Bank Rakyat Personal Financing-i Private Sector

What is the Bank Rakyat Personal Financing-i Private Sector?

Bank Rakyat Personal Financing-i Private Sector is a personal loan that offers a financing amount of up to RM 400,000. 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 400,000
• 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

• What is the Bank Rakyat Personal Financing-i Private Sector maximum financing amount?

  You can borrow up to RM 400,000.

  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

  
  
  

• What is the maximum financing tenure?

  10 years.

• Who is eligible to apply for this financing?

  Malaysian private-sector employees aged 18-60. Minimum income required is RM2,000/months for permanent staff and RM8,000/months for contract staff; income multiple rules apply based on payment method.

• How long does approval take?

  Typically 3 to 5 working days, with repayment via your chosen method (BPA, salary, or e-payment).

• 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

• What profit rate applies?

  Floating rates based on SBR; example: ≤1 year PGM/BPA/SAL transfer = SBR+4.91% (7.91%); electronic payment = SBR+6.91% (9.91%). Rates rise for longer tenures and without Takaful

• How does Bank Rakyat calculate loan interest rates?

  Bank Rakyat calculates your financing rate depending on your payment method and your financing period tenure.

• Are they any fees and charges that I need to be aware of?

  One-time Wakālah fee RM28.30; 0.5% stamp duty; 1% p.a. late payment charge; Ibrāʿ rebate on early settlement; optional Takaful; +1.50% margin if declined.

• How do I pay for my monthly instalment? Can I make repayment online?

  Your repayment method is set during the application process, as your eligible financing amount is related to the application process.

• Can I settle my Bank Rakyat Personal Financing-i Private Sector off early?

  Yes you can, and Bank Rakyat will offer you a rebate (ibra') according to their discretion.

• Can expatriates and foreigners apply for a Bank Rakyat Personal Loan?

  No, this financing solution is only open for Malaysian citizens.

• Do I need Takaful coverage?

  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.

• 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.

  Refer to our article on Everything You Need To Know About Your Credit Score to find out how your credit health is.

• Other personal loans that you can 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.