Bank Rakyat Personal Loan Swasta

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Personal Financing-i Private Sector (Selected Panel Companies Only)
Minimum financing of RM 2,000 to maximum Financing of RM 150,000 to
Optional Takaful Coverage (Encouraged)
Minimum income of RM 2,000 depending on employment type and credit score
From 15 to 25 times salary financing available , the higher your pay, the more you can borrow
Malaysian citizen 18 years and above only

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 Shariah compliant while it is based on Tawarruq concept.

What is Tawarruq

Tawarruq is based in Islamic finance concept of buying and selling commodities. This concept allows borrowers to raise a certain amount of money easily without Riba.

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 ways to repay the loan. These choices will effect the amount you can borrow and the interest rates you enjoy. On summary, one can enjoy better interest rates with auto salary deduction scheme.

  • 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%

Fees

This loan subjected to 0.5% stamp duty which is based on the financing amount based on Stamp Duty Act 1949. 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.

Eligibility

This loan if available for Malaysian Citizens from 18 years and above while not exceeding your retirement age during the whole loan tenure. 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. Bank rakyat as a list of GLC who are eligible to apply for the loan.

Repayment

There are various ways repayment methods for the loan.

  • Cash
  • Bank transfer to Bank Rakyat
  • Bureau Perkhidmatan Angkasa (BPA)
  • Direct Salary Deduction
  • Electronic payment

Documents needed 

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

Pros

  • 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

Cons

  • Only panel companies listed by Bank Rakyat are eligible. There are limited number of companies and GLCs 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

 

Branches

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

 

TAKAFUL AMANI PLUS

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Takaful Ikhlas Berhad together with Bank Rakyat introduce new protection schemes for Malaysians in line with the government’s proposal that the protection rate must be increased by 75% by 2020. The Takaful Amani Plus scheme has been introduced by the Bank Rakyat to provide customers with financial facilities in the event of a financial crisis due to death, disability and accidental loss at any time and anywhere. Death or disability due to natural conditions refers to the occurrence of an accident or illness subject to the conditions prescribed. The meaning of loss is the unintended consequence of an injury, accident or death caused by violence and so on. However, disasters must be caused by accidents and subject to conditions of exemption.

 

The plan is an improved product of the previous Takaful Amani plan, launched in 2010. Almost 800,000 of Bank Rakyat’s customers have participated in this protection scheme. This Takaful Amani Plus enables customers contribute as little as RM 0.25 per day or RM 90 per year and offer customers with three different comprehensive coverage plan and benefits.

 

Advantages of Takaful Amani Plus

 

  • Takaful Amani Plus offers up to RM 30,000 in the event of death or disability or natural disability and benefits up to RM 154,500 in the event of death or disability or permanent disability
  • Contribute as low as RM 0.25 per day or RM 90 per year
  • Protection is available 24 hours a day worldwide
  • Has three comprehensive protection plan options
  • Participate in all branches of Bank Rakyat
  • Updates can be made automatically if the customer is a Bank Rakyat account holder

 

Eligibility Requirements

  • Available for Bank Rakyat’s customers aged 6 to 59 years old
  • Malaysian citizen
  • For uniformed personnel such as Police, Army, Fireman, Immigration Officer and others / Class 4 occupations such as jobs involving heavy work, dangerous and heavy machinery or machinery, protection is effective only during off-duty hours.
  • This protection scheme does not cover acts caused by suicide, AIDS and disability / injury or illness
  • For non-Muslim participants, the benefit of the Badal Hajj will be replaced with an additional cost of Funeral Expenses in the event of death

 

Contribution Rate Per Year In Accordance With The Cover Plan

  1. Plan A – RM 260
  2. Plan B – RM 175
  3. Plan C – RM 90

 

Benefits of Takaful

The benefit of the Takaful that the customer will receive is based on the plan of protection subscribed by the participant. The benefits that’s participants will receive are as follows:

 

  1. Death / Permanent Disability Due to Accident

Plan A – RM 150,000

Plan B – RM 100,000

Plan C – RM 50,000

 

