Bank Rakyat Personal Loans

Bank Rakyat is one of Malaysia’s renowned banking institutions. It was established on 28 September 1954 under Cooperative Ordinance Act and has operated as a microfinance bank. Bank Rakyat is one of the largest Islamic banks in Malaysia and has proven its financial prowess over time. The bank offers personal banking services, business banking as well as digital and Islamic banking services. The Bank continues to show its support to the community through SME financing, community based projects as well as awarding educational grants to outstanding and underprivileged students. Bank Rakyat personal loans is one of it’s personal banking services, originally referred to as personal financing, which we will discus in this article.

Bank Rakyat Personal Loans

It is important to note that some of Bank Rakyat personal loans are exclusive to its aaccount holders only

1. Personal Financing-i Public Sector

Features And Benefits:

• Amount of financing up to RM400,000
• Financing tenure up to 10 years
• No guarantor
• Takaful coverage is optional
• Fixed or floating profit rate

Eligibility:

• Malaysian citizen
• Minimum age of 18 years and maximum 60 years old at the end of the financing tenure
• Minimum fixed monthly income of RM1,600 including fixed allowances
• Service in Public sector, GLC Companies and GLC Subsidiary
• Minimum of three (3) months in service

2. Personal Financing-i For Pensioners

Features And Benefits:

• Maximum financing amount​ of RM100,000 
• Financing tenure up to 10 years
• No guarantor
• Takaful coverage are optional.

Eligibility:

• Government pensioner
• Not older than 70 years during the end of the financing period.
• Minimum monthly pension RM800

3. Personal Financing-i Private Sector

Features And Benefits:

• Amount of financing up to RM400,000
• Financing tenure up to 10 years
• No guarantor
• Takaful coverage is optional

Eligibility:

• Malaysian citizen
• Minimum age of 18 years and maximum 60 years old at the end of the financing tenure
• Minimum Gross Income including fixed allowances
  • RM2,000 and above for Permanent Employee
  • RM8,000 and above for Contract Employee

4. Personal Financing-i For Solar Panel

Features And Benefits:

• Amount of financing up to RM400,000
• Fixed or floating profit rate
• Financial empowerment through energy saving
• Selective partnership for quality assurance
• Environmental stewardship
• Innovative technology access

Eligibility:

1. Malaysian citizenship is required.
2. Minimum age of 18 years and maximum age of 60 years at the end of the financing tenure.
3. Available for all personal financing segments, including public sector employees, private sector workers, pensioners and professionals subject to established financing guidelines.

Bank Rakyat’s Solar Partners:

• Voltago Solar Sdn Bhd
• Green Energy Generation Sdn Bhd
• UZMA Environergy Sdn Bhd
• Suria Infiniti Sdn Bhd
• Voltek Energy Sdn Bhd

5. Personal Financing-i DivA

Features And Benefits:

• Amount of financing up to RM400,000 for Public /Private Sector and up to RM100,000 for Pensioner.
• Financing tenure up to 10 years
• No guarantor
• Takaful coverage is optional
• Fixed profit rate

Elegibility:

• Malaysian citizen
• Minimum age of 21 years during application
• Maximum age of 60 years old for Public /Private Sector and 70 years old for Pensioner at the end of the financing tenure
• Minimum gross income including fixed allowances of RM1,600 for Public Sector and RM2,000 for Private Sector
• Minimum monthly pension of RM800 for Pensioner
• Holding of Bank Rakyat’s shares of RM5,000 with minimum 1 (one) year as member of Bank Rakyat

6. Personal Financing-i E-Bank

Features And Benefits:

•  Amount of Financing: Up to RM400,000
• Fixed or floating profit rate
• Savings on commuting costs

Elegibility:

1. Malaysian citizen.
2. Minimum age of 18 and maximum age of 60 at the end of the financing tenure.
3. Available for all personal financing segments, including public sector, private sector, pensioners and professionals under established financing guidelines.

7. Personal Financing-i Umrah And Hajj

Features And Benefits:

• Maximum financing up to invoice amount AND
• Travel allowance up to RM500 per day OR
• The actual eligibility amount, whichever is lower

Eligibility:

• Visit the nearest Bank Rakyat branch or reach out to Contact Centre at 1-300-80-5454.

8. Personal Financing-i Private (Exclusive)

Features And Benefits:

• Amount of financing up to RM400,000
• Financing tenure up to 10 years
• No guarantor
• Takaful coverage is optional

Eligibility:

• Malaysian Citizen
• Minimum age of 18 years and maximum 60 years old at the end of the financing tenure
• Minimum Gross Income including fixed allowances:
  • More than RM5,000 and above for Permanent Employee
  • RM 8,000 and above for Contract Employee

9. Personal Financing-i Debt Consolidation

Features And Benefits:

• Focusing only on one installment
• Profit rate as low as 2.89% per annum
• Conversion from Conventional to Shariah Financing

Eligibility:

• Visit the nearest Bank Rakyat branch or reach out to Contact Centre at 1-300-80-5454.

For other information concerning fees and charges, financing rate and many more on Bank Rakyat personal loan, visit the bank’s website.

Read Also, CIMB Personal Loan