Bank Rakyat Personal Financing-i Private
Borrow up to 15x your monthly salary with fixed rates and no collateral or guarantor.
Calculate your monthly repayment
Fees and Charges
Eligibility
- Salaried employee & private employee
- A copy of your IC (both sides)
- Latest 3 months salary slips
- Latest 3 months bank statement (with salary being credited)
- Latest B/BE Form with official tax receipt
- Latest EPF statement
- Letter of employment or employer confirmation
Loan Repayment Table
| Financing Amount | Financing Tenure | Min. Income | Profit Rate |
|---|---|---|---|
| RM 10,000 - RM 400,000 | 12 - 120 months | min. RM 24,000 | 9.41% p.a. - 11.97% p.a. |
Features
No Collateral or Guarantor Required
Can borrow up to 15x of your monthly gross salary
Fixed Profit Rate as low as 7.91% p.a - 10.47% p.a
Shariah compliant
Minimum loan amount: RM10,000
Maximum loan amount: RM400,000
Minimum duration of the loan: 12 months
Maximum duration of the loan: 120 months
Terms and Conditions
Product Review by CompareHero
What is Bank Rakyat Personal Financing-i Private?
Bank Rakyat Personal Financing-i Private is an unsecured Islamic personal financing facility open to Malaysian individuals working in the private sector, with no guarantor or collateral needed.
Who is eligible for Bank Rakyat Personal Financing-i Private?
To qualify, applicants need to:
- Be 18 years old and not more than 60 years old at the time of application
- Earn a minimum of RM2,000 a month as a Permanent Employee, or RM8,000 and above as a Contract Employee
How much can be borrowed and what's the tenure?
Applicants can borrow between RM10,000 and RM400,000, with up to ten years to repay.
For new applicants, the tenure available depends on monthly income:
| Salary (monthly) | Financing Tenure |
| RM2,000 – RM3,000 | 5 years |
| RM3,001 and above | 10 years |
What fees apply to Bank Rakyat Personal Financing-i Private?
Bank Rakyat Personal Financing-i Private charges zero processing fees. Applicants only need to pay Government Stamp Duty, calculated at 0.5% of the total amount borrowed, plus a Wakalah Fee.
Is Takaful coverage required?
Takaful coverage is optional, though Bank Rakyat encourages applicants to sign up for a policy from its panel of Takaful providers.
Takaful coverage can help settle the outstanding balance of the financing in the event of death or permanent disablement.
How does the monthly instalment work?
The monthly instalment for Bank Rakyat Personal Financing-i Private begins the month after the funds are received and used. Applicants get a payment schedule together with their financing agreement once approved.
How can monthly instalments be paid?
There are a few ways to repay Bank Rakyat Personal Financing-i Private each month:
- Biro Perkhidmatan Angkasa
- Salary Deduction (PGM)
- Salary Transfer to Bank Rakyat
- Electronic Payment
Can Bank Rakyat Personal Financing-i Private be settled early?
Yes, at zero cost. Applicants instead receive an Ibra' (rebate), which is the deferred profit that hasn't yet been accounted for as earned profit.
What documents does the application need?
Since this is unsecured financing, no guarantor or collateral is needed. The documents required depend on whether the applicant is applying for the first time or returning.
First-time applicants:
- Copy of IC (front and back)
- Latest 3 months' salary slip
- Latest 3 months' bank statement of the salary crediting account
- EPF Statement
- One of: Confirmation Letter from employer, EA form, or e-B Slip by LHDN
Returning customers:
- Copy of IC (front and back)
- Latest 3 months' salary slip
- EPF Statement
- One of: Confirmation Letter from employer, EA form, or e-B Slip by LHDN
Can someone with a poor credit history still apply?
Credit history with other financial institutions matters here, since debts like credit cards, personal loans, home loans, and car loans all show up in CCRIS/CTOS. These systems record credit history, they don't blacklist people.
Anyone with a history of late payments is better off breaking that habit and paying on time from now on. Bank Rakyat is more likely to approve applicants who show they're managing their money well, rather than taking on more debt.