You can enjoy as low as 4.95% interest for per annum
You do not need to provide a guarantor
Bank Rakyat will approve this Bank Rakyat Personal Loan Financing-I Swasta for private quickly
Bank Rakyat Financing-I Swasta for private is only available for employees working in the private sector and Government Linked Companies selected by Bank Rakyat
The maximum loan amount you can apply for is up to RM150000 which is 25 times of your minimum gross monthly salary
In order to apply for Bank Rakyat Financing-I Swasta for private, you need to have at least a minimum gross monthly income of RM1000
The maximum loan repayment period is up to 10 years
This personal loan is open to Malaysian citizens only
Bank Rakyat Personal Financing-I Aslah Swasta is a personal loan that uses Islamic principles. The personal is Islamic compliant and based on the Shariah and Tawarruq concept.
Usually, these type of personal loan packages are popular among the employees working in the public sector but for this personal loan package, employees in the private sector and selected Government Linked Companies are also able to enjoy the privileges.
Despite that Bank Rakyat offers this personal loan to employees working in the private sector, Bank Rakyat only intend to offer this personal loan package to professionals. Some of the examples that Bank Rakyat will only accept are lawyers, accountants, architects, doctors, engineers, employers of large public listed companies, and employers of Government Linked Companies in Malaysia. Furthermore, these selected private companies by Bank Rakyat are able to enjoy lower and better interest rates.
As this personal loan is in the nature of unsecured loans, you do not have to provide a guarantor and a collateral to apply for it. Compared to other personal loans offered by other banks in Malaysia, Bank Rakyat Financing-I Aslah offers a much higher financing amount. As a start, the loan applicant will be able to apply for a loan amount that is as high as up to 15 times of his or her monthly gross income if he or she earns between RM2000 to RM4000. If that individual earns between RM4001 and RM6000, he or she can apply for a loan amount that is up to 20 times of his or her monthly gross income. Individuals that earn more than RM6000 a month will be able to apply for a loan amount that is as high as up to 25 times of their monthly gross income. However, this option is only available if the individual choose to use the direct salary deduction with the Biro Angkasa program.
Based on the latest update, Bank Rakyat also offers repayment methods that do not deduct from salary but they come with very high interest rates. It is advisable to choose the direct salary deduction method because the loan financing amount offered by Bank Rakyat is very high compared to other banks in Malaysia as those banks usually only offer up to 5 times of the loan applicant’s monthly gross income.
In addition, the approved loan amount by Bank Rakyat is also subjected to credit score including CCRIS and CTOS. One of the advantages of this loan is you can enjoy better and lower interest rates if you choose to sign up with the auto deduction on the loan from savings accounts. On top of that, you can also enjoy even lower interest rates if you choose to purchase the Takaful insurance.
As of now, this Bank Rakyat Financing-I Swasta for private uses a floating basis and tied up with Bank Rakyat’s Base Rate. Therefore, there is a huge difference in the interest rates from the one that is given by Bank Rakyat. The loan applicant will have to pay higher interest rates if he or she falls into a lower salary bracket set by the bank. Other ways to reduce your interest rates include choosing the auto salary deduction by using Biro Angkasa scheme and buying Takaful Insurance.
To be eligible for Bank Rakyat Financing-I Swasta for private personal loan, you will need at least RM1000 minimum gross monthly income. Unlike other banks in Malaysia, Bank Rakyat has the lowest salary requirements for a personal loan. This Bank Rakyat personal loan is also open to all Malaysians with EPF transaction of at least 6 months. The age requirement is between 18 years and 60 years old by the end of the loan financing tenure. Nevertheless, only employees working in Bank Rakyat’s panel list of private companies can apply for this personal loan. While loan applicants with permanent employment only need to earn RM1000 as their minimum monthly salary, employees on contract need to earn at least more than RM8000 per month.
The borrower has a few options to make his or her repayments on the loan. The options are auto salary deduction by using Biro Angkasa program, direct salary deduction by the employer, and salary transfer or cash.
You will need to pay a 0.5% stamp duty based on the total loan financing amount and RM30 as Wakalah fees after Bank Rakyat approved your personal loan application. If you are late for payments, there is a 1% penalty based on the total loan financing amount. You can also settle off your loan repayment earlier but it comes with an early settlement fee. For this personal loan package, you do not need to purchase any Takaful Insurance. It is also important to note that all charges are exclusive of 6% GST.
Photocopy of your MyKad for front and back
The latest 3 months’ salary slips
Employment letter from your employer stating your full name, job designation, MyKad number, years of employment, and other relevant details
Latest annual EPF statement
Income tax return form
Auto salary deduction by using Biro Angkasa program
Direct salary deduction by the employer
Salary transfer to Bank Rakyat
Bank Rakyat Panel List of Companies
Pekerja Swasta – Panel
Senarai Majikan Di Bawah Panel Bank Rakyat
Jika anda bekerja di salah satu syarikat di bawah anda layak untuk membuat pinjaman. Syarikat ini adalah di bawah panel Bank Rakyat.
Bank Rakyat Personal Financing-i Swasta for private is known as one of the most popular personal loans in Malaysia. If you are in the right bracket, you can enjoy interest rates that are really competitive in the market. Nonetheless, it is important to note that this Bank Rakyat personal loan is available to only a selected handful of private companies. Check if your company is in the Bank Rakyat Panel List of Companies stated above for you start to apply for this personal loan.