Bank Islam Personal Financing-i

Bank Islam Personal Financing-i

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Bank Islam Personal Financing-i facility is an unsecured/secured term financing to meet personal financial needs which is calculated based on either a fixed rate or variable/floating rate.

Bank Islam offers shariah compliant personal finacing-i. There are 3 type of personal financing available namely :

  • Personal Financing-I Package
  • Personal Financing-I non- Package
  • Programme for Medical practitioner
Terms & Conditions
Details
EligibilityApplicant must be 18 years and not exceeding the retirement age at the end of payment period
Malaysian citizen
Earning a minimum fixed income of RM2,000 per month
Applicant must be a continued employee in any of the following:
Government Sector
Selected Public Listed Companies
Subsidiaries of Government or Selected Public Listed Company
Other Prominent Private Limited Companies as categorized under package companies listed by Bank Islam
Financing DurationMaximum of 10 years (120 months) or up to the retirement age, whichever is earlier
Total FinancingBased on eligibility limit and subject to minimum amount of RM10,000 and maximum amount of RM200,000
Repayment MethodsSalary Deduction
Salary Transfer to Bank Islam with Auto-debit Instruction
Takaful CoveragePersonal Financing Takaful Plan
Profit RateCustomer may opt for either one of the two types of rates

Flat Rate

1-3 years : 3.25% p.a. (with Bank Islam Will Writing, BancaTakaful products subscription or Bank Islam Card-i)
1-3 years : 3.50% p.a.
4-10 years : 4.99% p.a.
Floating Rate (Base Financing Rate (BFR))

1-3 years : BFR – 1.70% p.a.
4-10 years : BFR – 0.40% p.a.
Note : Current BFR is 6.60% p.a.

Effective Profit Rate

From 4.90% to 6.20% depending on the financing tenure.
Read here to understand about Effective Annual Profit Rate.
Effective Profit RateFrom 4.90% to 6.20% depending on the financing tenure.
Read here to understand about Effective Annual Profit Rate.
How To Apply If you are interested to apply Bank Islam Personal Financing-i (loan), please fill up the online application form or visit nearest Bank Islam branch.
Required DocumentsThe documents required for Bank Islam Personal Financing-i is as follows :

A copy of identity card
Latest 3 months’ salary slip
Latest employer’s confirmation letter
Latest 3 months Bank Statements of salary crediting account
And at least one (1) of these:

Latest income statement (Form B/eBE/ EA/EC); or
Any other latest supporting document such as EPF statement, if required.
Benefit Competitive rate
No hidden charges
No guarantor is required
No deposit
No processing fee
Flexible financing tenure
Selling price – fixed and known

 

Bank Islam Personal Financing-i Repayment Table (Jadual Pembayaran Pembiayaan Peribadi Bank Islam) 2013

BI_personal_loan

Details of Bank Islam personal financing rate can be viewed HERE.

Personal Loan/ Personal Financing Tips

  • Before you apply this personal loan, please read Product Disclosure Sheet for details of the products including the profit rate/interest rate.
  • Read here to understand about Effective Annual Profit Rate.

Personal Loan/ Personal Financing Details :
Name : Bank Islam Berhad
Website : www.bankislam.com.my

 

FAQs

How much does Bank Islam Personal Financing-i package cost?

No processing fees are charged, only a Wakalah (Agency) fee of RM50. Applicants will also be required to pay Government Stamp Duty, which is calculated at 0.55% of the total amount borrowed.

In some cases Bank Islam may request an advance payment amounting to two month’s repayment before the loan is approved.

Is this Bank Islam Personal Finance product Shariah compliant?

Yes, the Shariah concept used is Tawarruq which comprises of Bai Murabahah and Wakalah contracts.

What happen if you fails to pay

Customer shall pay the Bank late payment charges by way of ta’widh (compensation) as follows:

a) Before maturity of the Facility : A sum equivalent to one per centum (1%) per annum on overdue instalment(s) until date of full payment;

b) After maturity of the Facility : A sum equivalent to the prevailing daily overnight Islamic Interbank Money Market Rate on outstanding balance i.e. outstanding Selling Price less ibra’ (if any);

c) Post Judgment Debt : A sum equivalent to the prevailing daily overnight Islamic Interbank Money Market Rate on basic judgment sum calculated from judgment date until date of full payment.

PROVIDED ALWAYS that the above said ta’widh (compensation) rates may be varied by Bank Negara Malaysia (BNM) from time to time and shall be applied in such manner as approved by BNM.

  • Legal action may be taken if you fail to respond to the reminder notice.
  • Legal action against you may affect your credit rating leading to your future credit assessment being more difficult or expensive to you.

What if I fully settle the financing before its maturity?

In the event of Early Settlement of the Financing, the Bank undertakes to grant to the Customer an Ibra’ (rebate) which is equivalent to the deferred Profit at the point of settlement.

Ibra’ (rebate) Formula: Ibra’ /rebate on early settlement = Deferred Profit.

Note:

  1. Deferred Profit = Total Contracted Profit – Accrued Profit.
  2. Total Contracted Profit = Selling Price – Purchase Price (or Financing Amount).
  3. Accrued Profit is calculated based on Effective Profit Rate of the outstanding Purchase Price (or Financing Amount) being disbursed (or utilized).

 

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