Public Bank Personal Loan

 

Public Bank Berhadis the biggest domestic bank in Malaysia by shareholders’ funds. It focuses on retail customers and small to medium sized enterprises. The bank was founded in 1966 by Teh Hong Piow, the then general manager of Malayan Banking. The bank was listed on the Malaysian Stock Exchange in 1967.

 

Pubic Bank provides BAE Personal Financing-I

 

BAE Personal Financing-I is based on the concept of Bai Al-Inah which means  a financing facility with the underlying buy and sell transactions between the financier and the customer. The financier buys an asset from the customer on spot basis. The price paid by the financier constitutes the disbursement under the facility. Subsequently the asset is sold to the customer on a deferred-payment basis and the price is payable in installments.

 

In order to cater to customers convenience of personal financing with BAE Personal Financing-I, Public Bank has a very transparent method in loan application.

 

BAE Personal Financing-I characteristics:

• The minimum loan tenure is 2 years and the maximum will be 10 years
• Based on the eligibility, customers who apply for the loan will be eligible to get loans from RM5, 000 to RM150, 000
• Repayment method set to deducted monthly from the customers salary

The loan is only applicable for Malaysian citizen aged 20 years above and below 60 years with a permanent job of at least 1 year in service in any one of our approved agencies.

Understanding Public Bank BAE Personal Financing-i

 

Loans are provided for private and Government employee as well as Government-Linked Company employee.Takaful insurance is required for BAE Personal Financing.

 

Here are the additional details that customers should take note:

• Interest Rate / APR4.99%, depending loan amount and period
• Processing FeeRM100Stamp Duty0.5% of borrowed amount
• Early Termination Fee
• NoneLate Penalty Fee1% of amount in arrears

 

 

Documents needed for loan application:

• Copy of NRIC (front and back)
• Latest 3 month’s salary slips or EPF statements, letter from employer confirming position and salary
• Any additional documents; Public Bank representative will provide the guidance during the application process

The loan includes Takaful Insurance policy which is linked to the loan when customers apply. Once the loan is approved there will be some additional cost that customers must standby such as;

• Processing fee RM100
• Stamp duty 0.5% of borrowed amount
• Penalty fee1% of amount in arrears mode of payment

Once the loan is approved, the funds will be transferred directly to customers account.