Bank Rakyat is firmly established for it's iconic Islamic loan services and currently strives to provide personal loans of which is known as Bank Rakyat Personal Financing-i Aslah Swasta. Bank Rakyat offers have high levels of competition in terms of steep rates as compared to other banks in the market at 5.35% per annum up to 8.65% per annum. Unlike other more common loans by Bank Rakyat which is more driven to public sector, the loan mostly caters to professionals in the private sector such as engineers, doctors, lawyers and employees working in public listed companies. The loan is fully yielding to Islamic featuers and also applies to Tawaruqq principles.
A collateral is
not needed in this Financing I-Swasta as it is partly an unsecured loan.
However, a guarantor may be required as a form of security by the bank. New
applicants have the opportunity of financing tenure of only 5 years if their
salary falls between RM2,000 to RM3,000. For those with a fixed monthly gross
salary of RM2,000 to RM3,000, the borrowable amount is up to 15 times the
salary for a maximum loan tenure of 10 years. For fixed monthly gross salaries
of RM3,001 to RM6,000, it is 20 times the salary for a maximum loan tenure of
10 years and for fixed monthly gross salary of RM6,001 and above, it is 25
times the salary with the maximum loan tenure
of 10 years.
Applicants who
are elligble for the loan are Malaysian citizens of age 18 to 60 (at the time
the financing tenure finishes). The applicant must also be an employee that has
received confirmation in a private sector company or institution with a miminum
salary of RM2,000 inclusive of fixed allowances.
Bank Rakyat
requires only a one time set up fee which is a stamp duty of 0.5% on loan
amount that will be subtracted in advance before the disposal of loan. Repeated
payment includes monthly repayment which constitutes primary amount and
interest charge through monthly Bank Rakyat Account savings deduction, Biro
Perkhidmatan Angkasa (BPA), monthly salary deduction facility, standing
instruction deduction or post-dated cheques.
The rate of your
interest charges rely on several factors such as employer's category, Takaful
insurance purchase, financing tenure and types of financing. Payment methods
are either through selected companies or private and length of tenure of 1 to 3
years or 3 to 10 years. The interest rate also depends on protection with
Takaful or without Takaful.
The application
takes generally around 5 working days (excluding Saturday, Sunday and public
holidays) before approval of loan payment distribution. Your loan application
needs to be completed with documents such as a copy of NRIC (front and back), a
copy of 3 most recent monthly salary slips, letter of confirmation by employer
and EPF statement of demonstrating 6 months of most recent contributions.
If you have a
CCRIS or CTOS Credit Record that is bad and lacks confidence, all overdue
payments should be settled before the loan application. It is recommended to punctually
resume paying your loans 3 months before submitting the application.
http://www.personal-loan.my/bank-rakyat-personal-loan-swasta/104/
https://en.wikipedia.org/wiki/Bank_Rakyat
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