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 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

• What is the maximum financing tenure?

  10 years.

• How do I qualify for a Bank Rakyat Personal Loan?

  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
  • Permanent employee of at least 2 years in service

  • SALARY	FINANCING TENURE NEW APPLICATION	REPEATED / OVERLAP APPLICATION
    RM2,000 – RM 3,000	5 years	10 years
    RM3,001 and above	10 years	10 years

  • Encouraged to have Takaful coverage

• How fast is Bank Rakyat Personal Financing-i Private Sector approval process?

  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.

• 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 is the interest rate of Bank Rakyat Personal Financing-i Private Sector?

  Base rate of 2.60% per year for individuals on your financing amount, tenure, as well as your individual risk rating.

• How does Bank Rakyat calculate loan interest rates?

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

• What are the fees and other charges?

  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.

• 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.