RM
year(s)
RM
- You Pay
- RM 89 /mth
- Profit Rate
- Total Profit Payable
- RM 70
- Total Repayment
- RM 1,070
Bank Rakyat Personal Financing-i Private Sector
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- Profit Rate
- 5.37% p.a. ~ 7.52% p.a.
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- Max. Financing Amount
- RM 150,000
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- Approval Duration
- Up to 3 business days
Calculate your financing repayment instantly
Key Features
Approved loan amount of up to RM150,000
Floating profit rate as low as 5.37% per annum
Takaful coverage is optional
More details
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Features- Approval Duration
- Up to 3 business days
- Min. Financing Amount
- RM 5,000
- Max. Financing Amount
- RM 150,000
Other features
- Maximum Financing Tenure
- Up to 10 years
- Debt Consolidation
- Yes
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Eligibility/Documents- Age Requirement
- 18-60 years old
- Min. Monthly Salary
- RM 2,000
Other eligibility requirements
- Linked Bank Account
- Optional
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Fees and charges- Processing Fees
- Free
- Stamp Duty
- 0.5% of loan amount
Other fees and charges
- Wakalah Fee
- Wakalah or agency fee of RM28.30
Prefer to talk to our customer care agents?
How do you apply for a personal financing online?
Step 1
Use our personal financing calculator to find the best personal financing based on your requirements and eligibility.
Step 2
Select the best product that fits your requirements from the list of recommended personal financing products listed and click on the Apply button.
Step 3
Fill in a form with your details to be submitted for application, and a representative from iMoney or the bank will call you to process the application.
Read more about Islamic Personal Financing
Review by iMoney
Bank Rakyat Personal Financing-i Private Sector is a personal loan that offers a financing amount of up to RM 150,000. It also has a relatively low installment and decent financing with a relatively low gross income requirement.
Best for: Personal use including your kid’s education fund
Income requirements: Minimum RM 2,000/month.
Pros:
- Maximum financing amount of RM 150,000
- Low income requirement (RM2,000/month)
- Wide age range eligibility (20 – 60 years old)
- Direct deduction from salary payable to the Bank
- No guarantor required
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You can borrow up to RM 150,000.
PAYMENT TYPE
INCOME
ELIGIBILITY
- Biro Perkhidmatan Angkasa (BPA)
- Salary Deduction (PGM)
- Salary Transfer to Bank Rakyat
RM 2,000 – RM 4,000
15 times monthly gross income
RM 4,001 – RM 6,000
20 times monthly gross income
More than RM 6,000
25 times monthly gross income
Electronic Payment
RM 1,000 – RM 5,000
5 times monthly gross income
RM 5,001 – RM 10,000
8 times monthly gross income
More than RM 10,000
10 times monthly gross income
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10 years.
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Income: Minimum gross income of RM2,000. Gross salary means salary before monthly deductions such as income tax and Employees Provident Fund (EPF) contribution. Only fixed income earners are eligible.
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- Malaysian citizen
- Age: 18 – 60 years old
- Permanent employee of at least 2 years in service
- Minimum gross income of RM3,000
- Maximum loan of RM150,000
- Encouraged to have Takaful coverage
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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.
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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
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Base rate of 2.60% per year for individuals 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.
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Bank Rakyat calculates your financing rate depending on your payment method and your financing period tenure.
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Stamp Duty Fee: 0.5% of total financing as contained in the Stamp Duty Act 1949 + RM10 for approval letter
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.
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Your repayment method is set during the application process, as your eligible financing amount is related to the application process.
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Yes you can, and Bank Rakyat will offer you a rebate (ibra') according to their discretion.
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No, this financing solution is only open for Malaysian citizens.
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You are advised to take takaful plans from a takaful operator appointed by the financial institution and you agree to allow the financial institution to obtain the protection from the said takaful operator. However, you are free to use any other takaful operator in Malaysia which requires you to arrange it on your own.
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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.
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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.