Bank Rakyat Personal Loan 2019 (Up To RM150,000) + Fast Approval

This post is all about Bank Rakyat Personal Loan.

If you’re looking for extra cash for your personal matters, this guide is 100% for you. Keep reading to learn more about the personal loan by Bank Rakyat Malaysia. Bank Rakyat’s Personal Financing-i Private is specially designed to fulfill your current financial needs, with its competitive profit rates in the market.

personal financing i private

Bank Rakyat Personal Loan

bank rakyat

It offers a cash facility to meet personal financing requirements. With that being said, a personal loan also referred to money borrowed from a bank, credit union or online lender that you pay back in fixed monthly payments, or installments, typically over five to ten years.

Additionally, most personal loans are “unsecured” — not backed by collateral. A secured loan backed by a car or house is typically cheaper, but you can lose the asset if you default. You usually can use the money for any reason.

Moreover, it’s an unsecured Islamic personal loan of up to 10 years exclusively for Malaysian full-time employees of private sector organizations.

  • Profit rate (p.a.) 5.09% – 6.95%
  • Loan Tenure 1 – 10 years
  • Approval Duration Up to 3 business days
  • Min. monthly income RM2,000
  • Takaful coverage is optional
  • Minimum financing amount: RM5,000
  • Maximum financing amount: RM150,000

The Overview of Bank Rakyat Personal Financing-i Private

For instance, if you borrow RM10,000 for 10 years, your monthly installment will be RM128.67 at 5.44 Profit rate (p.a.). Here’s where you can count your payable by using Bank Rakyat Personal Loan calculator tool here.


  • Amount of financing up to RM150,000
  • Financing tenure :​
    RM2,000 – RM 3,000 5 years 10 years
    RM3,001 and above

    10 years

  • No guarantor
  • Takaful coverage is optional


  • Malaysian citizen
  • Minimum age of 18 years and maximum 60 years old at the end of the financing tenure
  • Minimum Gross Income including fixed allowances
    • RM2,000 and above for Permanent Employee
    • RM8,000 and above for Contract Employee

Financing Eligibility

  • Biro Perkhidmatan Angkasa (BPA)
  • Salary Deduction (PGM)
  • Salary Transfer to Bank Rakyat
RM 2,000 – RM 4,000 15 times monthly gross income
RM 4,001 – RM 6,000 20 times monthly gross income
More than RM 6,000 25 times monthly gross income
Electronic Payment RM 1,000 – RM 5,000 5 times monthly gross income
RM 5,001 – RM 10,000 8 times monthly gross income
More than RM 10,000 10 times monthly gross income

Financing Rate

Floating Rate

  • Salary Transfer To Bank Rakyat
  • Biro Perkhidmatan Angkasa
  • Salary Deduction


Up to 3 Years BR+ 5.37% 9.22% / 4.95%
More than 3 – 10 years BR+ 5.52% 9.37% / 5.44%
  • Electronic Payment
Up to 3 Years BR+ 7.37% 11.22% / 6.08%
More than 3 – 10 years BR+ 7.52% 11.37% / 6.78%

*Note :

  1. Current Base Rate (BR) is 3.85%
  2. Additional profit rate of 1.5% over the current profit rate for financing without takaful
  3. Ceiling Rate = Effective + 4.00%

A base rate is dependent on banks’ benchmark cost of funds and liquidity. Banks can also review it anytime if there are no changes in the OPR. According to NST, BR was introduced to promote healthy competition among banks.

The BR for Bank Rakyat’s Personal Loan on this product is made up based on its benchmark Cost of Funds (COF). Bank Rakyat’s benchmark COF reflects the cost of raising new funds and 3-month Kuala Lumpur Interbank Offering Rate (KLIBOR). The possible trigger of the change of BR is due to change in the benchmark COF. Changes in benchmark COF could occur due to change in Overnight Policy Rate (OPR) as decided by the Monetary Policy Committee of Bank Negara Malaysia, as well other factors such as the market funding conditions.

Required Documents To Apply For Personal Loan Bank Rakyat

  • Copy of Mykad
  • Latest 3 months salary slip
  • Latest 3 months Bank Statements of salary crediting account
  • EPF Statement
  • And at least one (1) of the below:
    • Confirmation letter from employer
    • EA Form
    • e-B Slip by LHDN

Fees & Charges

Wakalah or Agency Fee Wakalah or agency fee of RM28.30
Stamp duty fee 0.5% of total financing as contained in the Stamp Duty Act 1949.
Compensation Charge (Ta’widh) for Late Payment Before maturity: 1% per annum on the installment amount.
After maturity: Should not more than IIMM rate on the outstanding principal.

