RHB Islamic Bank Pensioner Personal Financing-i

Islamic Financing Low Income Government Servant
  • Profit Rate
    7.15% p.a.
  • Max. Financing Amount
    RM 100,000
  • Approval Duration
    Up to 5 business days

RHB Islamic Bank Loan Calculator

RM
year(s)
RM
You Pay
RM 89 /mth
Profit Rate
Total Profit Payable
RM 70
Total Payment
RM 1,070

Key Features

Approved loan amount of up to RM150,000

Approved loan amount of up to RM150,000

Fixed interest rate of 0.43% per month

Fixed interest rate of 0.43% per month

Fixed interest rate of 0.43% per month

Applicant covered by Takaful protection

More details

  • icon Features Features

    Approval Duration
    Up to 5 business days
    Min. Financing Amount
    RM 5,000
    Max. Financing Amount
    RM 100,000

    Other features

    Maximum Financing Tenure
    7 years
    Debt Consolidation
    No
    Early Settlement
    No

  • icon Eligibility & Required Documents Eligibility & Required Documents

    Age Requirement
    55-67 years old
    Min. Monthly Salary
    RM 2,000

    Other eligibility requirements

    Linked Bank Account
    Yes

  • icon Fees and charges Fees and charges

    Processing Fees
    RM 50
    Stamp Duty
    RM 10

    Other fees and charges

    Late Payment Charges
    1% on outstanding loan amount
    Disbursement
    RM30
Last updated: Oct 7, 2024

Still unsure about which product best suits you?

Leave your details and our friendly agents will get back to you!

Image Speak to a representative

How do you apply for a personal financing online?

Step 1 Image

Step 1

Use our personal financing calculator to find the best personal financing based on your requirements and eligibility.

Step 2 Image

Step 2

Select the best product that fits your requirements from the list of recommended personal financing products listed and click on the Apply button.

Step 3 Image

Step 3

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.

More details about the product

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.

RHB Islamic Bank Pensioner Personal Financing-i FAQ

The RHB Islamic Bank Pensioner Personal Financing-i is Islamic personal financing for Malaysian government pensioners offered by RHB Islamic Bank.

  • You can apply for the loan here.

  • 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.

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

  • 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.

  • 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.

  • 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.

  • The age limit for this loan is 67 years old.

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

  • 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.

  • RHB Islamic Bank Personal Financing-i for Pensioner

    • Product Disclosure Sheet here
    • Terms and Conditions (SBRI) here
    • Terms and Conditions (new applicant) here

  • 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.

  • 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.

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

  • 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.

  • 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)
    •  Product Disclosure Sheet

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

  • 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.

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

  • 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.

Get free weekly money tips!

*Free of charge. Unsubscribe anytime.
image of two hands holding a package