Depending on the circumstances and situations in life, sometimes you just need cash and personal loan is one of the many solutions available that nay help you get out of a mess. Some of you may think that it is a complicated process if you opt for a personal loan. This may be true in earlier years but nowadays, the process in a personal loan application is not as difficult or hectic anymore.
Taking Bank Rakyat for example, you will get to see that it is relatively simple to apply for a personal loan here in Malaysia. Nevertheless, you need to check and understand on a few items before rushing into applying for a personal loan. In other words, you need to see what Bank Rakyat has to offer and whether the personal loan is suitable for you as offers may vary from bank to bank. Moreover, the loan offered will also depends on individual’ evaluation criteria.
So, how can you apply for a personal loan with Bank Rakyat? First and foremost, you must be a Malaysian citizen aged 18 and above in order to qualify to apply for the loan. Do take note that there are 2 types of loan being offered by Bank Rakyat, catering for both the private and public sector. Another very important criteria that you need to take note of is that the Bank Rakyat personal loan is offered only to government servant or employee of a government linked company with a minimum of 6 months of working service. On top of that, you also must have a minimum monthly gross income of RM2000. Contractual employees with minimum salary of RM8000 per month are also eligible. There are no hidden charges or fees that will be deducted from you apart from the fixed 0.5% stamp duty fee of the total loan amount. In terms of loan repayment, there are two time period in which you can decide to make repayment. Both the loan tenures will be different due to different interest rates as described below.
The interest rate is of course tied with the Base Rate (BR), which is controlled by Bank Negara Malaysia. Let’s say if you have decided to choose a tenure of 1 year to 3 years, then you will have a fixed interest rate of 3.55% per annum. This rate is equivalent to 0.30% per month throughout the entire loan tenure, with Takaful. On the other hand, you will have a fixed interest rate of 3.66% per annum, which is equivalent to 0.31% per month throughout the entire loan tenure, without Takaful. Besides the 1 year to 3 years tenure, you can also choose a tenure of 4 years to 10 years. You will be given a fixed interest rate of 3.90% per annum for this tenure. This rate is equivalent to 0.33% per month throughout the entire loan tenure, with Takaful. Without Takaful, you will have a fixed interest rate of 4.20% per annum which is equivalent to 0.35% per month throughout the entire loan tenure.
One prominent upside worth to mention is that Bank Rakyat will not impose a penalty for either late payments or early settlements. This point is beneficial to customers and should be factor in to your consideration when applying loan, as part of servicing your loan. In order to initiate an application for personal loan with Bank Rakyat, make sure that you have the required documents. Important documents like copy of front and back of MyKad, 3 months of latest salary slips, confirmation letter by current employer, 3 months of current salary crediting account and latest EA forms.