Bank Rakyat Personal Financing-i Private Sector

  • Profit Rate
    5.37% p.a. ~ 7.52% p.a.
  • Max. Financing Amount
    RM 150,000
  • Approval Duration
    Up to 3 business days

Calculate your financing repayment instantly

RM
year(s)
RM
You Pay
RM 89 /mth
Profit Rate
Total Profit Payable
RM 70
Total Repayment
RM 1,070

Key Features

Approved loan amount of up to RM150,000

Approved loan amount of up to RM150,000

Floating profit rate as low as 5.37% per annum

Floating profit rate as low as 5.37% per annum

Floating profit rate as low as 5.37% per annum

Takaful coverage is optional

More details

  • icon Features 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

  • icon Eligibility/Documents Eligibility/Documents

    Age Requirement
    18-60 years old
    Min. Monthly Salary
    RM 2,000

    Other eligibility requirements

    Linked Bank Account
    Optional

  • icon Fees and charges 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
Last updated: Dec 29, 2020

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How do you apply for a personal financing online?

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Step 1

Use our personal financing calculator to find the best personal financing based on your requirements and eligibility.

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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.

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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.

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

  • 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

  • 10 years.

  • 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.

    • 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

  • 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.

  • 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.

  • 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.

  • 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

  • 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.

  • 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.