- You Pay
- RM 89 /mth
- Profit Rate
- Total Profit Payable
- RM 70
- Total Repayment
- RM 1,070
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Approved loan amount of up to RM100,000
Fixed interest rate starting at 0.54% per month
Loan approval within 2 business days (48 hours)
Use our personal financing calculator to find the best personal financing based on your requirements and eligibility.
Select the best product that fits your requirements from the list of recommended personal financing products listed and click on the Apply button.
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.
The Maybank Islamic Personal Financing-i is an Islamic unsecured personal financing with financing amount as low as RM5,000, and maximum amount of RM100,000. The profit rates offered are tiered according to the financing amount, with a lower rate for higher financing amount.
Best for: iMoney recommends Maybank Islamic Personal Financing-i for education or business purposes, as it offers a lower rate for higher financing amount, with tenure between 2 and 6 years.
Income requirements: RM3,500 a month or RM42,000 per year.
Pros: No processing or stamping fee, guarantor or collateral required.
The Maybank Personal Financing is a fixed-rate personal financing with fixed instalment payment throughout financing tenure. The profit rate ranges from 6.5% to 8.0% per annum, or per year throughout the financing tenure.
The profit rate may vary based on your financing amount:
Financing amount: RM5,000 to RM20,000
Financing amount: RM20,001 to RM50,000
Financing amount: RM50,001 to RM100,000
Fixed profit rate of 8.0% per annum throughout the tenure
Fixed profit rate of 7.0% per annum throughout the tenure
Fixed profit rate of 6.5% per annum throughout the tenure
What is the profit rate? Because Islamic financial institutions are prohibited from making money through interest rates by lending money, Islamic personal financing is structured with profit rate instead. In simpler terms, it means the financial institution buys something on your behalf and sells it to you with a profit.
The maximum you can borrow is up to RM100,000, while the minimum amount is RM5,000.
The longest you can stretch your financing repayment with Maybank Islamic Personal Financing-i is 6 years, while the minimum is 2 years. Why is this important to you? The longer your financing tenure is, the lower your monthly repayment will be. But it also means higher profit charges.
Income: Your minimum income must be at least RM3,500 per month, or RM42,000 a year.
Age: To apply, you must be between the age of 21 and 60. This means, your financing should not extend beyond age 60. For example, if you are taking up the financing at age 55, the maximum financing tenure you can qualify for is only 5 years, instead of the maximum 6 years.
Other qualifying criteria: You must be a Malaysian citizen, and you must have a linked bank account with Maybank Islamic. You may open a bank account with the bank while applying for the financing.
It can take up to 2 business days to process and approve your financing upon receiving all your information and documents. iMoney can help you with eligibility checking through our call centre consultant to reduce your chances of rejection.
Upon approval, the financing amount will be credited into your Maybank Islamic Personal Savings/Current Account. If you do not have an existing account, you will be required to open one for this purpose.
One-time set-up fee: Some banks charge a stamp duty fee of 0.5% on financing amount, but the good thing about the Maybank Islamic Personal Financing-i is, you do not need to pay any upfront fee. If you are applying through iMoney, you will not need to pay any deposit or upfront fee as well.
Late payment charges: 1% on the outstanding financing amount. Late payment charges will increase your total outstanding financing amount.
Early settlement fee: If you plan to settle your financing in the first half of your financing tenure, you will be charged early settlement fee, which is RM200 or 3% of the outstanding balance, whichever is higher. If your financing tenure is 5 years, and you settle your financing in the first 2 and a half years, you will be charged the early settlement fee.
Takaful protection: You will have the option to take up Takaful coverage for the financing. The Takaful will be underwritten by Etiqa Takaful, and it is designed to cover your outstanding financing in the event of any unfortunate circumstances. You will be charged for the Takaful protection.
Your monthly repayment will remain the same throughout the financing tenure, and it comprises of the principal amount and interest.
Your instalment will be calculated based on your financing amount, financing tenure and profit rate. For example, if you are borrowing RM55,000 with a profit rate of 6.5% over 5 years, your monthly repayment will be around RM1,215.
Use the personal loan calculator above to calculate your monthly repayment.
Once you have completed your application with iMoney, you are required to provide the following documents for your application:
Similarly, with most financial institutions, Maybank Islamic will check your credit record before they approve your application. If you are blacklisted, have a bad CCRIS record or have a weak credit score, chances are your application will be rejected.
iMoney recommends that you settle all your overdue payments before applying and keep a healthy credit record before you apply for personal financing. It is advised that you continue repaying your financings 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 a Citibank existing customer and is looking for a personal loan with a lower rate, consider the Citi Personal Loan. This loan offers an attractive interest rate of 5.88% per annum, but with a slightly higher minimum income requirement of RM4,000.
If you looking to stretch your repayment over a longer period, try Bank Rakyat Personal Financing-i Private Sector, which offers a maximum tenure of 10 years. The loan is open for those who are earning a minimum of RM2,000 a month. However, the maximum tenure is only applicable to those who are earning RM3,001 and above.
Loan up to RM120,000 from the HSBC Amanah Personal Financing-i. With the profit rate from 10.5% per annum for new HSBC customers, it offers a maximum tenure of 5 years. This Islamic financing comes with a minimum income requirement of RM5,000.