  1. Absolute and Permanent Mortality / Permanent Disability

Plan A – RM 30,000

Plan B – RM 20,000

Plan C – RM 10,000

 

  1. Critical Illness (benefits will be accelerated)

Plan A – RM 15,000

Plan B – RM 10,000

Plan C – RM 5,000

 

  1. Medical Expenses Due To Accident

Plan A – RM 3,000

Plan B – RM 2,000

Plan C – RM 1,000

 

  1. Accident / Natural Funeral Expenses

Plan A – RM 3,000

Plan B – RM 2,000

Plan C – RM 1,000

 

  1. Hajj Badal (if accidental / natural)

Plan A – RM 1,500

Plan B – RM 1,500

Plan C – RM 1,500

 

  1. Ambulance Fee Due To Accident

Plan A – RM 600

Plan B – RM 400

Plan C – RM 200

 

  1. Hospital allowance due to accident

Plan A – RM 150

Plan B – RM 100

Plan C – RM 50

* This allowance is limited to 30 days, subject to a minimum stay of 2 days *

 

If you want to know more about Takaful Amani Plus, please visit the nearest Bank Rakyat branch or contact the tele-Rakyat Call Center at 1-300-80-5454.

 

Best Education Loan in Malaysia

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PTPTN Loan

The first option for most Malaysians thinking about taking a study loan is the PTPN loan (National Higher Education Fund). It is a study loan funded by the Malaysian government, and has a low interest rate of 1% p.a. (p.a. stands for per annum, which is Latin for per year).Basically, an interest rate of 1% p.a. means that if you borrow RM10,000, then you will owe the lender the original RM10,000 plus RM100 (per year) as an interest payment. If you take 3 years to repay the loan, you will have to pay RM10, 300. In terms of interest rates, the PTPN loan is the best option. However,if you are above the age of 45 (the age limit to secure a PTPN loan) or do not meet the stringent requirements of the PTPN loan, then your next best option is to get a loan from one of the banks in Malaysia.

Before we delve into the various study loans available in Malaysia, here are some important things to know about interest rates.There are two main types of interest rates: flat rate interest and compounded interest. Flat rate interest means that the same amount of interest will accrue each year. Some loans may charge compound interest (meaning that, if you do not pay off the interest payable per annum at the end of each year, a greater amount of interest will accrue the following year).

Another thing you should know about before taking a loan is the BLR (Base Lending Rate). BLR is a minimum interest rate calculated by financial institutions based on a certain formula. This formula takes into account the institutions cost of funds and other administrative costs. The BLR is adjusted by banks, but the rate actually is determined by Bank Negara Malaysia. The BLR for the year 2014 in Malaysia is approximately 6.85%, but every bank may offer a different package.

Now that we know the basics of taking a loan, let’s move on to the numerous types of study loans available.In Malaysia, study loans are usually funded by government bodies, financial institutions such as banks, orprivate corporations and organisations. Loans are also offered by some universities and colleges, but usually in partnership with a bank. Typically, a study loan covers a student’s tuition fees, cost of books and living expenses.

There’s an ocean of information out there on study loans, and it can be tough fishing them out. This article is going to save you the trouble of going deep sea fishing! Here’s the catch of the year.

 

Bank Study Loans

Study loans offered by banks may be the only option for those of us who have passed the age limit restrictions that government loans or scholarships prescribe to. It is important to note thatstudy loans are not offered by all banks. However, most banks provide personal loans which can be used to fund education.

The repayment period for most banks loans is about 10 to 15 years depending on the bank’s terms and conditions. Take note that most banks require a guarantor in order to be eligible for the loan.Listed below are some of the specific study loans offered by banks in Malaysia.

bankrakyat

Bank Rakyat Study Loan

Bank Rakyat is the biggest Islamic cooperative bank in Malaysia. The study loan offered by Bank Rakyat is called Education Financing-I Falah, and it finances up to RM200,000 for a maximum loan period of 15 years. However, under special circumstances that are subject to collateral value such as landed property and Bank Rakyat’s Investment Certificates, unlimited financing can be provided.

The type of interest rate offered by this loan is a flat rate. You will pay an interest rate of 7.6% p.a. (if you are able to repay the loan within 5-10 years). The interest rate increases to 8.1% p.a. (if you require 10-15 years to repay the loan).

