Why to choose Bank Islam personal loan?

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Monetary needs is a constant factor in an otherwise unpredictable life. Be it to meet short term goals such as purchasing a car or long term goals of saving for a child’s education or marriage, there will always be a need for money. Loans offer a convenient way to realise these requirements. There are many requirements a loan must meet before an applicant acquires it. For anyone looking for a personal loan, they should surely choose a loan from Bank Islam. The applicant needs to be a government employee or an employee of a public company listed by Bank Islam.

The reasons to choose Bank Islam personal loan are as follows:

  1. The Personal Loan offered by Bank Islam does not require collateral or a guarantor
  2. The loan has a high borrowing limit ranging from RM 10,000 to RM 2,00,000 and a repayment period of up to 10 years.
  3. The minimum age to acquire the loan is 18 years of age and retirement age cannot be exceeded by the end of the loan tenure.
  4. The loan has a low stamp fee of RM 50 which is inclusive of an agency fee as well.
  5. The loan is free of any hidden charges.
  6. The loan has a fixed interest rate of 3.25% p.a for a tenure of 1 to 3 years with Bank Islam Card-I, Bank islam Will Writing and a Banca Takaful subscription. If the loan is chosen for a tenure of 1 to 3 years without Bank Islam Card-I, Will Writing and a Banca Takaful subscription then it has a flat interest rate of 3.50%. If the loan tenure chosen is 4 to 10 years without the will writing, subscription and card the interest rate is 4.99% p.a.
  7. The Bank Islam personal loan has a floating of 1.65% p.a for a loan with a tenure of 1 to 3 years and 0.35% for a tenure of 4 to 10 years.
  8. The repayment of the loans is done through automatic deductions from the borrower’s salary.
  9. The documents required to process the loan are few. The documents required are your employment letter, most recent payslip and bank statement (90 days), the latest EFP statements and BE form and a front and back photocopy of IC.
  10. 10. Salary transfer to Bank Islam via standing instruction to the bank

The Bank Islam Personal loan is an easy to acquire loan with a hassle free process and offers attractive interest rates, an easy repayment method, a long tenure and higher borrowing limits making it an apt choice for anyone looking for a personal loan.

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