Personal loan is also known as unsecured loan, a loan that establishes consumer credit that is granted for personal use. It is usually granted based on the borrower’s integrity and ability to make repayment. Most of us will have a chance or need to borrow money at different or certain stage of life as personal loans are designed to be used for anything and are easily obtainable with simple terms such as flexible loan structure and affordable interest rates.
A famous product from the Bank Rakyat is known as the Bank Rakyat Personal Financing-I Private Sector. There are a 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.
In order to be eligible to apply for a personal loan with Bank Rakyat, you must be 18 years old and above, but less than 60 years old. Another very basic criterion 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. Do take note that any other installments’ loans can lower down your eligibility. On the better side, there is no guarantor required.
You may want to 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. In case you have questions or doubts, do not hesitate to seek advice or consultation from the staffs from Bank Rakyat.