
Bank Islam Personal Financing-i (Package)
An unsecured Islamic personal loan of up to 10 years for Government servants, and employees of selected private, public listed organizations and its subsidiaries.
- Interest Rate (p.a.)
4.99% - 4.99%
- Loan Tenure
1 - 10 years
- Approval Duration
Up to 5 business days
- Min. monthly income
RM2,000
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What's so great about Bank Islam Personal Financing-i (Package)?
- Approved loan amount of up to RM200,000.
- Interest rate starting at 4.99% per annum.
- Applicant covered by Takaful protection.
Product Features
Min. financing amount | RM10,000 |
Max.financing amount | Up to 5x fixed monthly salary or up to RM200,000 |
Min. loan tenure | 1 year |
Max. loan tenure | Up to 10 years |
Islamic/Conventional | Islamic |
Interest rate | Flat rate from 4.99% or floating rate of BR + 1.30% or BR + 2.60% per annum |
Approval duration | Up to 5 business days |
Debt consolidation | No |
Fees & Charges
One time set up | |
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Processing fee | N/A |
Stamp duty | As per Stamp Duty Act 1949 (Revised 1989) |
Disbursement & misc. fee | RM50 for being customer's agent to sell commodity to the broker |
Penalties | |
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Early settlement | N/A |
Late payment charges | 1% on outstanding loan amount |
Eligibility
Age requirement | Age 18 - 60 |
Employment eligibility | Government servants, and employees of selected private and public listed organizations and its subsidiaries |
Min. salary requirement | RM2,000 gross per month |
Guarantor / Collateral requirement | N/A |
Other Requirements
Need to open linked banked account? | Optional |
Need to buy Takaful product? | Yes |
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Overview
If you are looking for an Islamic personal loan with a longer duration of repayment period (up to 10 years), you may apply for the Bank Islam Personal Financing-i (Package). This personal loan is focused on government servants and employees of selected private, public listed and its subsidiaries. The approval duration would be around 5 business days and there will be no processing fee and no early settlement penalty charges but there will be a stamp duty fee, Wakalah (agency) fee and also there will be late payment charges of 1% on outstanding loan amount.
On top of that you will are not required to have any guarantor or collateral in order to apply for this application. You are entitled to enjoy a flat interest rate from 4.99% per annum or floating interest rate of BR + 1.30% or BR + 2.60% per annum and the interest rate is all determined based on your loan amount that you apply (the higher the loan amount, the lower the interest rate). You may finance a minimum amount of RM10,000 up to RM200,000 OR up to 5x of your fixed monthly salary. To be eligible to apply for this loan, your minimum monthly gross income should be at least RM2,000 and you must be at least 18 years old. Take note that you must not exceed retirement age at the end of the loan tenure. You will also need a good credit record (CTOS/CCRIS) that means all of your overdue payments for all commitments should be settled off.
Bank Islam Personal Financing-i (Package) FAQ
What is the maximum amount you can borrow?
Borrowable amount of up to five times your fixed monthly gross salary or RM200,000 for a maximum loan tenure of 10 years.
The catch?
Applicant must be a Malaysian citizen aged 18 and above to qualify. Applicant must not exceed retirement age at the end of the loan tenure.
Applicant must be self-employed or a full-time employee of
- Government sector
- Selected public listed companies
- Subsidiaries of Government or selected public listed company
- Other prominent private limited companies as categorized under package companies listed by Bank Islam
Takaful protection is compulsory.
What will it cost you and how will you be charged?
One time set-up fee:Flat rate:
For loan tenure of 1 year to 10 years:Floating rate:
Current Base Rate (BR) determined by Bank Negara Malaysia is 3.90% per annum.
For loan tenure of 1 year to 3 years:Calculate the cost of taking up this loan using our calculator
How long will the application take and what documentations are required?
Upon completing an application with iMoney, our representative will contact you within the same business day to confirm your application.
Thereafter, Bank Islam will require an average of five business days (not including Saturdays, Sundays, and public holidays) before approval or disbursement.
You are required to furnish the following documents for your loan application:
Salaried applicant:- Copy of NRIC (front and back)
- 3 months (most current) salary slips
- Employee confirmation letter by your current employer
- Any of the documents below (choose one):
- B/BE/EA/EC form with tax payment receipts attached (most current)
- 3 months (most current) bank statements
- EPF statement (most current)
- Copy of NRIC (front and back)
- Business Registration Certificate
- 6 months (most current) bank statements
- 2 years (most current) financial statements
- B/BE/EA/EC form with tax payment receipts attached (most current)
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 loans on time for another three months before reapplying.