Bank Islam Malaysia Berhad, or simply Bank Islam, is a pioneering Islamic bank in Malaysia, established on July 1, 1983. Since then, Bank Islam has been committed to providing end-to-end financial solutions that meet the diverse needs of customers and a platform for its stakeholders to prosper, including its people, investors, and communities. As of 2018, Bank Islam has over 140 branches across the country, employing over 4,500 people.
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 Islam offer?
Bank Islam provides 3 types of personal loans:
Personal Financing-i Package
Personal Financing-i Non-Package
Personal Financing for Professional Program
What are the eligibility to apply for Bank Islam personal loans?
The eligibility for individuals to apply for Bank Islam personal loans are as follows:
Personal Financing-i Package
Malaysian citizen
Must be at least 18 years old and not exceeding the retirement age at the end of the payment period
Minimum monthly income of RM2,000
An employee of the government sector, selected public listed company, subsidiaries of government or chosen public listed company, or other prominent private limited company
Personal Financing-i Non-Package
Malaysian citizen
Must be at least 18 years old and not exceeding the retirement age at the end of the payment period
Minimum monthly income of RM4,000
An employee of a public listed company
Personal Financing for Professional Program
Malaysian citizen
Must be at least 25 years old and not exceeding the retirement age at the end of the payment period
Minimum monthly basic income:
Non-package: RM4,000
Engineer and accountants: RM5,000
Applies to medical doctors, dentists, accountants, engineers, lecturers, architects, safety officers, pharmacists, veterinarians, optometrists or opticians, quantity surveyors, and actuaries
Why should I choose Bank Islam personal loans?
Financing is applying the Shariah concept of Tawarruq
Bank Islam offers to finance amounts up to
Maximum of RM300,000 (Personal Financing-i Package)
Maximum of RM150,000 (Personal Financing-i Non-Package)
Maximum of RM300,000 (Personal Financing for Professional Program)
The repayment tenure is offered for up to 10 years or up to the retirement age, whichever is earlier
Advance payment of 2 months instalment
Personal Financing Takaful Plan (optional)
There are numerous other reasons you should choose Bank Islam personal loans.
What are the benefits I can enjoy from Bank Islam personal loans?
Bank Islam personal loans can provide you with the following benefits:
No guarantor is required
No hidden charges
No processing fees
Flexible repayment tenure up to 10 years
Fast approval
Salary deduction, salary transfer to Bank Islam with auto-debit instruction, standing instruction (Personal Financing for Professional Program)
What are the documents required for Bank Islam personal loans?
When applying for Bank Islam personal loans, the following documents are required:
Personal Financing-i Package
Copy of the identity card (MyKad), and
Latest 3-month salary slip, and
Latest employer confirmation letter, and
Latest 3-month bank statement of salary crediting account, and
Latest income tax form (Form B or EA/ EC Form), or
Any other latest supporting document such as EPF statement
Personal Financing-i Non-Package
Copy of the identity card (MyKad), and
Latest 3-month salary slip, and
Latest employer confirmation letter, and
Latest income tax form (Form B or EA/ EC Form), and
Latest 3-month bank statement of salary crediting account, or
Any other latest supporting document such as EPF statement
Personal Financing for Professional Program*
Copy of the identity card (MyKad), and
Latest 3-month salary slip, and
Latest employer confirmation letter, and
Latest 3-month bank statement of salary crediting account, and
EPF statement
*Additional documents for selected professionals
To make things easier for you, click this link to get more information about the documents you will need.
What are the fees included in Bank Islam personal loans?
Certain fees apply, including:
Stamp duty
As per the Stamp Duty Act 1949 (Revised 1989)
Wakalah (agency) fee
RM50
Late payment fee
1% on the amount in arrears
Who should I contact for further information about Bank Islam personal loans?
For more information or assistance with Bank Islam personal loans, contact:
General line at +60320888000
Contact Centre at +60326900900
Email them at contactcenter@bankislam.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.
