Al Rajhi Bank Personal Loan

About Al Rajhi Bank

Al Rajhi Bank is an international banking market-based in Riyadh, Saudi Arabia, that opened its first overseas branch in Malaysia in October 2006. Al Rajhi Bank also offers a wide range of Shariah-compliant products and services to meet the needs and demands of its customers, with 8 branches in the Klang Valley and one each in Johor Bahru, Melaka, Penang, Ipoh, Kota Bharu, Kuantan, Kuching, Sg. Petani, and Kota Kinabalu.

What is a personal loan?

A personal loan is a type of instalment credit provided by a financial institution (bank) to a borrower (you) in a one-time cash payment. You, as a borrower, must pay back the amount plus interest either in regular or monthly instalments over the loan’s term agreement.

What type of personal loan does Al Rajhi offer?

Al Rajhi provides 1 type of personal loan, Al Rajhi Personal Financing-i.

What are the eligibility to apply for Al Rajhi Personal Financing-i?

The eligibility for individuals to apply for Al Rajhi Personal Financing-i are as follows:

  • Malaysian citizen
  • Between 21 to 60 years old
  • Salaried employee
  • Minimum annual income of RM42,000

Why should I choose Al Rajhi Personal Financing-i?

  • Al Rajhi offers to finance ranging from RM10,000 to RM150,000 to all salaried employees
  • You can opt for a fixed monthly instalment
  • Shariah-compliant personal financing loans
  • Profit rate as low as 4.99% p.a. depending on financing tenure and profit rate

There are numerous other reasons you should choose Al Rajhi Personal Financing-i.

What are the benefits I can enjoy from Al Rajhi Personal Financing-i?

Al Rajhi Personal Financing-i can provide you with the following benefits:

  • No guarantor or collateral is required (subject to the bank’s discretion)
  • A high financing limit of up to 5 or 8 times your monthly income is available, whichever is lower
  • The financing tenure is up to 2 to 8 years
  • Financing product that Al Rajhi Bank Malaysia Shariah Board approves

What are the documents required for Al Rajhi Personal Financing-i?

When applying for Al Rajhi Personal Financing-i, the following documents are required:

  • Salaried employee (PLC/ GLC/ MNC/ and its subsidiaries)
    • The latest 3-month salary slip, and
    • EPF statement (printed from the EPF website or any other methods approved by the bank),or
    • The latest 1-month personal bank account statement that reflects salary credits

  • Salaried employee (non-PLC/ GLC/ MNC/ and its subsidiaries)
    • The latest 3-month salary slip, and
    • EPF statement (printed from the EPF website or any other methods approved by the Bank), or
    • The latest 3-month personal bank account statement that reflects salary crediting

What are the fees included in Al Rajhi Personal Financing-i?

Certain fees apply, including:

  • Processing fee

    None

  • Stamp duty

    0.5% of the whole amount

  • Early termination fee

    None

  • Late penalty fee

    1% of the current outstanding amount

Who should I contact for further information about Al Rajhi Personal Financing-i?

For more information or assistance with Al Rajhi Personal Financing-i,

  • Contact Al Rajhi Customer Care Consultants at +60323326000
  • Email them at customersupport@alrajhibank.com.my

What are the common terms of personal loan?

  • Per Annum (p.a.)

    The interest rate over one year with the assumption that interest is compounded annually.

  • Tenure

    The period you must repay your loan.

  • Principal

    Principal is commonly known as the loan amount you requested from the bank.

  • Interest rate

    Principal is commonly known as the loan amount you requested from the bank.

  • Instalment

    Instalment is the fixed amount you must repay your personal loan every month until the term expires.

  • Penalty

    A fee that a bank will levy on your overdue amount if you are late with your repayment.

  • Default

    The term used to describe a situation in which a personal loan is not paid off for more than three months.