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Al Rajhi Bank is one of the world largest Islamic bank from Saudi Arabia. This bank reached Malaysian shore on 2006 as part of it’s internationalization effort.
Al Rajhi Personal Financing-i
Up to RM 150,000 or 5 times montly salary financing available
Maximum 7 years repayment
No guarantor needed
Minimum of 25 years old and RM 5,000 gross income
Al Rajhi Personal Financing-i is an unsecured personal loan where no guarantor and collateral is needed which is 100% Shariah compliant. Al Rajhi personal financing-i interest starts from 7.25% p.a. This personal loan offers up to 5 times applicant’s salary or RM 150,000 (the lower amount) financing however this will also depends very much on the person’s credit score. Borrower will have options up to 7 years repayment. This loan features a speedy application, where applicants will know the application status in 24 hours upon complete submission.
There are no application and processing fees currently. However there will be a 0.5% stamp duty fees while Takaful insurance would be compulsory for the loan. Takaful Insurance will depends on age and tenure of financing by the applicants.
Age for age wise, Al Rajhi requires a much high 25 years age for loan application. Applicants should not be over 58 years old at loan tenure. This loan also has a minimum RM 5,000 gross minimum salary for applications which is considered high for Malaysian standards.
Copy and photocopy of IC ( Front and back)
Most recent 3 months payslip and bank statement
Al Rajhi Personal Financing-i repayment table is available below
Follow this link: Al Rajhi Personal Loan | Pinjaman Peribadi Malaysia
MBSB stands for Malaysian Building Society Berhad has been around for over 50 years and is providing financial services to Malaysia. Although not being a bank, MBSB is an Exempt Finance company allowing it to operate finance based business ranging from savings account to student loans while not operating under Bank Negara’s policy. MBSB is actually very much owned by EPF and Malaysian government.
MBSB personal loan has been long catered for Malaysian public servant with very competitive rates. It has also recently opened it’s personal loan application to private sector as well although with higher interest rates. Here are some of the loan packages that are offered by MBSB.
MBSB Personal Loan for private sector ( Pembiayaan Peribadi-i Sektor Swasta )
BLR + 4.5% = 11.1 % p.a. (Monthly reduction based)
Up to RM 300,00 Financing available
Maximum 10 years repayment
No guarantor needed
Minimum 2 years permanent employment
Finally, MBSB has decided to have personal loan for private sectors as well. This personal loan is unsecured loan where no guarantor and collateral is required. MBSB Personal loan provides up to RM 300,00 of financing with a maximum repayment of 10 years with a fast approval process.
It comes with an attractive BLR + 4.5% p.a with monthly reducing balance. At the time of writing BLR 6.6, you will be getting 11.1% p.a. How is this different from other banks who are offering 8.8% p.a. (flat rate) ? The effective interest rate of flat rate is actually near double while with monthly reducing balance, you are probably getting the same interest rates as advertised. So the effective interest rate for 8.8% p.a. would probably be somewhere 16% to 17% p.a.
This loan is only opens for Malaysian citizens. You will need to be at least 2 years permanently employed to be eligible for the loan
Read more here: MBSB Personal Loan | Personal Loan Malaysia | Pinjaman Peribadi
Short term financing to cater your personal needs!
ExeCash-i Special package is an Islamic Personal Term Financing under the Syariah principle of Bai’ ‘Inah (sale and buy back). Bai’ ‘Inah is a buy and sell contract whereby Maybank Islamic (“the Bank”) would sell its assets to the applicant on deferred payment basis. Subsequently, Maybank Islamic (“the Bank”) would buy back the same asset from the applicant at a lower price on cash basis.
Under Bai’ ‘Inah concept, Maybank will use its asset as an underlying asset for the sale and purchase transactions.
Features & Benefits:
Term financing on monthly rest under Islamic Bai’ ‘Inah concept.
Minimum financing amount of RM1,000 and up to 2 months salary
Financing tenure:Minimum : 3 months
Maximum : 12 months
Margin of Payment:DSR up to 80% for financing
All other financing / loan commitments including this application should be taken into consideration
Profit Rate : 12.00% per annum.
Mode of Payment:By salary deduction at source
By Variable Standing Instruction (VSI)
Others; i.e. cash, cheque only for financing amount of less than RM10,000
Etiqa Takaful Coverage (Death and Disability)
Guarantor:Compulsory if financing amount exceeds 5 times customer’s salary
Cross guarantee is not allowed
CriteriaMust be a fixed income earner
Monthly salary at least equal to applicant
Who can apply
Individual and single applicant only
Age 18 to 50 years old
A Malaysian citizen
Minimum fixed salary of RM1,000 (inclusive of fixed allowance)
Must be the Bank’s APS/MAS** customer
Confirmed employee with continuous employment for at least 2 years in the same company
Note: **i) APS – Automated Payroll Systemii) MAS – Maybank Autocredit System
Processing Fee – Not Applicable
For application, please visit any Maybank Islamic or Maybank branches and bring along the following:
Latest 3 months’ original pay-slips
Latest 2 years’ income tax J form or EA form
Confirmation letter from employer confirming current position held, salary and length of service
*Terms and conditions apply
Original post: Pinjaman Peribadi Bank Malaysia: Maybank Islamic ExeCash-i
ELIGIBILITY Malaysian citizens aged 21-60 years old. Permanent employee of an authorised Financial Institution in Malaysia. For Executives and above. Permanent employee or has been employed for more than 6 months. BSN GIRO/GIRO-i Account Holder. Minimum fixed income of RM2,000 per month. Guarantor: One guarantor for loan application of RM30,000 and below.DOCUMENTS REQUIRED A copy of your NRIC (front and back). Confirmation letter from your employer with the below details:- Name / NRIC No.- Designation / Status- Monthly Salary- Date of Employment- Date of Retirement Original copy and 2 copies of latest Salary Slip. Latest EPF statement and a copy of your bank book or GIRO/GIRO-i account statement