Bank Rakyat Personal Loan Swasta



Personal Financing-i Swasta
Minimum income of RM 1,000
Loan amount from RM 2,000 to Maximum of Rm 150,000 up to 10 years of financing
From 15 to 25 times salary financing available
18 years and above

Bank Rayat Personal Financing-i Swasta is the personal loan package that is catered for private sector professionals such as doctors, engineer, lawyer and public listed companies employees . This is a personal loan for private sector unlike typical loans from Bank Rakyat which is catered for public sectors. The loan is fully Islamic compliant while it is based on Tawarruq concept.

Financing-i Swasta is a partially unsecured loan collateral is not needed however a guarantor may be needed when required by bank as a form of security. This loan offers from RM 2,000 up to RM 150,000 of financing. This amount of financing offered would a maximum of 5 times salary for those earning RM 2,000 to RM 4,000 , 15 times salary for those who are earning RM 4,000 to RM 6,000  and 25 times salary for those who are earning above RM 6,000 per month. The payment type also effects the amount that you can borrow from Bank Rakyat.  As a rule of thumb, reliable constant payment such as Employer Salary deduction scheme will enable you to borrow more. This means that borrower who opted for PGM or Salary Transfer scheme can enjoy higher financing amount.

Payment options

The repayment for the loan can be done via Bureau Angkasa scheme, salary auto deduction or cash. There are various choices to repay the loan. These choices will effect the amount you can borrow and the interest rates you enjoy

  • Electronic Payment
  • Biro Perkhidmatan Angkasa
  • Auto Salary Deduction
  • Auto Salary transfer
Employment Status Length Interest Rates
Selected Companies 1 to 3 years BaseRate + 16.28%
Salary from RM 1,000 to RM 1,999 4 to 7 years BaseRate + 16.53%
Selected Companies 1 to 3 years BaseRate + 5.37%
Salary from RM 2,000 and more 3 years and more BaseRate + 5.52%
Not in Bank Rakyat’s Company list 1- 3 years BaseRate + 7.52%
Salary from RM 2,000 and more 3 years and more BaseRate + 7.67%

Interest Rates

Interest rates of this loan would vary depending on loan amount. At the moment of writing, the interest rates provided by this loan is quite competitive among other private loans in Malaysia.  You can also enjoy better rate if you pay via Bank Rakyat’s saving account and Takaful package while having higher salary and stable employement. The table above summarizes the interest rates for Bank Rakyat Personal Loan. The rates are tied with Base Rate from Bank Rakyat. Interest Rates are negotiable based on profile of the private company one is attached to.

At the time of writing Bank Rakyat’s base rate is 3.85%


This loan subjected to 0.5% stamp duty which is based on the financing amount. This fee will be deducted from the amount borrowed. Borrower is advised to purchase Takaful insurance although it is optional. There is a 1% p.a penalty for any late payment. There is a compulsory RM 30 Wakalah fees. All service charges are subjected to GST charges.


This loan if available for Malaysian Citizens from 18 years and above. This loan has one of the youngest requirement for age. Typically a Malaysian personal loan would start from 20 years and above.  You will need to have a minimum monthly income of RM 2,000 to qualify for the loan. Personal Financing-i Swasta is only catered for professionals from private sectors. Fixed employment is required while contractual employees are required to have a minimum monthly salary of RM 8,000.

Permanent employee from manufacturing sector that is from Bank Rakyat’s company list with minimum salary of RM 1,000 can also apply for the loan. This loan is factory worker’s friendly. However borrowers are advised to check with Bank Rakyat on the private company panel list


There are various ways repayment methods for the loan.

  • Cash
  • Bank transfer to Bank Rakyat
  • Bureau Perkhidmatan Angkasa (BPA)
  • Salary deduction by employer (PGM)
  • Electronic payment

Documents needed 

  • Photocopy IC on both sides
  • Latest 3 months payslip
  • Latest 6 months EPF statement
  • Confirmation employment letter
  • Most Recent BE form / LHDN Tax return form


  • Very low interest rates
  • Auto salary deduction (BPA available)
  • Manufacturing sector friendly. If applicant with income RM 1,000 monthly can also apply if they are working on Bank Rakyat’s company list


  • Only companies listed by Bank Rakyat is eligible. There are limited number of companies in the list at the moment


