Bank Rakyat is a local, Islamic bank with 180+ Branches. They offer 5 different Credit Cards, and 5 Personal Loans
Bank Rakyat offers a bevy of financial products to the consumers, such as personal loans with competitive rates.
All applicants must:
Depending on the repayment type, you can take different loan amounts based on your income too.
If payment is to be done via Biro Perkhidmatan Angkasa, Salary Deduction, or Salary Transfer to Bank Rakyat, the income bracket and total loan amount is as follows:
If payment is to be done via Electronic Payment, then:
When applying for personal loans, it is important to prepare several documents that provides personal identification and verification, as well as providing documents that show your financial health and capabilities. These documents are important for banks to evaluate your risk-levels and financial health.
Documents to prepare are:
There will be several fees and charges to be paid when applying for a personal loan from Bank Rakyat.
Amidst the many different personal loan providers out there, Bank Rakyat’s personal loans have features that make it a more attractive choice for your financial needs. For example, Bank Rakyat personal loans do not require any collaterals nor guarantors when applying.
Bank Rakyat’s personal loans are available with either a flat interest rate (fixed interest rate) or a floating interest rate (variable interest rate).
A flat interest rate is where a fixed interest is applied on the loan repayment until the loan tenure ends. A flat interest rate is good because it gives a clear repayment amount consistently, making it easier to plan finances, but it is typically higher than floating interest rates.
A floating interest rate (or variable interest rate), on the other hand, is unlike a fixed rate in which the interest rates can vary from time-to-time. A floating interest rate is usually lower than a fixed one, however, there is the risk of the rate running higher than the fixed one.
Bank Rakyat is an Islamic cooperative bank that was established in Malaysia on 28th September 1954. It is the result of the merger of 11 union banks. However, it only became Syariah compliant with several branches in 1993, before becoming the Islamic cooperative bank it is today in 2003. That changed enabled the bank to record encouraging profits year after year.
Its products and facilities include consumer banking, commercial financing, savings, and investments, as well as financial planning products. This allows the bank to handle the demands of the modern-day consumer. They have also received various recognitions as an industry player and as an outstanding cooperative organization internationally and in Malaysia.
Bank Rakyat offers a bevy of financial products to the consumers, such as personal loans with competitive rates. Here are some Bank Rakyat personal loan features:
Your monthly instalment is calculated by Bank Rakyat, but it is typically your total financing amount + interest rate, divided by the number of months over your financing tenure.
There are several methods to paying for your instalment:
The max loan amount and loan tenure if set by Bank Rakyat based on several factors, inlcuding the age of the person and their monthly income. Using these factors, the risks of the loan are calculated by the bank before determining the maximum loan amount and maximum loan tenure.
Yes, you will require Takaful coverage when applying for Bank Rakyat personal loans. The bank will advise to you a Takaful packing during your application.
No, Bank Rakyat personal loans are open to Malaysian citizens only.