Bank Islam Personal Financing-i (Non-Package)

Bank Islam Personal Financing-i (Non-Package) is a personal loan for Malaysian citizens working in Public Listed Companies only that are looking for a financing amount of up to RM 150,000. It also has a relatively low installment and decent financing with a medium gross income requirement of RM3,500 per month.

Best for: Personal use including your kid’s education fund

Income requirements: Minimum RM 3,500/month.

Pros:

• Maximum financing amount of RM 150,000
• Low income requirement (RM3,500/month)
• Wide age range eligibility (18 – 60 years old)
• No guarantor required

• What is the maximum financing amount?

  You can borrow up to RM 150,000.

• What is the maximum financing tenure?

  10 years.

• How do I qualify?

  Income: Minimum gross income of RM3,500. Gross salary means salary before monthly deductions such as income tax and Employees Provident Fund (EPF) contribution. Only fixed income earners are eligible.

• Who can apply for Bank Islam Personal Financing-i Non-Package?

  • Malaysian citizen
  • Age: 18 – 60 years old
  • Minimum gross income of RM3,500
  • Maximum loan of RM 150,000
  • Encouraged to have Takaful coverage
  • Must be employed in Public Listed Companies only

• What are the required documents?

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

  • Front & back copy of NRIC
  • 3 months’ (most current) salary slips
  • Employment Letter
  • 3 months (most current) bank statements
  • EPF statement with at least 6 months contribution (latest not more than 1 year), OR
  • Latest EA Statement, OR
  • Latest Tax Returns and Tax receipts

• How long is the approval process?

  Bank Islam will approve an application within 7 days, provided that full documentation and information are submitted.

  To speed up the process, you can apply through iMoney where our Call Centre Consultants will walk you through the eligibility checker, application form, and advise you on the required document submission.

  After we submit your documents and information, Bank Islam can approve and disburse to you within 7 days.

• How can I check bank islam personal financing status

  You can check your financing status by contacting the customer centre right here.

• What is the financing rate offered?

  Financing Rate Offer With Takaful Coverage

  Flat Rate

  1 – 3 years : 4.5% p.a. (Flat). (Profit is calculated on a monthly basis based on “Sum of Digit”)

  4 – 8 years : 4.9% p.a (Flat). (Profit is calculated on a monthly basis based on “Sum of Digit”)

  9 – 10 years : 5.50% p.a. (Flat). (Profit is calculated on a monthly basis based on “Sum of Digit”)

   

  Financing Rate Offer Without Takaful Coverage

  Flat Rate

  1 – 3 years : 5.5% p.a. (Flat). (Profit is calculated on a monthly basis based on “Sum of Digit”)

  4 – 8 years : 5.9% p.a (Flat). (Profit is calculated on a monthly basis based on “Sum of Digit”)

  9 – 10 years : 6.5% p.a. (Flat). (Profit is calculated on a monthly basis based on “Sum of Digit”)

• What are the fees and charges?

  Advance Payment: Equivalent to 2 months of installment

  Late payment charge: 1% per year on the outstanding payment

  For example, the fee is calculated as follow:

  Late payment charge = Outstanding monthly instalment X 1% X number of days outstanding

  * The charges will not be compounded

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

• Can I make advance payment?

  Yes you can, and the bank requires an advance payment equivalent to 2 months instalment.

• Do I need a guarantor or collateral?

  Bank Islam may require a guarantor(s) or collateral(s) should the minimum credit requirement is not met.

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

  Unfortunately, no. Bank Islam will check your credit history as part of their approval process. You are required 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

  Bank Rakyat Personal Financing-i (Private Sector)

  Bank Rakyat Personal Financing-i Private Sector is a guarantor-free personal loan that offers a financing amount of up to RM 150,000. It also has a relatively low instalment and decent financing with a relatively low gross income requirement of RM2,000 per month.

  Bank Rakyat Personal Financing-i (Public Sector)

  Bank Rakyat Personal Financing-i Public Sector is a personal loan for Malaysian citizens that are in the public sector, GLC companies and GLC subsidiaries. This personal loan offers a financing amount of up to RM 200,000. It also has a relatively low instalment and decent financing with a relatively low gross income requirement of RM1,000 per month.