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.

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

Income requirements: Minimum RM 1,000/month.

Pros:

• Maximum financing amount of RM 150,000
• Low income requirement (RM2,000/month)
• Wide age range eligibility (20 – 60 years old)
• Wide variety of instalment methods payable to the Bank
• Fixed or floating profit rate
• No guarantor required

• What makes Bank Rakyat Personal Financing-i Public Sector a good choice?

  Bank Rakyat Personal Financing-i Public Sector offers high financing amounts at low profit rates. It also has very low income requirements. These factors make it an excellent choice for public sector employees who are looking for financing.

• What is the maximum financing amount?

  You can borrow up to RM 200,000.

• What is the maximum financing tenure?

  10 years.

• How do I qualify?

  Income: Minimum gross income of RM1,000. Gross salary means salary before monthly deductions such as income tax and Employees Provident Fund (EPF) contribution. Only fixed income earners are eligible.

• What are the eligibility requirements?

  • Malaysian citizen
  • Age: 18 – 60 years old
  • Permanent employee of at least 3 months in service
  • Minimum gross income of RM1,000
  • Maximum loan of RM 200,000
  • Encouraged to have Takaful coverage

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

• How long is the approval process?

  Bank Rakyat 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 Rakyat can approve and disburse to you within 3 days.

• What is the interest rate?

  Fixed rate of 4.54% per year to 6.26% per year OR floating rate of 4.91% to 8.25% on your financing amount, tenure, as well as your individual risk rating.

  Check your iMoney CreditScore for free to find out how your credit health is.

• What are the fees and charges?

  Stamp Duty Fee: 0.5% of total financing as contained in the Stamp Duty Act 1949

  Wakalah or Agency Fee: RM28.30

  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 settle Bank Rakyat Personal Financing-i Public Sector early?

  Yes, you can settle your remaining payments early.

• What is the payment method for Bank Rakyat Personal Financing-i Public Sector?

  You have several options to meet your monthly commitment:

  • Salary transfer, Biro Perkhidmatan Angkasa, or Salary Deduction (profit rate will range between 4.64% and 4.99%)
  • Electronic payment (profit rate will range between 5.75% and 6.31%

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

  Unfortunately, no. Bank Rakyat 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 Islam Personal Financing-i

  This personal loan comes with a fixed interest rate starting from 4.99% per year and has a maximum tenure of 10 years and comes with a minimum income requirement of RM2,000.