Product Review by
Al Rajhi Bank Personal Financing-i FAQ
What is the maximum allowable financing amount?
Financing amount of up to eight times your monthly gross salary or up to RM150,000 for a maximum tenure of 8 years
The catch?
Applicant must be at least 25 years of age
Lowest profit rate of 4.99% flat p.a is for 1 to 2 years financing tenure with monthly gross salary of RM15,000 & above
An employee of a private sector with a minimum gross salary of RM5,000 per month
Takaful protection is strongly encouraged
What will it cost you and how will you be charged?
One time set-up fee:
Stamp duty of 0.5% on financing amount to be deducted upfront before financing disbursement (as per Stamp Duty Act 1989).
Recurring payments:
Monthly payment comprising principal amount and profit charge.
The profit rate ranges from 4.99% to 9.50% p.a depending on gross income and financing tenure.
Late penalty charge:
In compliant with Al Rajhi Bank’s Shariah ruling.
How long is the application approval process and what are the documents required?
Upon completing an application with iMoney, our representative will contact you within the same business day to confirm your application.
Thereafter, Al-Rajhi Bank will require an average of two business days (not including Saturdays, Sundays, and public holidays) before approval or disbursement.
You are required to furnish the following documents for your financing application:
Copy of NRIC (front and back)
3 months (most current) salary slips
3 months (most current) bank statements
EPF statement (most current)
Certification letter by your current employer (if available)
Can you apply if you have a bad CCRIS/ CTOS/ Credit Record?
No, you are required to settle all overdue payments before applying. It is advised that you continue repaying your financing on time for another three months before reapplying, but subject to the banks own credit assessment.
If you are looking for other personal loans, you may also consider
HSBC Amanah Personal Financing-i
HSBC Amanah Personal Financing-i has a flat interest rate starting from 6.99% p.a. The maximum tenure for this personal loan is 7 years. It also comes with a minimum income requirement of RM3,000.
Mach I.O.U Personal Loan
With Mach I.O.U Personal Loan, the personal loan comes with an fixed interest rate starting from 7.20% p.a (after 20% cashback on interest). This personal loan has a maximum tenure of 5 years. It also comes with a minimum income requirement of RM3,000.
Bank Rakyat Personal Financing-i Aslah Swasta
The personal loan effective rate for Bank Rakyat Personal Financing-i Aslah Swasta starts from 6.16% p.a. It has a maximum tenure of 10 years. The personal loan also comes with a minimum income requirement of RM2,000.
Al Rajhi Bank Personal Financing-i
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