RHB Islamic Bank Pensioner Personal Financing-i

The RHB Islamic Bank Pensioner Personal Financing-i is an unsecured Islamic personal financing specifically for retired Malaysian government servants. It has a low-profit rate at 5.25% per annum, or per year, and a high financing tenure of up to 10 years.

Best for: Pensioners who are looking to start a business in retirement

Eligibility: Malaysian citizen from 40 years of age

Pros: No guarantor or collateral required, and no exit fee or early settlement charges imposed if you settle the financing early.

• How to apply personal loan for pensioners?

  You can apply for the loan here.

• What is the profit rate?

  The RHB Islamic Bank Pensioner Personal Financing-i is based on a fixed profit rate (flat) of 5.25% per annum (or per year). The effective profit rate varies according to the financing tenure.

• What is the maximum financing amount?

  The financing amount you can borrow ranges between RM5,000 and RM100,000.

• What is the maximum financing tenure?

  This financing offers one of the highest financing tenures. The maximum financing tenure is 10 years. This means you can really reduce your monthly repayment by spreading out your financing over a longer financing period, but this also means you will end up paying more in total.

• How long is the approval process?

  The bank can take up to 5 business days to process and approve your financing upon receiving all your information and documents. When you apply through iMoney, we will run an eligibility checker through our call centre consultant to advise you on your chances of approval.

• How do I qualify?

  Age: You must be at least 40 years old to qualify for the financing, and be a pensioner of the Malaysian government sector. Your age must not exceed 70 at the end of the financing tenure.

  Other qualifying criteria: You must be a pensioner of the Malaysian government sector. You will also be required to open and maintain a deposit account with RHB Bank or RHB Islamic Bank, where the financing amount will be credited into the account upon approval.

• What is the age limit for RHB Islamic Pensioner Personal Loan?

  The age limit for this loan is 67 years old.

• Does a pension loan affect my credit?

  No, pensioner financing does not affect your credit. However, if you fail to fulfill your obligations, legal action will be taken against you.

• How long does it take to get RHB Islamic Pensioner Personal Loan?

  The bank can take up to 5 business days to process and approve your financing upon receiving all your information and documents. When you apply through iMoney, we will run an eligibility checker through our call centre consultant to advise you on your chances of approval.

• How will the financing amount be disbursed?

  The approved financing amount will be credited into your RHB Bank or RHB Islamic Bank account. If you do not have an account, it will be compulsory for you to open an account with the bank.

  The stamp duty, brokerage fee and Takaful contribution will be deducted from the total financing amount before it is credited to your account.

• How much do I have to pay monthly?

  Your monthly repayment is fixed throughout the financing tenure, and it is made up of principal and profit margin. The lower your profit rate and the longer your financing tenure, the lower your monthly repayment will be.

  Use the personal financing calculator above to calculate your monthly repayment.

• How do I make my repayment?

  The monthly payment will be via deduction from pension proceeds credited to your account.

• What are the fees and charges?

  Late payment charges: 1% on the outstanding financing amount. Late payment charges will increase your total outstanding financing amount.

  Other fees: RHB Islamic Bank Pensioner Personal Financing-i charges an RM30 brokerage fee and RM10 for stamp duty. You will also be required to pay for the Takaful contribution, which is mandatory. The amount for the contribution varies according to the financing amount and your age and tenure.

• What are the required documents?

  Once you have completed your application with iMoney, you are required to provide the following documents for your application:

  • 2 copies of MyKad (front and back)
  • 2 copies of Kad Pesara Kerajaan Malaysia/Kad Pesara Tentera
  • 1 copy of you Penyata Pencen (JPA)/Lejar Pesara (JHEV)
  • 2 copies of your RHBIB Savings Account Passbook/Statement (compulsory for new customer)
  • Original copy of the Redemption Statement of other banks or financial institutions (if any)

• Other information

  Product Disclosure Sheet Visit here for Pensioner Product Disclosure Sheet and here for the Pensioner Product Disclosure Sheet Fixed Rate.

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

  By applying for the financing, you will have to allow RHB Islamic Bank to check your credit health. The bank will only approve your application if your credit history is satisfactory. We would advise that you settle all your overdue payments and maintain a good payment history for at least 3 months before applying.

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

• Which bank gives loan for pensioners?

  At this moment, we only have one financing product for pensioners in our listings, which is the RHB Islamic Bank Pensioner Personal Financing-i.

• If you are looking for other personal financing products, you may also consider

  Citi Personal Loan

  If you are not a government sector pensioner, but is a Citibank existing customer, consider the Citi Personal Loan, which offers an attractive interest rate of 5.88% per annum. However, it comes with a slightly higher minimum income requirement of RM4,000.

  CBP Personal Financing-i Lestari

  Not yet a pensioner, consider CBP Personal Financing-i Lestari is a financing facility specifically for government servants. It offers a lower profit rate starting from 2.75% per annum with a high maximum financing amount and tenure.

  Bank Rakyat Personal Financing-i Public Sector

  Bank Rakyat Personal Financing-i Public Sector is also a personal financing facility exclusively for government servants. However, it has a much lower minimum income requirement of RM1,000.