If you are keen, Financing-i Swasta repayment table without Takaful is available below.

bank rakyat personal loan table 2015



Bank Rakyat has branches spread across states in Malaysia and peninsular Malaysia


Standard Chartered Personal Loan



Standard Chartered CashOne , Pinjaman Peribadi
No guarantor and collateral needed
Quick approval
RM 1,000 to RM 150,000 of financing available
Maximum 5 years repayment
Lowest 0.75% monthly interest rate


CashOne is unsecured where it does not require any any collateral or guarantor. This loan is not Shariah compliant. CashOne gives finance up to 4 times the customer’s monthly salary. Repayment period of the installment is from 12 months (1 year) to 60 months (5 years) and the interest rates are as low as 0.75% per month. This would amount to 9% p.a. flat rate. 

Applicant will also have the choice to link their CashOne to their credit card limit. For any repayment that is repaid will be converted into credit card limit. Successful applicants will also get to enjoy up to 5 years free annual fees for their Platinum Credit Card.


There are no processing fees required while late repayment are charge 1% p.a. on a daily basis.


An applicant can be a Malaysian citizen or foreigners aged 21 to 65 years old with a minimum monthly salary of at least RM2,000 per month.


An applicant must open account with the bank before they could done their repayment. Monthly repayment is via a standing instruction.



  1. A copy of MyKad (front and back)
  2. Most recent payment slip
  3. Most recent bank statement
  4. Most recent EPF statement
  5. Most recent BE form (income tax)


  1. A copy of MyKad (front and back)
  2. Most recent 6 months bank statement with copies of business registrations
  3. Most recent BE form (income tax) with receipt

Repayment Table

SC Personal Loan repayment table


Among the privileges that a customer could get from this loan package includes

  • Customers don’t have to pay their Platinum credit card annual fee.
  • No lock in period (can overlap) but customers have to send a notice prior a month for the bank to release a settlement letter.
  • Every time a customer paid their monthly installments, their credit card limit will increased according to the amount that they have paid. This could help if they needed some emergency cash or they have out of money in any months albeit it may also be a double edge sword.


Quick Cash EDGE

Standard Chartered Quick Cash Edge 
No guarantor and collateral needed
Quick approval
RM 1,000 to RM 250,000 of financing available
Maximum 5 years repayment
Lowest 0.583% monthly interest rate


Personal loan scheme called Quick Cash is for employee working for the government or private sector as well as self-employed workers. Minimum amount for the finance for the loan is RM2,000 while the maximum amount is RM150,000 or 5 times the customer’s monthly salary. Minimum tenure for the loan is 12 month (or a minimum of 24 months if the loan amount is less than RM15,000) while the maximum tenure is 60 months (5 years). The interest rate is based on the flat rate up to 0.88% per month, according to the salary, amount and duration of the finance. Customers will be charged a late payment penalty up to 1% from the outstanding amount. This loan package doesn’t need any collateral or guarantor.


There are no early settlement penalties for Quick Cash Edge

Personal Financing-i

Standard Chartered Personal Financing-i is a fully Islamic compliant loan that is based on Shariah concept. It operates on commodity trading concept. This loan is also requires no collateral and guarantor.


Standard Chartered is an international banking group with an extensive network of over 1700 branches and also branches in more than 70 countries in Asian Pacific, South Asia, Middle East, Africa, United Kingdom and America regions. Standard Chartered started its operation in Malaysia in 1875 when its first branch is opened for business in Beach Street, Pulau Pinang. The bank has been incorporated locally as Standard Chartered Bank Malaysia Berhad on 29 February 1984. As the first and oldest bank in this country with over 140 years of history, Standard Chartered up to this day has over 40 branches with 7,000 workers throughout the country.

Today, customers are seeking the personal loan offered by the bank as a deposit for new home, chances, business investment, pursuing studies, settling credit card debt or home renovation. No matter the reasons, the personal financing gives the customers additional finance and freedom to do more than they could think with the loan.


Income Tax Malaysia 2017

Have you tried to prepare and file your own income tax in Malaysia? For most people, it is a very challenging and stressful experience every year. However, you will find that it is not as difficult as it sounds when you understand how the income tax system works in Malaysia.

First of all, do you know the answers to the following questions?

