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.
