhaps pursuing a filmmaking course or mastering a new language?

Acquiring additional skills to enhance yourself can result in a higher annual income in the long run. For example, being a software developer in Kuala Lumpur can earn up to RM119,000 annually.

Identify the skills you need to acquire within the industry you’re interested in, and you may find yourself securing a better job or achieving a significantly higher salary.

4. Easier way to manage your finances and consolidate debts

Okay, we did say that personal financing can be used for more than just debt consolidation. But the truth is, it’s such an effective way to manage your finances that we’d be insane to not include it.

Being burdened with multiple credit card bills and other forms of debt with high financing rates is a surefire way towards financial trouble. This is where personal financing comes in and helps you with managing all those debts.

For starters, putting all your debts into one payment will help you keep track of your finances better as you know exactly where your money is going. And the other big advantage of using personal financing to consolidate your debts is the chance to pay less by securing a lower financing rate.

For example, if you find yourself burdened with multiple credit card debt that keep growing every month, it is prudent to consider applying for a personal financing facility. This option typically comes with a lower profit rate, allowing you to save a substantial amount of money when settling your credit card debt.

Effectively consolidating your debt through personal financing ultimately results in paying less payment overall in the long run.

Applying for personal financing with Bank Islam

Be it to kickstart that side business or build your dream home, applying for personal financing can be an effective way to achieve your goals.

Bank Islam Personal Financing-i is here to help you achieve those financial goals by offering the following benefits:

  • Competitive rate
  • No hidden charges
  • No guarantor is required
  • No deposit
  • No processing fee
  • Flexible financing tenure
  • Selling price – fixed and known
  • Fast approval

To give you even more flexibility, Bank Islam is offering three different categories of personal financing with Personal Financing-i Non-Package, Personal Financing-i Package, and Personal Financing-i for Professional Program so you can find the best financing solution for your needs.

And, if you apply for Personal Financing-i with Bank Islam, you can even stand to win cash and other prizes with the Personal Financing-i Win Big 2023 campaign and Personal Financing-i “Here For You” 2023 campaign.

Personal Financing-i Win Big 2023
Apply for a minimum of Personal Financing-i of RM50,000 and/or ASB Financing-i of RM10,000 for the opportunity to win prizes.
Grand PrizeRM50,000 cash reward + RM20,000 travel vouchers (x1)
1st PrizeRM30,000 cash reward + RM10,000 travel vouchers (x1)
2nd PrizeRM10,000 cash reward + RM10,000 travel vouchers (x1)
Consolation PrizeRM5,000 cash reward (x30)
Personal Financing-i “Here For You” 2023
Exclusively for healthcare professions. Apply for a minimum of Personal Financing-i of RM50,000 and/or ASB Financing-i of RM10,000 for the opportunity to win prizes.
Grand PrizeRM30,000 cash reward + RM10,000 jewellery vouchers (x1)
1st PrizeRM20,000 cash reward + RM5,000 jewellery vouchers (x1)
2nd PrizeRM10,000 cash reward + RM5,000 jewellery vouchers (x1)
Consolation PrizeRM5,000 cash reward (x30)

Personal financing can be more than just a tool that you use to secure your finances, it can also be a way for you to achieve those goals or dreams, provided that you are not overwhelming yourself beyond your means.

Ready to apply for personal financing? Head over to Bank Islam’s corporate website to learn more about Personal Financing-i.

Get free weekly money tips!

*Free of charge. Unsubscribe anytime.