Bank Islam Personal Financing-i (Package)

Bank Islam Personal Financing-i (Package)is a personal loan for Malaysian citizens thatare looking for a high financing amount of up to RM 300,000. 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 300,000
• Low income requirement (RM2,000/month)
• Wide age range eligibility (18 – 60 years old)
• Fixed or floating profit rate
• No guarantor required

• What are Bank Islam Personal Financing-i requirements for moratorium?

  The requirements to apply for a moratorium on financing payments are:

  1. Your financing was approved on or before 30 June 2021;
  2. You are not in arrears exceeding 90s, and are not classified as non-performing financing
  3. You are not declared bankrupt

• What is the maximum financing amount?

  You can borrow up to RM 300,000.

• What is the maximum financing tenure?

  10 years.

• How do I qualify?

  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.

• What are the eligibility requirements?

  • Malaysian citizen
  • Age: 18 – 60 years old
  • Minimum gross income of RM2,000
  • Maximum loan of RM 300,000
  • Encouraged to have Takaful coverage
  • Must be employed in government sector OR selected Public Listed company OR subsidiaries of government or selected Public Listed company OR other prominent Private Limited Company as categorised under package companies by Bank Islam

• 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 months’ (most current) salary slips
  • Employment Letter
  • 3 months (most current) bank statements
  • EPF statement with at least 6 months contribution (latest not more than 1 year), OR
  • Latest EA Statement, OR
  • Latest Tax Returns and Tax receipts

• How long is the approval process?

  Bank Islam 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 Islam can approve and disburse to you within 3 days.

• What are the fees and charges?

  One Time Fee: RM50

  Advance Payment: Equivalent to 2 months of installment

  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.

• What is Bank Islam Personal Financing-i profit rate?

  Bank Islam offers a profit rate that starts from 4.99% p.a.

• How do I calculate my Bank Islam Personal Financing-i payments?

  Here you can find and download the Bank Islam table of repayment calculations.

• What payment methods does the Bank Islam Personal Financing-i allow?

  Payment can be made via salary reduction, online banking, ATM, Deposit Cash Machine or at any Bank Islam counter.

• Can I pay my Bank Islam Personal Financing-i settlement early?

  Yes, you can. However, you will be required to also settle costs incurred for the early settlement as permitted by the Shariah Supervisory Council of Bank Islam.

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

  Unfortunately, no. Bank Islam 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.

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

  Bank Rakyat Personal Financing-i (Private Sector)

  Bank Rakyat Personal Financing-i Private Sector is a guarantor-free personal loan that offers a financing amount of up to RM 150,000. It also has a relatively low instalment and decent financing with a relatively low gross income requirement of RM2,000 per month.

  Bank Rakyat Personal Financing-i (Public Sector)

  Bank Rakyat Personal Financing-i Public Sector is a personal loan for Malaysian citizens that are in the public sector, GLC companies and GLC subsidiaries. This personal loan offers a financing amount of up to RM 200,000. It also has a relatively low instalment and decent financing with a relatively low gross income requirement of RM1,000 per month.