  • Do you know how to calculate your income tax?
  • Are you aware that Malaysia uses a progressive income tax rate system?
  • Do you know what tax exemptions, tax reliefs, tax rebates, and tax deductibles are, and the differences between them?
  • Do you know how you can get higher income tax return?

If your answer is no to most of the questions, then you do not know how to plan your income taxes well. This is dangerous because, without planning, you will not be able to enjoy the tax reliefs and tax savings that you are entitled to.

Nevertheless, with this simple and easy to understand guide on how to prepare and file your income tax in Malaysia for 2017, you will be filing your income tax like a pro before April ends.


What Is Chargeable Income?

Before we go any further, you need to first understand what and which type of income is considered an income by the Lembaga Hasil Dalam Negeri or the Inland Revenue Board of Malaysia. Is it just your monthly salary from your employer or does it also include other types of income?

Starting from 2016, any individual in Malaysia that earns an annual gross income of RM25501 after deducting his or her EPF has to register a tax file. The types of income that are taxable include:

  • Business
  • Profession
  • Employment
  • Dividend
  • Interests except for bank deposit interests
  • Discounts
  • Rental fees collected
  • Royalties
  • Premiums
  • Pensions
  • Annuities
  • Perquisites including bill claims, company credit cards, loans from company, sponsored club memberships, sponsored children tuition fees, personal driver, and other benefits given by your employer that can be converted into cash.

Please see the example below to calculate your total annual income.

Assuming if you have a salary of RM60000 and has other sources of income such as interest earned from your fixed deposit, dividends earned from ASB, rental income, and an income for part time job.


Salary – RM60000

Interest from Fixed Deposit – RM1300

Dividends from ASB – RM1400

Rental Income – RM9600

Part Time Job Income – RM12000

Your total annual income is RM84300


So, with your total annual income of RM84300, we will now find out what your chargeable income is. A chargeable income is also known as a taxable income. It is calculated by taking your total annual income minus all of the tax exemptions and tax reliefs you are eligible for.

Using the example above, we will now calculate the chargeable income amount.

Total annual income – RM84300

Tax Exemption: Interest from Fixed Deposit – RM1300

Tax Exemption: Dividends from ASB – RM1400

Tax Relief: Self & Dependent – RM9000

Tax Relief: EPF & Life Insurance of up to RM6000 – RM6000

Tax Relief: Medical Insurance – RM750

The chargeable income amount is RM84300 – RM1300 – RM1400 – RM9000 – RM6000 – RM750 = RM65850


What Is A Tax Exemption?

The good news for tax payers in Malaysia is they do not have to pay the full tax on their total income because certain portions of their income can enjoy tax exemptions. These tax exemption can work both ways. It can either reduce the tax amount or completely remove your obligation to pay the income tax. The list below will show each and every tax exemptions in detail.


Leave Passage

A leave passage is a vacation time paid by your employer. This leave passage is divided into local and oversea categories. If you do not exceed three times a year for leave passage within Malaysia, an one leave passage that is out of Malaysia and not exceeding RM3000, you are then entitled for the leave passage tax exemption.


Medical and Dental Benefits

Any medical benefits that your employer provides you are exempted from any form of taxes. Starting from year of assessment 2008, this list of medical benefits has also included maternity expenses and traditional medicine such as ayurvedic and acupuncture without any limits.


Retirement Gratuity

The full amount of retirement gratuity that the employee receives from the employer are exempted from income tax if they fulfil the following conditions:

  • The Direct General of Inland Revenue must be convinced that the retirement is due to illness
  • If the employee retires on age 55 or beyond that and the employee has worked at least 10 years with the same employer or companies within the same group of companies
  • If the retirement is on the compulsory age of retirement in accordance to a contract of employment or collective agreement at age 50 and before 55 and the employment must be 10 years with the same employer or companies within the same group of companies.


Gratuity Paid out of Public Funds

Gratuity that is paid out of public funds on retirement is also exempted from income tax under the written law.


Gratuity Paid To a Contract Officer

This includes gratuity that is paid out using public funds to a contract officer during the termination or contract of employment despite whether the company will renew the contract or not.


Compensation for Loss of Employment

Compensation for loss of employment is a payment that the employer pays to the employee as a way to compensate for the loss of employment before or after the date of determination. This type of income is also exempted from income tax. However, the compensation of a Director of a Control Company is fully taxable.



