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Bank Rakyat Personal Financing-i Public Sector
An unsecured Islamic personal loan of up to 10 years exclusively for Government servants and selected employees of Government-Linked Companies (GLCs).
- Profit rate (p.a.)
3.29% - 4.99%
- Loan Tenure
1 - 10 years
- Approval Duration
Up to 3 business days
- Min. monthly income
RM1,000
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What's so great about Bank Rakyat Personal Financing-i Public Sector?
- Approved financing amount of up to RM200,000
- Options of fixed rate or floating rate starting at 4.54% p.a or 3.29% p.a respectively
- Takaful coverage is optional
Product Features
| Min. financing amount | RM10,000 |
| Max.financing amount | Approved financing up to RM200,000 |
| Min. loan tenure | 1 year |
| Max. loan tenure | Up to 10 years |
| Islamic/Conventional | Islamic |
| Profit rate | Profit rate as low as 3.29%- 4.99% per annum depending on rate type, payment type and tenure |
| Approval duration | Up to 3 business days |
| Debt consolidation | Yes |
Fees & Charges
| One time set up | |
|---|---|
| Processing fee | N/A |
| Stamp duty | 0.5% of loan amount |
| Disbursement & misc. fee | N/A |
| Penalties | |
|---|---|
| Early settlement | N/A |
| Late payment charges | N/A |
Eligibility
| Age requirement | Age 18 - 60 |
| Employment eligibility | Government servants and selected employees of Government-Linked companies (GLCs) |
| Min. salary requirement | RM1,000 gross per month |
| Guarantor / Collateral requirement | N/A |
Other Requirements
| Need to open linked banked account? | Optional |
| Need to buy Takaful product? | Optional |
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Overview
Bank Rakyat Personal Financing-i Public Sector is one of the best Islamic personal loan offered by Bank Negara. It is a Shariah compliant personal loan package exclusively for government servants and employees of selected Government-Linked companies (GLC). This loan requires no collateral and guarantor. The minimum financing amount of the loan would be RM10,000 and maximum is up to RM200,000 with a minimum loan tenure of 1 years and maximum of 10 years.
Bank Rakyat offers two options i.e fixed rate and floating rate ranging between 4.54% to 4.99% p.a and 3.46% to 3.91% p.a respectively. You can choose to repay using several ways i.e Biro Perkhidmatan Angkasa (BPA), Salary Deduction (PGM), Salary Transfer with Bank Rakyat and cash, however they come with different profit rate. The approval duration of this loan is up to 5 working days. Besides that, the bank will also offer you Takaful protection (optional) when you apply for this personal Islamic loan. There will be a one-time payment of 0.5% of financing amount being charged for stamp duty. Being a Malaysian Citizen is one of the criteria to be eligible for applying the loan and you need a minimum gross income of RM1,000 and to be to at least 18 years old. To avoid higher possibilities of loan rejection, you must make sure you have been making prompt payment for your other loans that has been taken from banks and maintain a good credit record in CTOS and CCRIS.
Bank Rakyat Personal Financing-i Awam FAQ
What is the maximum amount you can borrow?
Borrowable amount of:
The catch?
Applicant must be a Malaysian citizen aged 18 and above to qualify.
Applicant must be a Government servant or employee of a Government-Linked Company (GLC) and a minimum gross salary of RM1,000 per month.
What will it cost you and how will you be charged?
One time set-up fee: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 Rakyat 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:
- Copy of NRIC (front and back)
- 3 months (most current) salary slips
- Letter of confirmation by your current employer
- Bank statement showing crediting of salary
- Income tax statement (J/EA/EC form) with tax payment receipt 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.