Bank Rakyat Personal Loan

About Bank Rakyat

After converting from a conventional bank banking system to a Syariah-based banking system in 2002, Bank Rakyat is Malaysia’s most prominent Islamic cooperative bank. To meet its customers’ growing needs, Bank Rakyat continues to expand its product range and customer facilities that are diverse and innovative. Consumer banking, commercial financing, savings and investments, and financial planning products are among the services and products offered.

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 Bank Rakyat offer?

Bank Rakyat provides 3 types of personal loans:

• Personal Financing-i Public Sector
• Personal Financing-i Private Sector
• Personal Financing-i for Pensioner

What are the eligibility to apply for Bank Rakyat personal loans?

The eligibility for individuals to apply for Bank Rakyat personal loans are as follows:

1. Personal Financing-i Public Sector
• Malaysian citizen
• Between 18 to 60 years old
• Minimum monthly income of RM1,000 (including allowances)
• An employee in the public sector, GLC, and GLC subsidiary (minimum of 3 months in service)
2. Personal Financing-i Private Sector
• Malaysian citizen
• Between 18 to 60 years old
• Minimum monthly income:
• Permanent employee: RM2,000
• Contract employee: RM8,000
3. Personal Financing-i for Pensioner
• Government pensioner
• Not older than 65 years during the end of the financing period
• Minimum monthly pension of RM800

Why should I choose Bank Rakyat personal loans?

• Financing amounts of up to:
• RM200,000 (Personal Financing-i Public Sector)
• RM150,000 (Personal Financing-i Private Sector)
• Maximum RM100,000 or maximum 15 times monthly gross pension (Personal Financing-i for Pensioner)
• Financing tenure up to 10 years
• Takaful coverage is optional

There are numerous other reasons you should choose Bank Rakyat personal loans.

What are the benefits I can enjoy from Bank Rakyat personal loans?

Bank Rakyat personal loans can provide you with the following benefits:

• No collateral is required
• No processing fees
• This financing is under the Shariah principles of Murabahah (Tawarruq practices)

What are the documents required for Bank Rakyat personal loans?

When applying for Bank Rakyat personal loans, the following documents are required:

1. Personal Financing-i Public Sector
• Copy of MyKad/ MyTentera, and
• Latest 3-month salary slip, and
• Latest 3-month bank statement of salary crediting account, and
• Confirmation letter from employer, or
• EA Form
2. Personal Financing-i Private Sector
• Copy of MyKad/ MyTentera, and
• Latest 3-month salary slip, and
• Latest 3-month bank statement of salary crediting account, and
• EPF statement, and
• Confirmation letter from employer, or
• EA Form, or
• e-B Slip by LHDN
3. Personal Financing-i for Pensioners
• JPA (Jabatan Perkhidmatan Awam)
• Mykad
• Malaysia Government Pensioner Card
• Pension statement
• JHEV (Jabatan Hal Ehwal Veteren)
• Mykad
• Army Pensioner Card
• Ledger Pensioner

What are the fees included in Bank Rakyat personal loans?

Certain fees apply, including:

• Wakalah or agency fee

  RM28.30

• Stamp duty fee

  0.5% of total financing

• Early settlement fee

  The deferred profit will give a rebate (Ibra’)

• Late payment fee

  1% p.a. on the outstanding balance of the monthly payment

Who should I contact for further information about Bank Rakyat personal loans?

For more information or assistance with Bank Rakyat personal loans,

• Contact Centre tele-Rakyat at 1-300-80-5454
• Visit Bank Rakyat’s nearest branch

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.