Any pensions that fulfil the conditions listed below are also exempted from income tax:

  • Tax payer who retires at age of 55 or at compulsory age of retirement under the written law
  • If the retirement is caused by ill health
  • If the pensions is given by the government or an approved pension scheme

However, for an employee working in public sector that chooses the optional retirement, his pension will not be exempted until he reaches the age of 55 or the compulsory age of retirement under the written law

In the case where the tax payer receives more than one pension, the exemption will only be given on the highest pension that he or she receives.


Death Gratuities

Income received as a form of death gratuity are fully exempted from income tax.



Any income from a paid scholarship is exempted from income tax.


Cultural Performances

Income that an individual received for cultural performances that are approved by the Minster is also exempted from tax.



Any form of interest income received by individuals from the money they deposited with the list of institutions below is also exempted from income tax starting from August 30, 2008.

  • A bank or licensed finance company under the Banking and Financial Institutions Act 1989
  • A bank licensed under the Islamic Banking Act 1983
  • A development financial institution under the Development Financial Institutions Act 2002
  • The Lembaga Tabung Haji that was established under the Tabung Haji Act 1995
  • MBSB, the Malaysia Building Society Berhad that was incorporated under the Companies Act 1965
  • The Borneo Housing Finance Berhad that was incorporated under the Companies Act 1965.



The following dividends are also exempted from income tax:

  • Dividends from exempt accounts of companies
  • Dividends from co-operate societies
  • Dividends from a unit trust approved by Minister of Finance such as the Amanah Saham Bumiputra
  • Dividends from a unit trust approved by Minster of Finance where 90% or more of the investment is invested in government securities



Royalty fees that exceed the limits listed below are not exempted from income tax:

  • Publication of artistic works / recording discs / tapes – RM10000
  • Translation of books / literary works – RM12000
  • Publication of literary works /original paintings/musical compositions – RM20000

However, these exemption limits do not apply if the payment received is part of the tax payer’s payment for official duties.


Income From Out of Malaysia

Starting from Year of Assessment 2004, any income generated outside of Malaysia and remitted into Malaysia by a resident individual is exempted from income tax. A good example is you take up a job while you are in overseas and only receive that payment for the job when you come back to Malaysia.


Fees or Honorarium for Expert Services

Starting from Year of Assessment 2004, any fees or honorarium received by an individual for the services he or she provides to validate, moderate or accredit franchised education programmes in higher educational institutions are also exempted. The Malaysian Qualifications Agency (MQA) needs to verify and acknowledge this individual before and the exemption will not apply if the payment is received as a form of his salary for the official duties.


Income from Research Findings

Any income received from bringing a scientific research finding to commercialization is given a maximum tax exemption of 50% on the income in the basis year for a year of assessment. This will last for 5 years from the date when the payment is made. The individual scientist that receives this payment must be a citizen and a resident in Malaysia. In addition, Ministry of Science, Technology, and Environment in Malaysia must also verify on the research findings.


Company Special Service Awards

If your company special service cash or prize awards are RM1000 and below, you are entitled for the tax exemption.


Travelling Allowances

Any travelling allowances of up to a maximum of RM6000 for petrol and tools are given tax exemption if the employee uses his or her own vehicle. These allowances refer to claims made by employees who are performing their official duties using their own personal vehicles.


Benefits In Kind Exemptions

Certain benefits in kind related to consumable services are not eligible for income tax exemption. Examples of these consumable services include dental care, child care benefits, food and drinks, special arranged transportation for pick-up points, special discounts for food, toiletries and other consumable products that cannot be resold.


What Is A Tax Deduction?

After deducting the tax exemptions and tax reliefs from your gross annual income, you can still reduce your chargeable income further by using tax deductions.

In Malaysia, a tax deduction works the same way as a tax relief, where it helps to reduce your chargeable income. Tax deductions apply to gifts and donations you made.

A donation is only tax deductible if you make that donation to a charitable organization that is approved by the Malaysian Government or if you make a donation to the Malaysian Government directly. As a donor, you need to keep the receipt of that donation.

