Personal loan is a great tool for almost everyone to effectively manage their finances. It becomes extremely important when one requires a big amount of cash without the need to dig everything out from owns savings. Anyhow, everyone’s need for a personal loan is different. One can apply for a personal loan to buy property or even to pay off other attached loans. The purpose varies. Not only that variation but also the amount and nature of the loan. In the latter, some loans might offer a fixed rate of financing whereas some might offer a floating rate.
No doubt, Islamic loans are consider the more famous product in the Islamic banking industry. There is a famous product from the Bank Rakyat called the Bank Rakyat Personal Financing-I Private Sector. There are few benefits of these loans including higher maximum tenures, easy repayments, affordable profit rates and availability of negotiable rates. All in all, the mentioned affordable profit rates depend on the applicant’s salary and the type of payment selected.
What are the basic criteria for you to be eligible to apply for a personal loan with Bank Rakyat? First of all, you must be 18 years old and above, but less than 60 years old. Another very basic criteria is that you must have a regular income, either you are working for an employer or you are the employer for yourself. In addition, you also need to earn more than the required minimum income. Take note that your personal loan amount eligibility with Bank Rakyat is based on some factors such as minimum income of RM1000 and maximum allowed loan is RM200,000. Bear in mind that any other installments’ loans will eventually lower down your eligibility. On the upside, there is no guarantor requirement.
So, how can you increase your eligibility for the Bank Rakyat Personal Loan? One of the recommended ways which can help you is simply by paying off your credit card bills. Remember that paying the minimum amount every month will only prolong you to clear off the outstanding balance effectively. Another way is by choosing a longer tenure. You may choose up to 10 years.
If you are eligible and interested in the Bank Rakyat personal loan, you may prepare all the necessary documentation such as copy of identity card, latest three months’ salary slip, latest three months bank statement account, employment confirmation letter or EA form. You may explore further with the help of the Bank Rakyat staffs.