Education Financing-i Bank Rakyat

Take a step towards achieving your aspirations! With a Bank Rakyat Education Financing-i, you are able to focus on your studies while we take care of your financial needs.


 

Concept

  • Tawarruq

Features

  • Financing is up to RM1 million
  • Tenure up to 20 years (Inclusive of grace period up to 4 years)
  • Takaful Coverage is optional
  • Disbursement direct to the learning institution
  • Rate as low as 3.99% (flat) per annum
  • Guarantor is required
Financing Amount (RM)  Value Of Collateral
   ≤250,000 No collateral
250,001 – 500,000 50% from financing amount
>500,000 to 1 million 75% from financing amount

    Type of collateral acceptable by the bank :

  • Mortgage
  • Term Deposit-i Account Bank Rakyat
  • Unit Trust Amanah Saham Bumiputera (ASB)

 

Eligibility

  • Malaysian Citizen
  • Minimum fixed monthly Income RM2,000
  • Minimum age 18 years old and maximum 60 years old (at the end of the financing tenure)
  • Applicant (Student or Immediate Family Members)

 

Documents Required

 Public

Private

Pensioner

Business Owner / Professional

Commission Earners

Copy of MyKad/MyTentera

Latest 3 months salary slip

 

 

 

Latest 3 Months Bank Statements

 √

 

 

 

Latest Bank Statement for  6 months transactions

 

 

 

 √

 √

EPF Statement

 

 

 

 

And at least one (1) of the following:

§  Confirmation letter from employer

§  EA Form

 

 

 

 

 

Copy of government or army pensioner card

 

 

 

 

Confirmation Letter Pension Transfer to Bank Rakyat

 

 

 

 

Pension (JPA) / Ledger (JHEV) Statement

 

 

 

 

Business Registration Certificate

 

 

 

 

Form ‘B’ sent to LHDN / Receipt Payment

 

 

 

 √

License/membership of the Board of Trustees Recognized (Professional)

 

 

 

 

Form A & D Registration Form 24 & 49 of company

 

 

 

 

Statement of commission 6 months

 

 

 

 

Original copy of university/college acceptance letter / certified true copy by University

Original copy of course fee schedule

 

Profit Rate

PAYMENT TYPE

PROFIT RATE

·         Salary Transfer to Bank Rakyat

·         Biro Perkhidmatan Angkasa

·         Salary Deduction

BR + 3.65%

·         Electronic Payment

BR + 5.65%

*Note :

  1. Current Base Rate (BR) is 2.60%
  2. The additional profit rate of 1.50% over the current profit rate for financing without takaful
  3. Ceiling Rate = Effective + 4.00%

 

Fee & Charges

TRANSACTION

CHARGE

Custodian of security documents (post settlement)

RM10/set/month

Stamp duty

0.5% of total financing as contained in the Stamp Duty Act 1949.

Legal Fees (if applicable)

All legal fees and incidental expenses related to your financing

Wakalah Fee

N/A

Disbursement Fee

Included fees for registration charges and other related charges

 

Early Settlement Fee

No Charges

Late Payment Charges

During the financing tenure :
1% per annum on the outstanding amount of the monthly payment

After expiry of financing tenure :
Shall not be more than the prevailing daily overnight Islamic Interbank Money Market rate (IIMM) on the outstanding balance

 

Product Disclosure Sheet

https://www.bankrakyat.com.my/index.php?rp=personal_financing_45_8_2

Illustration Payment Schedule

https://www.bankrakyat.com.my/index.php?rp=personal_financing_45_2_2

Enquiry

For any enquiries, please visit the nearest branch or call our Contact Centre tele-Rakyat at 1-300-80-5454.

visit our website

https://www.bankrakyat.com.my/c/personal/financing_i/education_financing_i-44/edu