For example, if your chargeable income is RM55000 and you have donated RM2500 as a donation to a Malaysian Government approved charitable organization, you are then allowed to deduct 7% of your aggregate income in order to reduce your chargeable income. The calculation for this is listed below:

= RM55000 (Chargeable Income) – (RM55000 * 7%)

= RM55000 – RM3850

= RM51150


For a list of contributions under donations and gifts, please see the following list:

  • Giving money to the Government, State Government or Local Authorities
  • Giving money to Government Approved Institutions or Organizations: the amount is limited to 7% of your aggregate income
  • Giving money or contributing to any kind of Government approved sports activity or sports body: the amount is limited to 7% of your aggregate income
  • Giving money or contributing to any kind of Government approved project of national interest that is approved by Ministry of Finance: the amount is limited to 7% of your aggregate income
  • Giving artefacts, manuscripts or paintings
  • Giving money for Library Facilities or to Libraries
  • Giving money or contributing to improving facilities in public places to benefit disabled persons
  • Giving money or providing medical equipment to any healthcare facility that is approved by the Ministry of Health
  • Giving paintings to the National Art Gallery or any State Art Gallery

It is important to note that you are not just limited to one deduction. If you make donation to multiple things listed above, you can also deduct them accordingly.


What is A Tax Relief?

According to LHDN or Inland Revenue Board of Malaysia, this tax relief is for certain activities or behaviours that the Malaysian Government encourages you to do. If you plan your tax reliefs properly, you can save quite a lot in paying the income tax.

For example, let us assume that a tax payer would have been asked to pay a tax of 10% of his total chargeable income of RM84300 if he did not claim any tax reliefs.

If his tax relief for self and depending is RM9000 and his insurance and EPF tax relief is RM6000, his total chargeable income is now only RM69300 so he will only need to pay 8% tax on his chargeable income.

For more different types of tax reliefs, refer to the list below:

  • Self and dependent – RM9000
  • Life Insurance and EPF – RM6000
  • Deferred Annuity and Private Retirement Scheme from year assessment 2012 to year assessment 2021 – RM3000
  • Insurance premium for education or medical benefit – RM3000
  • Contribution to the Social Security Organization (SOCSO) – RM250
  • Husband, Wife or Alimony payments – RM4000
  • Medical expenses for parents or parent – RM5000 or RM3000 with limited RM1500 for only one mother and father
  • Individual education fees – RM7000
  • Medical expenses for serious diseases – RM6000
  • Complete medical examination – RM500
  • Purchase of books, magazines, journals, and publications – RM1000
  • Purchase of sports equipment for sport activities – RM300
  • Disabled individual – RM6000
  • Disabled husband or wife – RM3500
  • Basic supporting equipment for disabled self, spouse, child or parent – RM6000
  • Ordinary child relief – RM2000
  • Full time education for each unmarried child of 18 years and above for A level, certificate, matriculation or preparatory courses – RM2000
  • Full time education for each unmarried child 18 years and above receiving further education in Malaysia for diploma or higher excluding matriculation or preparatory courses – RM8000 per child
  • Full time education for each unmarried child of 18 years and above for degree or equivalent such as Master or Doctorate – RM8000 per child
  • Full time education for each unmarried child of 18 years and above to study in an educational established approved by the relevant government authority – RM8000 per child
  • Disabled child – RM6000 per child
  • Additional exemption per unmarried disabled child age 18 years old and above who are pursuing diplomas or above qualification in Malaysia – RM6000 per child
  • Additional exemption per unmarried disabled child age 18 years old and above who are pursuing bachelor degree or outside Malaysia in a programme in a higher education institute that is accredited by the related government authorities – RM6000 per child
  • Net saving in Skim Simpanan Pendidikan National starting from year assessment 2012 until year assessment 2017 – RM6000

If you plan your tax filing right, you can save from paying thousands in taxes every year by using these tax reliefs.


Tax Rates

Next, I will show you how to calculate the amount of tax you need to pay for last year’s assessment. Look at the list below:

