Al Rajhi Bank Personal Financing-i

About Al Rajhi Bank Malaysia

Al Rajhi Bank Malaysia offers innovative banking by combining traditional values with modern financial services. As part of the world's largest Islamic bank, it provides Shariah-compliant products for diverse needs, ensuring transactions align with ethical principles and deliver exceptional value. The bank focuses on customer satisfaction and technology, offering personal and business solutions to empower clients. With a wide network and an experienced team, it supports personal savings and business financing while adhering to high Islamic finance standards.

What is Al-Rajhi Personal Financing-i?

Al-Rajhi Personal Financing-i is a Shariah-compliant personal financing product that offers fixed monthly instalments with competitive profit rates. It can be used for personal needs or to consolidate existing debts.

How to apply for an Al Rajhi Bank Personal Financing-i?

Start the application online by using the iMoney application form. Just click on the ‘Apply’ button on the top right of your screen. Proceed by providing the required information, identification details, proof of income, and other relevant financial info. Our friendly customer care agents will get in touch with you to assist throughout the entire process.

After you submit your application, the bank will carefully review it and might ask for additional information if necessary. Should your application be approved, you'll receive an offer; it's important to thoughtfully consider the terms and conditions before making a decision. Alternatively, you have the option to apply through Alliance Bank’s website or by visiting the nearest branch in person.

Who is eligible to apply for Al-Rajhi Personal Financing-i?

You are qualified to apply if you meet the criteria below:

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 documents do I need to apply?

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)

Frequently Asked Questions (FAQs) on Al-Rajhi Personal Financing-i

• How much can I borrow and for how long?

  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.

  You can apply for financing up to RM150,000–RM250,000, with flexible repayment periods of up to 7–8 years, depending on the bank’s approval.

• What profit rates does Al-Rajhi Personal Financing-i offer?

  Profit rates start from around 5.27% per annum. 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	5.27% -14.83% 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 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 long is the approval process?

  Approval may take as little as 1–2 business days if your application and documents are complete. 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.

• How fast will I receive the funds?

  The processing of your application requires an average of 2 business days (excluding Saturday, Sunday, and public holidays), and your funds will be disbursed within 24 hours of approval.

• How is the monthly repayment calculated?

  Monthly repayment is based on the financing amount, profit rate, and chosen tenure. For example, if you finance RM50,000 at 5.27% p.a. over 5 years, your estimated fixed monthly instalment would be around RM950. A repayment table can give you an exact figure based on your loan amount and tenure.

• What does my monthly financial commitment look like?

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

  How much you pay per month depends on your financing amount, tenure, and interest rate. 

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

• How do I make my repayment?

  You can make a loan repayment through the following channels:

  • 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 happens if I miss a monthly repayment?

  Late payments may result in additional charges and could affect your credit score. It is important to make payments on time or contact the bank if you face difficulties.

• Can you do early settlement with Al-Rajhi Personal Financing-i?

  Yes, early settlement is allowed. If you choose to fully repay your financing before the end of the tenure, the bank will calculate a rebate (Ibra’) on unearned profit. However, you may still need to pay any outstanding principal, profit up to the settlement date, and applicable fees such as stamp duty. Always review the Product Disclosure Sheet (PDS) for the exact terms.

• How long is the financing tenure for Al-Rajhi Personal Financing-i

  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.

• Can I use this financing for credit card balance transfer or debt consolidation?

  Yes you can. Al-Rajhi Personal Financing-i can be used to consolidate existing loans or credit card balances into one manageable monthly repayment.

• Can retirees apply for Al-Rajhi Personal Financing-i?

  Retirees may be considered if the financing tenure does not exceed the maximum age limit set by the bank. Terms vary, so applicants should confirm eligibility directly with Al-Rajhi.

• Can I apply if I already have an existing personal loan?

  Yes, you may still apply. Approval will depend on your total debt service ratio (DSR) and the bank’s assessment of your repayment capacity.

• Does Al-Rajhi Personal Financing-i require a salary deduction or auto-debit?

  Monthly instalments are generally paid via auto-debit from your designated bank account to ensure timely repayment.

• Is takaful/insurance coverage required with this financing?

  Takaful coverage may be optional or required depending on the financing amount and tenure. It provides protection in case of unforeseen events. Always check the bank’s terms before applying.

• 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.