Al Rajhi Bank Personal Financing-i

Al Rajhi Bank Personal Financing-i is an unsecured Shariah-compliant personal financing that offers a financing amount from RM10,000 up to RM150,000 (or 8 times your monthly income). With a longer financing tenure, the profit rate can be as low as 4.99% depending on your gross income and financing amount.

Best for: Personal use including your kid’s education fund, home renovation, or business project.

Income requirements: Minimum RM5,000/month.

Pros:

• Longer financing tenure of 8 years
• Higher financing amount (up to RM150,000 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 RM150,000 – 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.

• How do I qualify?

  Income: Your minimum gross salary must be at least RM4,500 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 25 – 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.

• 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.

• 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.

• What is the interest 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 RM150,000	24 – 96 months	Minimum RM60,000	9.5% p.a.
  RM10,000 to RM150,000	24 – 96 months	Minimum RM180,000	4.99% 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.

• How much do I have to pay monthly?

  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 4.99% over 5 years, your monthly repayment will be around RM1,041.

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

• 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

• 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)

• 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.