  • For chargeable income from RM0 to RM5000, 0% will be imposed on the first RM2500
  • For chargeable income from RM5001 to RM20000, 0% will be imposed on the first RM5000 and 1% will be imposed on the next RM15000 and the tax amount for that is RM150
  • For chargeable income from RM20001 to RM35000, RM150 will be imposed on the first RM20000 and 5% will be imposed on the next RM150000 and the tax amount for that is RM750
  • For chargeable income from RM35001 to RM50000, RM900 will be imposed on the first RM35000 and 10% will be imposed on the next RM15000 and the tax amount for that is RM1500
  • For chargeable income from RM50001 to RM70000, RM2400 will be imposed on the first RM50000 and 16% will be imposed on the next RM20000 and the tax amount for that is RM3200
  • For chargeable income from RM70001 to RM100000, RM5600 will be imposed on the first RM70000 and 21% will be imposed on the next RM30000 and the tax amount for that is RM6300
  • For chargeable income from RM10001 to RM250000, RM11900 will be imposed on the first RM100000 and 24% will be imposed on the next RM150000 and the tax amount for that is RM36000
  • For chargeable income from RM250001 to RM400000, RM47900 will be imposed on the first RM250000 and 24.5% will be imposed on the next RM150000 and the tax amount for that is RM36750
  • For chargeable income from RM400001 to RM600000, RM84650 will be imposed on the first RM400000 and 25% will be imposed on the next RM200000 and the tax amount for that is RM50000
  • For chargeable income from RM600001 to RM1000000, RM134650 will be imposed on the first RM600000 and 26% will be imposed on the next RM400000 and the tax amount for that is RM104000
  • For chargeable income more than RM1000000, RM238650 will be imposed on the first RM1000000 and 28% will be imposed on the next ringgit after it


Let us use an example to calculate the total tax from the total chargeable income. Assuming that the chargeable income is RM63850 in this example. The calculation is displayed below:

  • First RM5000 – 0% tax rate = RM0 in taxes
  • Next RM15000 – 1% tax rate = RM150 in taxes
  • Next RM15000 – 5% tax rate = RM750 in taxes
  • Next RM15000 – 10% tax rate = RM1500 in taxes
  • Next RM15850 – 10% tax rate = RM3200

In this example, the person will have to pay a total tax of RM5600 for a total chargeable income of RM65850. If you find this to be too much mathematics for you, you can look for a Malaysia income tax calculator online.


How to File Income Tax?

If this is your first time, follow the simple instructions below:

  • Go to LHDN Malaysia official website to do your e-filing
  • Click on Borang Pendapatan Online
  • Follow the instructions displayed on the page
  • Fill up the form
  • Press confirm
  • You will be given your application number after you pressed confirmed
  • Note down your application number and keep it in a safe place for future reference
  • Scroll down from your application number until you see Muat Naik Disini
  • Click on Muat Naik Disini
  • Upload your identity card or MyKad within 14 days
  • You must scan the front of your identity card and it must show your name and I.C number clearly
  • The file format must be in .gif format
  • The file size cannot be more than 60kb and must be between 40kb to 60kb
  • The file name must be in alphanumeric only
  • Lastly, just wait for the confirmation from LHDN Malaysia and they will give you your PIN to create an account for e-Filing
  • The confirmation from LHDN usually takes around 1 week of working days


How to Pay Income Tax?

You can pay your income using several methods including e-banking, LHDN collection agents, through bank ATMs, bank branches, credit cards, using bank draft if you are overseas, and etc.


Late Payment Penalties

If you are late or fail to make the full payment by 30th of April, you will be imposed a penalty charge of 10% on the balance of the tax that is not paid. If you still fail to pay after 60 days, you will be imposed with another penalty charge of 5% on the total amount that you owe including the penalty charge of the first 10%. See the example listed below:

Balance of tax not paid after 30th of April – RM700

First late penalty charge of 10% – RM70

Total tax payable – RM770

Second late penalty charge of 5% – RM38.50

Total tax payable – RM808.50


Tax Payer Responsibilities

As a tax payer, you have the responsibility to keep the following documents for at least seven years from the end of the year when you file your income tax return form. The documents are:

  • EA/EC Form
  • Original dividend vouchers
  • Insurance premium receipts
  • Books purchase receipts
  • Medical receipts
  • Donation receipts
  • Zakat receipts
  • Children’s birth certificates
  • Marriage certificates
  • Working sheets if there are any
  • Other supporting documents

This is very important because LDHN Malaysia has the right to request for any of these documents at any given time. If you fail to furnish these supporting documents to LHDN Malaysia during a tax audit, you will be imposed with a tax penalty from RM300 to RM10000 or imprisonment or even both. So, remember to always keep these documents safely and near you if you are filing for tax reliefs.

We hope that you have found this basic guide on income tax in Malaysia helpful.