Bank Rakyat Personal Financing-i for pensioner

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Bank Rakyat Personal Financing-i For Pensioner is a personal loan scheme from Bank Rakyat to Government pensioners including former military pensioners. Repayment of this personal financing is through pension deduction. This personal loan is a Syariah-compliant using the “Tawarruq” concept. This funding helps retirees / government / pensioner retirees who need personal financing for a variety of uses either to start a business, health care, investment or ASB savings for the future of the children or for any needs.

 

Advantages of this personal scheme is that this loan is ideal for low-income civil retirees. Minimum wage requirement is only RM 800 per month or RM 9,600 per year. The loan also does not require any collateral. If you are a public retiree or military retiree and interested in applying for this loan, read more about Bank Rakyat Personal Financing – i for Pensioner features and how to apply.

 

Features

Here are the features and advantages of the loan:

1) Maximum of RM100,000; OR

2) Maximum 15 times monthly gross pensions

3) Financing period of up to 10 years

4) No warranty required

5) Takaful coverage on customer’s choice (If the pensioner dies, it will not burden the

   applicant’s family)

 

Eligibility

Here are the conditions to apply :

1) Malaysian

2) Government pensioner

3) Aged not more than 65 years old at the end of the financing period.

4) Minimum pension of RM800 per month or RM 9600 per year

5) Not blacklisted by any bank in Malaysia

 

You do not need a guarantor to apply for this loan. But in some cases, banks may ask you to provide a guarantor

 

Required documents

Pensioner Under Jabatan Perkhidmatan Awam (JPA)

  1. Copy of identity card (MyKad) front & back
  2. Copy of government pension card
  3. Copy of pension statement

 

Pensioner under the Department of Veterans Affairs (JHEV)

  1. Copy of identity card (MyKad) front & back
  2. Copies of army pensioners
  3. Copy of “Ledger Pension”

 

Methods of payment

Pension Transfer to Bank Rakyat

 

Fee & Charges

Here are the charges the bank may charge if your personal loan application is approved

1) Stamp duty charge 0.5% of the total loan being approved

2) Wakalah charge or agency charge amounting to RM 28.30

3) Compensation Charge (Ta`widh) for late payment :

  1. a) During the financing period: 1% per annum on the amount of monthly payment due
  2. b) Upon expiration of the financing period: Based on the prevailing rate of Interbank

   Financial Markets on outstanding balances.

 

Bank Rakyat will provide you with a rebate on your loan balance if you intend to settle the loan balance earlier than the contract period

 

Rate of Financing

  • Up to 10 years, profit rate is KA + 4.26% and effective / flat rate is 8.36% / 4.79%

 

  1. Current base rate (KA) is 4.10%
  2. Additional profit rate of 1.5% on current profit rate for non-takaful financing

 

For more information, please visit the nearest branch or call the Call Center online 1-300-80-5454