FAQs for Bank Rakyat’s Personal Loan

1. What is the Shariah concept applicable?

  • This financing is under the Shariah principles of Murabahah (by adopting Tawarruq practices) where based on Wa’d from the customer, the bank will purchase the commodity from a commodity trader and then sells the commodity to the customer based on the Murabahah sales price (cost of commodities with profit) on deferred payment basis and then, as the customer’s agent (Wakalah), Bank, will sell the commodity to third party buyer at cash. The cash collected from third party buyer will be deposited into customer’s accounts.
  • Currently the commodities being used are Crude Palm Oil (CPO), Plastic Resin (PE) or Telco Airtime.

2. What other charges do I have to pay?

  • Stamp duty: 0.5% of total financing as contained in the Stamp Duty Act 1949.
  • Wakalah or agency fee of RM28.30 inclusive Brokerage Fee.

3. Do I need any Takaful coverage?

You are advised to take takaful plans from takaful operator appointed by the Bank and you are agree to allow Bank to obtain the protection from the said takaful operator. However, you are free to use any other takaful operator in Malaysia which requires you to arrange it on your own.

4. What if I fail to fulfill my obligations?

  • Compensation Charge (Ta’widh) for Late Payment
  1. During the financing tenure: 1% per annum on the outstanding amount of the monthly payment.
  2. After expiry of financing tenure: Shall not be more than the prevailing daily overnight Islamic Interbank Money Market rate (IIMM) on the outstanding balance.
  • The Bank reserves the right to deduct / set-off customer’s savings balance (Savings/Investment Account/ Share Membership Account) with the bank as payment for outstanding amounts.
  • Bank will inform customer at least seven (7) calendar days in advance on the intention to set-off the customer’s savings balance.
  • The Bank reserves the right to take legal action and all costs incurred will be borne by the customer.

5. Do I need a guarantor or collateral?

You must present guarantor whenever required by the Bank. The collateral is not required for this financing.

6. Do I need to pay a Security Deposit?

  • Two (2) months installment amount to be deducted from the financing and credited into the customer’s Special Account upon disbursement as Security Deposit.
  • The amount will be set off against any arrears when the default of payment occurs.
  • The amount of Security Deposit must be maintained at two (2) months installment at any time.

7. What do I need to do if there are changes to my contact details?

  • It is important that you inform Bank of any change in your contact details to ensure that all correspondences reach you in a timely manner.
  • Please contact the Bank Rakyat Call Centre at 1-300-88-5454 OR visit any branch to any changes of the customer information.

Download Bank Rakyat’s product disclosure sheet here.

What Do We Think?

Bank Rakyat is well known for its great service in providing an Islamic loan. The product, Bank Rakyat Personal Financing-i Private Sector offering highly competitive rate in the market with a floating rate of 5.09% p.a up to 6.95 p.a. Bank Rakyat Personal Financing-i Private Sector is focusing on full-time employees of private sector organizations. Meanwhile, selected company by Bank Rakyat will enjoy lower profit rate, as low as 4.95% per annum. The approval process is within 5 business days and there is no need for any guarantor or collateral in order to apply for the loan.

Good rate + up to RM150k Financing

There will be a stamp duty fee of 0.5% of the loan amount and late payment charges of 1% p.a on outstanding amount. You are entitled to enjoy a minimum loan tenure of 1 year to 10 years depending on your salary with the amount of financing up to RM150,000 or 5x to 25x of monthly gross salary.

To be eligible to apply for this loan, your minimum monthly gross income should be at least RM2,000 and you must be at least 18 years old. You will also need a good credit record (CTOS/CCRIS) which means all of your overdue payments for all commitments should be settled off.

About Bank Rakyat

Bank Rakyat was established on 28 September 1954 under the Cooperative Ordinance 1948 (known as the Cooperative Societies Act 1993). Today, Bank Rakyat is the biggest Islamic cooperative bank in Malaysia with assets totaling RM99.22 billion as at end of December 2016.

The transformation in 2002 of the Bank from a conventional banking system to a banking system based on Syariah has enabled the Bank to record encouraging profits year after year. For the financial year ending 31 December 2016, they have recorded a pre-tax and pre-zakat profit of RM1.74 billion.

Innovative Products

Bank Rakyat continue to expand their product range and customer facilities that are varied and innovative. The products and facilities include consumer banking, commercial financing, savings, and investments as well as products of financial planning to satisfy the many demands of a wide spectrum of modern day customers.

As an entity under the control of the Ministry of Entrepreneur Development (MED), they are committed to support the mission of the Ministry to consolidate the cooperative sector as the mainstay of economic growth of the nation via all the efforts and steps that we have arranged.

Please visit for more tips like this.


Pinn Yang

Blogger at Berhustle. Co-Founder at Good Foodie Media.

Leave a Reply

Your email address will not be published. Required fields are marked *