Personal loans may be a great financial aid when it comes to emergency need of cash. One of the many banks that offer personal loan is the Bank Islam. As a customer, you should be familiar with such offer, its package and terms and conditions.
For personal loan from Bank Islam, the Financing-i loan package is being offered to only those in public sectors and selected Government Link Companies (GLCs). Hence, if you work in a private sector, this type of personal loan is not applicable to you. If you are eligible and interested to know more about this Bank Islam Personal Loan, it is Shariah based on Wakalah contract, with three tiers of interest rates. Thus, you may enjoy a better interest if you opt for the selected Takaful products. The products include Takaful Will writing, Banca Takaful or Bank Islam Card-i.
In terms of the loan available, the amount is between RM 10,000 to RM 200,000. The exact amount of how much you can loan is strictly dependent and subject to criteria such as your monthly income. A steady income with minimum salary of RM 2,000 is one of the very basic requirements. There can be exemptions in which you can loan a bigger amount, like more than RM 200,000. For instance, if you meet all criteria and able to provide collateral as security to the bank. In general, personal loans in Malaysia do not require collateral or guarantor but this might not be the case if you have weak credit score.
The Bank Islam personal loan offers either fixed or floating interest rates. For the repayment for Bank Islam Personal Financing-i, it can be done via auto salary deduction or salary transfer directly to Bank Islam. The maximum amount to be deducted is about 50% to 60% of salary. Do take note that a 1% p.a penalty will be charged for any late repayment, which is quite a standard term.
Whether or not you are eligible and what are the exact requirements, or any other detailed information, it is always advisable for you to consult an officer from the bank.