Bank Islam Personal loan

There are many offers on personal loan from banks in Malaysia. Personal loans may be a great helper when it comes to emergency need of cash. In addition, everyone is aware that loan is the only and most viable solution to provide the required cash influx. Thus, personal loan is a great tool and form of way to manage our income and outcome in a more efficient way, provided we use it effectively and accordingly.

One of the banks offering personal loan is the Bank Islam, which worth further exploration on what it can offers. As a customer, you should be aware of the overall information about the personal loan. Take note that Bank Islam Personal Loan, the Financing-i, is a loan package that is being offered to only those in public sectors and selected Government Link Companies (GLCs). So, if you are working in a private sector, you can totally forget about this personal loan.  

For those who are interested to know more about this Bank Islam Personal Loan, it is Shariah based on Wakalah contract, with three tiers of interest rates. Therefore, you may enjoy a better interest if you go for the selected Takaful products, in which the product will include TakafulWill writing, Banca Takaful or BankIslam Card-i. As for the loan available, the amount is ranging from RM 10,000 to RM 200,000. Precisely how much you can loan is highly dependent and subject to criteria like your monthly income. A stable position with minimum salary of RM 2,000 is one of the basic requirement. There are cases in which you are allowed to loan more than RM 200,000 if you meet all criteria and able to provide collateral as security to the bank.  

Generally, personal loans in Malaysia do not require collateral or guarantor. However, this might not be the case for those of you who have weak credit score. The personal loan offers either fixed or floating interest rates, which may not be a really good benefit during the times of good economy. This may be different as it is beneficial during recession period as interest rates may go as high as over 10%. For the repayment for Bank Islam Personal Financing-i, it can be done through auto salary deduction or salary transfer to Bank Islam. The maximum amount to be deducted can be about 50% to 60% of salary. A 1% p.a penalty will be charged for any late repayment.

To go for the personal loan from Bank Islam, here is a brief summary of whether or not you are eligible to apply. It is mentioned that the loan is being offered only to those of you who are from the public sectors and selected Government Link Companies (GLCs). Of course, you must also be a Malaysian citizen, age 18 years old and above with a minimum monthly income of RM 2,000. There will be no processing charges when you apply for the loan but there will be a chargeable RM 50 Wakalah fees for this product. There will also be a 0.55% stamp duty fees based on your loan amount. For more detailed information, you may visit Bank Islam’s website or visit any branch near you.