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Bank Rakyat Personal Financing-i for Pensioner

Bank Rakyat Personal Financing-i for Pensioner 

Min. Interest Rate7.80% p.a.
Max. Loan AmountRM 100,000
Max. Tenure10 years

Shariah financing for public sector pensioners, up to RM100,000 at rates from 6.3% p.a. No guarantor needed!

Calculate your monthly repayment

Estimated monthly repaymentRM 463.33*At 7.80%Calculator Chart

Compare Your Financing Tenure with Your Financial Situation

We recommend choosing a longer financing tenure for flexibility, then making an early settlement to save on profit payments.

If you borrowIn this periodIn a month you will payAt this profit rate
Star BadgeYour Choice
RM 20,000		5yearsRM 463.337.80%p.a.
*Profit rate, monthly repayment, and total repayment amount displayed are estimates for illustrative purposes only. The actual financing terms, including the approved amount, and final profits are subject to assessment and approval by the lending party.

Fees and Charges

Profit RateAs low as 7.80% p.a.**Subject to terms and conditions
Stamp Duty
0.50%0.50% of the total amount
Processing Fee
RM 28.30For Wakalah Fee (inclusive of Brokerage Fee)
Late Payment Fee
1.00% on such overdue amount
Early Termination Fee
Exempted

Eligibility

Min. IncomeRM 800per monthRM 9,600 per year
Who Can Apply?Malaysian citizens45 - 70 years old
Employment Status
  • Government Pensioner only
Documents required to apply:You will need to provide several documents such as (varies between different banks):
Salaried Employees (Malaysian)
  • A copy of your IC (both sides)
  • Latest 3 months salary slips
  • Latest 3 months bank statement (with salary being credited)
  • Latest B/BE Form with official tax receipt
  • Latest EPF statement
  • Letter of employment or employer confirmation

Loan Repayment Table

Financing AmountFinancing TenureMin. IncomeProfit Rate
RM 10,000 - RM 100,00012 - 120 monthsmin. RM 9,6007.80% p.a. - 8.15% p.a.

Features

  • No Collateral or Guarantor Required

  • Can borrow up to 15x of your monthly gross pension

  • Fixed Profit Rate as low as 6.3%p.a - 6.65%p.a

  • Shariah compliant

  • Minimum loan amount: RM10,000

  • Maximum loan amount: RM100,000

  • Minimum duration of the loan: 12 months

  • Maximum duration of the loan: 120 months

Terms and Conditions

Product Disclosure SheetView now

Product Review by CompareHero

What is Bank Rakyat Personal Financing-i for Pensioner?

Bank Rakyat Personal Financing-i for Pensioner (Pembiayaan Peribadi-i Pesara) is an Islamic personal financing facility designed for Malaysian government pensioners with low-income status.

Who is eligible for Bank Rakyat Personal Financing-i for Pensioner?

This financing is not open to EPF contributors. To qualify, applicants need to:

  • Be a government pensioner not older than 70 years old by the end of the financing period
  • Earn a minimum monthly pension of RM800

How much can be borrowed under Bank Rakyat Personal Financing-i for Pensioner?

The borrowing amount is capped in two ways:

  • A maximum of RM100,000
  • A maximum of 15 times the applicant's monthly gross pension

What fees apply to Bank Rakyat Personal Financing-i for Pensioner?

Pembiayaan Peribadi-i Pesara charges zero processing fees. Applicants only need to pay Government Stamp Duty, calculated at 0.50% of the total amount borrowed, plus a Wakalah Fee.

Is Takaful coverage required for Bank Rakyat Personal Financing-i for Pensioner?

Takaful coverage is optional, though Bank Rakyat encourages applicants to sign up for a policy from its panel of Takaful providers.

Takaful coverage can help settle the outstanding balance of the financing in the event of death or permanent disablement.

How does the monthly instalment work?

The monthly instalment for Bank Rakyat Personal Financing-i for Pensioner begins the month after the funds are received and used. Applicants get a payment schedule together with their financing agreement once approved.

Is a guarantor or collateral needed?

Bank Rakyat doesn't require any collateral, such as a house, fixed deposit, or ASB, to back this application. A guarantor may still be required, whenever the bank asks for one.

Can Bank Rakyat Personal Financing-i for Pensioner be settled early?

Yes, at zero cost. Applicants instead receive an Ibra' (rebate), which is the deferred profit that hasn't yet been accounted for as earned profit.

What documents does the Bank Rakyat Personal Financing-i for Pensioner application need?

The required documents depend on which agency the pension comes from.

For those under Jabatan Perkhidmatan Awam (JPA):

  • Copy of IC (front and back)
  • Malaysia Government Pensioner Card
  • Pension Statement

For those under Jabatan Hal Ehwal Veteran (JHEV):

  • Copy of IC (front and back)
  • Army Pensioner Card
  • Ledger Pensioner

Frequently Asked Questions (FAQ)

Yes. Since one of the two caps is 15 times the applicant's monthly gross pension, a higher pension can raise how much may be borrowed, up to the RM100,000 ceiling.
es, a Wakalah Fee also applies on top of the 0.50% Government Stamp Duty, even though there's no processing fee.
No. It's optional, but Bank Rakyat encourages applicants to take a plan from its panel of Takaful providers since it can settle the remaining balance if the borrower passes away or becomes permanently disabled.
Not entirely. No collateral such as a house, fixed deposit, or ASB is required, but a guarantor may still be needed depending on the bank's assessment.
Yes. JPA pensioners submit a Malaysia Government Pensioner Card and Pension Statement, while JHEV pensioners submit an Army Pensioner Card and Ledger Pensioner instead.
No penalty applies. Applicants instead receive an Ibra' (rebate) for the deferred profit that hasn't been earned yet.