Public Islamic Bank BAE Personal Financing-i

Public Islamic Bank BAE Personal Financing-i is an unsecured personal financing product which is offered to the staff of government agencies. This personal loan offers a financing amount from RM 5,000 to RM 150,000. It also has a relatively low installment and decent financing.

Best for: Personal use including your kid’s education fund

Income requirements: Minimum RM 3,000/month.

Pros:

• No settlement fee
• Maximum financing amount of RM 150,000
• Wide age range eligibility (20 – 60 years old)
• Direct deduction from salary payable to the Bank
• No guarantor required

• How does Public Islamic Bank BAE Personal Financing-i works?

  The Public Islamic Bank BAE Personal Financing-i is Public Islamic Bank's personal financing solution that follows the shariah compliant way of financing. This loan offers you a quick financing solution for any amount from RM5000 to RM150,000 and requires no guarantor, which lessens the hassle you'll go through in the application process.

• What is the maximum financing amount?

  You can borrow between RM 5,000 and RM 150,000.

• What is the maximum financing tenure?

  10 years.

• How do I qualify?

  Income: Minimum gross income of RM3,000. 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: 20 – 60 years old
  • Permanent employee of at least 2 years in service
  • Minimum gross income of RM3,000
  • Minimum loan requirement is RM5,000 with maximum of RM150,000
  • Encouraged to have Takaful coverage

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

  If you are self-employed

  • Front & back copy of NRIC
  • Latest 1 year Tax Returns and Tax Receipts
  • 6 months (most current) bank statements OR saving passbook

• What is the interest rate?

  Base rate of 2.27% per year for individuals and base financing rate of 5.47% per year for non-individuals depending on your financing amount, tenure, as well as your individual risk rating.

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

• How to use the Public Bank BAE Personal Financing-i calculator?

  Public Islamic Bank BAE Personal Financing-i calculator allows you to calculate the monthly repayments you'll have to make according to your financing amount, your tenure period, and your monthly salary.

• What are the fees and charges?

  One-time set-up fee: RM10 each

  Early Settlement: 1% per year on the arrears of outstanding for each facility (daily rest basis)

  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.

• Can I pay my Public Bank BAE Personal Financing-i loan off early?

  Early settlement is possible with the Public Islamic Bank BAE Personal Financing-i, and you will be offered a rebate (ibra') according to the financial institution discretion.

• How long is the approval process?

  Public Islamic Bank will approve an application within 1 - 3 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, Public Islamic Bank can approve and disburse to you within 3 days.

• Do I need security or a guarantor?

  No, you don't need any guarantor for this financing solution.

• Do I need a Takaful plan to cover this Islamic personal financing?

  Yes, you are encouraged to take up Takaful from AIA PUBLIC Takaful Berhad (APTB) or Takaful Ikhlas Bhd (TIB) with single contribution which covers death and total permanent disability

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

  Unfortunately, no. Public Islamic Bank 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 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.