Bank Islam Personal Loan

bank islam personal loan

 

Bank Islam Personal Financing-i Package

Offers flat and floating interest rates on option
From RM 10,000 to a maximum of RM 200,000 financing.
Maximum 10 years repayment
Applicants from 18 years years old and not exceeding retirement age at end of  tenure
Minimum income of RM 2,000 per month
Malaysian citizens and goverment servants only

 

Bank Islam Personal Financing-i is a Syariah compliant personal loan that is catered for government sector and it’s subsidiaries only. This loan is unsecured thus, no guarantor and collateral for this loan, This loan offers from RM10,000 to RM 200,000 financing with maximum of 10 years repayment period.

What makes this loan different is that Applicants of Financing-i has the options for Fixed flat rate and Floating interest rates. A borrower can opt for flat rate to enjoy a fixed well planned repayment while Floating rate will be tied to Bank Islam’s Base Rate (BR).

Interest Rates

Loan Tenure Interest Rates
Fixed Rate 1 to 10 years 4.99% p.a
Floating Rate 1 to 3 years BR + 2.05% p.a
4 to 10 years BR + 2.95% p.a

Bank Islam’s BR: 3.65% p.a.

The fixed rate for the loan is 4.99% p.a. This means the the interest for the loan will be locked at the fixed rate for the entire tenure of the loan irregardless of changing in OPR or BR. This will be beneficial when interest is expected to increase however it can also work as a double edge sword. The financing tenure is also a factor effecting the interest rates of this product if you are applying for floating rate package. Applicant will enjoy a BR + 2.05% p.a. for 1 to 3 years tenure while BR + 2.95% p.a for 4 to 10 years tenure.

Repayment

As of all public sector personal loans, the repayment for this loan is done via auto salary deduction.

Fees

There are no hidden charges or processing fees for this loan. A RM 50 Wakalah fee is applicable when applying for this loan. Stamp duty is required which is 0.55% of the financing amount. There are cases where advance payment of 60 days is required. There will be no late repayment fee as the repayment is already auto deducted. Takaful coverage is required for this personal loan.

Eligibility

This loan is opened to public sector, Government Link Companies (GlC). However, you can also qualify if you are working for some selected public listed companies listed by Bank Islam. A borrower will also need to be minimum 18 years old with the maximum financing at the retirement age. The minimum salary requirement is RM 2,000 per month.

Documents

  • Photocopy IC ( Front and back)
  • Most recent 90 days payslip
  • Most recent 90 days bank statement (Salary credit)
  • Most recent EFP statements
  • Most recent BE form
  • Employment letter

 Repayment Table

If you are keen, the repayment table for this loan is available on the link below

Bank Islam Repayment Table