Bank Islam Personal Financing-i
Bank Islam Personal Financing-i
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
Bank Islam Personal Financing-i Repayment Table (Jadual Pembayaran Pembiayaan Peribadi Bank Islam) 2013
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
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.
- Deferred Profit = Total Contracted Profit – Accrued Profit.
- Total Contracted Profit = Selling Price – Purchase Price (or Financing Amount).
- 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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