Bank Islam Personal Loan

A secured/unsecured financing package to meet your financial needs. It is calculated based on a fixed or variable rate. It is Shariah-compliant and uses the Shariah concept of Tawarruq.

Benefits & Features

• Minimum financing amount of RM10,000
• Maximum financing amount of RM200,000 (more with collateral)
• Tenure: 1 year to 10 years
• Repayment schemes:

• Salary Deduction
• Auto Fund Transfer from Salary
• Standing Instructions
• No lock-in period
• Takaful Coverage (optional)

Profit Rates

Fixed Rate:

• 1 – 10 years: 4.20% to 8.00% p.a.

Variable Rate/Floating Rate:

• 1 – 3 years: Base Rate + 2.25% p.a.
• 4 – 10 years: Base Rate + 3.15% p.a.

Effective profit rate: 6.15% to 13.12% (dependent on tenure)

Base Rate is determined by Bank Islam’s benchmark Cost Of Funds and the Statutory Reserve Requirement imposed by Bank Negara Malaysia (BNM).

Fees and Charges

• Stamp Duties
• Wakalah/agency fee: RM50
• Cancellation Costs when cancelling the financing
• Late Payment Charges (Ta’widh)
  • Before maturity: 1% p.a. on overdue instalments until full payment
  • After maturity: Sum equivalent of daily overnight Islamic Interbank Money Market Rate on outstanding balance
  • Post-judgement debt: Sum equivalent of daily overnight Interbank Money Market Rate on basic judgement sum calculated from judgement date until date of full payment

Eligibility

• 18 years old and above
• Malaysian
• Minimum income of RM2,000 per month
• An employee in:
  • Government Sector
  • Selected Public Listed Companies
  • Subsidiaries of Government or Selected Public Listed Company
  • Prominent Private Limited Companies categorized under package companies

Documents Required

• Copy of NRIC
• Latest 3-month payslip
• Latest employer’s confirmation letter
• Latest 3-month bank statement of salary crediting account
• Late income statement (Form B/eBE/EA/EC) or EPF statement

Benefits & Features

• Minimum financing amount of RM10,000
• Maximum financing amount of RM150,000
  • RM30,000 and below do not require a guarantor
  • Above RM30,000 requires one guarantor
• Tenure: Up to 10 years or retirement age (whichever earlier)
• Repayment schemes:
  • Salary Deduction
  • Auto Fund Transfer from Salary
  • Standing Instructions
• No lock-in period
• Takaful Coverage (optional)

Profit Rates

Flat rate:

• 1 – 3 years: 6.0% to 7.0% p.a.
• 4 – 8 years: 6.8% to 7.8% p.a.
• 9 – 10 years: 7.0% to 8.0% p.a.

Fees and Charges

• Stamp Duties
• Wakalah/agency fee: RM50
• Cancellation Costs when cancelling the financing
• Late Payment Charges (Ta’widh)
  • Before maturity: 1% p.a. on overdue instalments until full payment
  • After maturity: Sum equivalent of daily overnight Islamic Interbank Money Market Rate on outstanding balance
  • Post-judgement debt: Sum equivalent of daily overnight Interbank Money Market Rate on basic judgement sum calculated from judgement date until date of full payment

Eligibility

• 18 years old and above
• Malaysian
• Minimum income of RM3,500 per month
• An employee in:
  • Government Sector
  • Public Listed Companies
  • Subsidiaries of Government or Public Listed Company

Documents Required

• Copy of NRIC
• Latest 3-month payslip
• Latest employer’s confirmation letter
• Latest 3-month bank statement of salary crediting account
• Late income statement (Form B/eBE/EA/EC) or EPF statement

A financing solution that you can secure against your fixed deposit, structured investment, or unit trust.

Benefits & Features

• From minimum financing amount of RM10,000
• Margin of financing:
  • 100% if secured against fixed deposit
  • 80% if secured against structured investment
  • 60% if secured against unit trust
• Tenure:
  • Secured against fixed deposit or structured investment: Maximum of 5 years (no age limit)
  • Secured against unit trust: Maximum of 5 years or retirement age or 70 years old
• Takaful Coverage (optional)

Financing Rates

Floating Rate:

• 1 – 5 years: Base Rate + 3.95% p.a.

Eligibility

Secured against fixed deposit or structured investment:

• 18 years and above
• Malaysian
• Salary Earner or sole proprietorship/partnership

Secured against unit trust

• 18 years to 65 years of age
• Malaysian
• Minimum income of RM1,500 per month
• Salary Earner or sole proprietorship/partnership
  • If sole proprietorship/partnership: Minimum 2 years in business

Fees and Charges

• Stamp Duties
• Wakalah/agency fee: RM50
• Cancellation Costs when cancelling the financing
• Late Payment Charges (Ta’widh)

Documents Required

Secured against fixed deposit or structured investment

• Salary Earner
  • Copy of NRIC
  • Latest payslip
  • Latest 3-month bank statement of salary crediting account
• Sole Proprietor/Partnership
  • Copy of NRIC
  • Business Registration
  • Latest 6-month current account statement

Secured against unit trust

• Salary Earner
• Copy of NRIC
• Latest 3-month payslip
• Latest 3-month bank statement of salary crediting account
• Latest income statement (Form B/eBE/EA/EC) or EPF statement
• Sole Proprietor/Partnership
• Copy of NRIC
• Business Registration
• Latest 6-month current account statement
• Latest annual income statement (BE/B Form) with payment receipt
• Last 2 years’ business financial statements

Bank Islam, or Bank Islam Malaysia Berhad, is an Islamic bank that is based in Malaysia. It was founded in 1983 and is headquartered in Kuala Lumpur. The bank was established to fulfil the financial requirements and needs of the Muslims in Malaysia, as well as servicing its financial products to others.

The services provided by Bank Islam, such as personal loans are all Shariah-compliant. They do offer conventional banking services too.