The Bank Rakyat study loan finances education locally and abroad. In order to be eligible to apply for this loan, you have to be a Malaysian aged 18 and above, but not exceeding 65 years of age. Applicants are also required to have a fixed income. However, if you are a student, and do not have any income, you may apply through your parents, spouse, siblings or legal guardians.

 

Pros and Cons of the Bank Rakyat Study Loan 
Pros Cons
Bigger loan compared to PTPN (maximum RM200,000) Higher interest rate compared to PTPN
Funding NOT limited to Malaysian educational institutions only

 

ocbc

OCBC Bank Study Loan

OCBC offers a study loan called the Secured Study Loan that finances up to 50% of the value of a secured property, for a minimum loan of RM10,000 and a maximum loan of RM400,00 which is to be repaid withina period of 10 years. The main condition here however is that only OCBC housing loan customers are eligible to apply for it.

The type of interest offered by the OCBC study loan is variable rates. The loan offers an interest rate of BLR +0% (currently 6.6% p.a.) with no lock-in period. For example, if you want to borrow RM10,000 at a fix BLR of 6.6% and you plan to repay the loan over a 2 year period, you would have to repay RM11,320.

27 different local universities are covered by OCBC’s study loan. Please check the OCBC website for more information.

 

Pros and Cons of the OCBC Study Loan 
Pros Cons
Offers a large loan amount (maximum RM400,000), which depends on 50% of your property’s market value You are only eligible for the study loan if you are a housing loan customer
No age limit

 

download

RHB Bank Study Loan

The RHB Study Loan funds full-time and part-time courses approved by the Ministry of Education and JabatanPerkhidmatanAwam for both local and overseas education. The loan covers course fees, related expenses and insurance premium. There are 2 loan packages available, the minimum coverage is RM20,000 and maximum is up to RM500,000.

Pros and Cons of the RHB Study Loan 
Pros Cons
Offers a large loan amount (maximum RM500,000).

cimb_personal_loan

 

CIMB Bank Study Loan

This loan is suitable for full-time or part-time students who want to study locally or overseas. It is important to take note that the course must be recognized by the Malaysian government.The loan covers a minimum amount of RM10,000 and a maximum of RM100,000 for a loan period of 10 years.

The terms and conditions of the CIMB study loan vary for full-time students and part-time students. For full-time students, only joint borrowers are eligible for this loan. This means that there has to be one co-borrower to support the student (who should be 18 years old and above). Acceptable co-borrowers are parents, siblings, relatives or guardians with sufficient repayment aptitude.

For part-time students, the student (18 years old and above) must provide one guarantor. Acceptable guarantors are parents, siblings, relatives or guardians with adequate repayment ability.

 

Pros and Cons of the CIMB Study Loan 
Pros Cons
Offers a small loan amount of RM100,000 (maximum) Joint borrowers are required for full-time students

UOB-logo

UOB Study Loan (or U Education Loan)

 

The UOB study loan offers interest rates from as low as 0.75% + BLR for secured loans. Thisstudy loan offers a minimum loan amount of RM15,000 and a maximum loan amount of RM150,000.  The repayment scheme is flexible – the minimum loan period is 3 years, and the maximum loan period is 10 years (can be up to 12 years depending on the course).The UOB study loan is available for both undergraduate and postgraduate students, however, the terms and conditions differ. For undergraduates to be eligible for this loan, they must be a U Club member, and a Malaysian aged between 18 to 25 years old. Undergraduates should be full-time students at an accredited educational institution, and have a co-borrower aged 55 years and below, and an income of RM36,000 (minimum) per year. The maximum amount of co-borrowers allowed is two.

Pros and Cons of the UOB Study Loan
Pros Cons
Low interest rate: 0.75% + BLR Restricted age limit: 18 to 25 years old
Flexible repayment scheme Age limit and income requirement of co-borrower

So that was the catch of the year in terms of the best bank study loans in Malaysia. If you’re still interested in fishing for more study loans, check out the article on ‘Government Loans in Malaysia.’