Al Rajhi Bank Personal Financing-i

Al Rajhi Personal Financing-i is an Islamic personal financing solution offered by Al-Rajhi bank. With attractive profit rates as low as 6.20% p.a, a high financing limit, and a no guarantor-required policy, Al Rajhi Personal Financing-i is a very attractive option for anyone seeking Islamic personal financing.

Income requirements: Minimum RM5,000/month.

Pros:

• Longer financing tenure of 8 years
• Higher financing amount (up to RM250,000 or 8 times your monthly income)
• No processing fee, guarantor or collateral required
• No early settlement penalty or late penalty charges as per internal Shariah

• What is the maximum financing amount?

  The maximum you can borrow is up to 8 times your fixed monthly gross salary or up to RM250,000 – whichever is lower. For example, if you are earning RM5,000 a month, you are eligible to borrow up to RM40,000. The minimum loan amount is RM10,000.

• What is the maximum financing tenure?

  Financing tenure means the period of your financing. The maximum financing tenure for Al Rajhi Bank Personal Financing-i is 8 years. Why does this matter? The longer your financing tenure is, the lower your monthly repayment will be. But it also means that you pay a higher amount by the end of your tenure.

• Who can apply for this personal financing from Al Rajhi Bank?

  Al Rajhi's personal financing-i is only open for Malaysian citizens with a fixed annual income of at least RM60,000.

• How do I qualify?

  Income: Your minimum gross salary must be at least RM5,000 per month, or RM60,000 a year. Gross salary means salary before monthly deductions such as income tax and Employees Provident Fund (EPF) contribution. Only fixed-income earners are eligible.

  Age: Between 21 – 60 years old. If you apply for it at 55, this means your maximum tenure can only be 5 years or when you reach 60 years old.

  Other qualifying criteria: You must be a Malaysian citizen. Malaysian citizens working in Singapore but residing in Malaysia will also be considered.

• What is Al Rajhi Personal Financing profit rate?

  The Al Rajhi Personal Financing-i offers a tiered profit rate as follows:

  Financing value	Financing period	Your annual income	Profit rate
  RM10,000 to RM250,000	12 – 96 months	Minimum RM60,000	6.20% -8.18% p.a.

  Note: The profit rate is based on your individual risk rating. Having a higher salary lowers your risk rating as it reflects that you are less likely to default on your financial obligations (or conditions) of a financing repayment. However, that’s just one factor the bank considers when they are approving your application.

• What are the required documents?

  Once you have completed your application with iMoney, you are required to provide the following documents for your 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)

• How long is the approval process?

  The bank can take up to 48 hours to process and approve your loan upon receiving all your information and documents. To speed up the process, you can complete the application through iMoney where our Call Centre Consultants will walk you through the eligibility checker, application form, and advise you on the required document submission.

  Next, Al Rajhi Bank will require an average of 2 business days (excluding Saturday, Sunday, and public holidays) to approve and disburse your financing.

• How fast can I get my money?

  The approval process will take up to two working days, and the disbursement of your fund will be done within 24 hours of approval.

• What is my monthly commitment looks like?

  As with any personal financing, you will have to make monthly repayment, which comprises of principal amount and a profit charge.

  How much you pay per month depends on your financing amount, tenure, and interest rate. For example, if you are borrowing RM50,000 with an interest rate of 6.20% over 1 year, your monthly repayment will be around RM4,425.

  Use our personal loan calculator above to estimate your monthly repayment.

• What are the fees and charges?

  One-time set-up fee: A stamp duty fee of 0.5% on the loan amount will be deducted upfront before your loan amount is given to you or disbursed to you.

  Note: There are no upfront charges or additional fees when you apply through iMoney. We will also not request any deposit payment from you.

• How do I make my repayment?

  • Interbank GIRO (IBG)/Instant Interbank Funds Transfer (IBFT) via ATM or Internet Banking
  • Over the counter at any Al Rajhi bank branches
  • DuitNow fund transfer

• Can I consolidate my credit card and personal loan debts with Al Rajhi Personal Financing-i?

  Yes you can, Al Rajhi Bank offers refinancing and consolidating services under their personal financing services.

• Can I apply if I have a bad CCRIS/CTOS/credit score?

  Unfortunately, no. Al Rajhi Bank will check your credit history as part of their approval process. You are advised to settle all overdue payments before applying and keep a healthy credit record before you apply for any personal financing or loan. We also highly recommend that you continue repaying your loans on time for another three months before reapplying.

  Check your iMoney CreditScore for free to find out how your credit health is.

• If you are looking for other personal loans, you may also consider

  AEON i-Cash Personal Financing

  If you find the minimum requirement of RM5,000 a month is tough to meet, you may consider AEON i-Cash Personal Financing. This Islamic financing has a low minimum income requirement of only RM1,500 for a financing of up to RM100,000.