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:
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)
Personal Financing-i Private Sector
Malaysian citizen
Between 18 to 60 years old
Minimum monthly income:
Permanent employee: RM2,000
Contract employee: RM8,000
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:
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
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
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.
