Bank Islam (Bank Islam Personal Loan) is a pioneer of Shariah-based banking in Malaysia and Southeast Asia. [near me]
It has come a long way to become a global leader in Islamic banking and uphold its status as a symbol of Islamic banking in Malaysia.
1. Personal Financing-i Package (Bank Islam Personal Loan)
Secured/unsecured financing packages to meet your financial needs.
It is calculated based on a fixed or variable rate.
It is Shariah-compliant and uses the concept of Shariah Tawarruq.
Benefits & Features
- The minimum financing amount is RM10,000
- Maximum financing amount RM200,000 (more with collateral)
- Duration: 1 year to 10 years
- Repayment scheme:
- Salary cut
- Auto Fund Transfer from Salary
- Standing Instructions
- No entry key period
- Takaful Cover (optional)
Profit Rate Bank Islam Personal Loan
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% (depending on the period)
The Base Rate is determined by the benchmark Bank Islam Fund Cost and Statutory Reserve Requirement imposed by Bank Negara Malaysia (BNM).
Fees and Charges
- Stamp duty
- Wakalah/agency fee: RM50
- Cancellation Costs when canceling financing
- Late Payment Charges (Ta’widh)
- Before ripening: 1% p.a. on installments in arrears until full payment
- After maturity: The amount equivalent to the daily overnight Islamic Interbank Money Market Rate on the outstanding balance
- Post-judgment debt: An amount equal to the daily overnight Interbank Money Market Rate on the basic judgment amount calculated from the date of judgment until the date of full payment
Eligibility to apply for Bank Islam Personal Loan
- 18 and above
- Malaysia
- Minimum income of RM2,000 per month
An employee at:
Government sector
Selected Public Listed Companies
Government Subsidiaries or Selected Public Listed Companies
Leading Private Companies are categorized under package companies
Documents Required
- Copy of NRIC
- Latest 3 months salary slip
- Latest employer confirmation letter
- Latest 3 months bank statement salary crediting an account
- Late income statement (Form B/eBE/EA/EC)
