Public Bank Personal Loan: Everything You Need to Know
When it comes to personal financing, the Public Bank Personal Loan is a popular option among Malaysians. The bank offers competitive interest rates, flexible repayment options, and quick loan approval. In this article, we will take a closer look at the Public Bank Personal Loan and everything you need to know about it.
What is Public Bank Personal Loan?
Public Bank Personal Loan is a type of financing offered by Public Bank, one of the largest banks in Malaysia. This loan is designed to help individuals meet their financial needs, whether it is to purchase a new car, renovate their home, or pay for their child’s education.
Public Bank Personal Loan: What Are the Features of a Public Bank Personal Loan?
Here are some of the features of a Public Bank Personal Loan:
High financing amount: The Public Bank Personal Loan offers to finance up to RM150,000, depending on your income.
Competitive interest rates: The interest rates for the Public Bank Personal Loan start at 4.88% per annum, which is lower than many other personal loans in Malaysia.
Flexible repayment options: The Public Bank Personal Loan allows you to choose a repayment period of up to 10 years. You can also choose to make monthly repayments or pay in full at any time without incurring any penalty.
Quick loan approval: Public Bank Personal Loan offers quick loan approval, with the loan amount disbursed to your account within a few working days.
No collateral required: The Public Bank Personal Loan is an unsecured loan, which means you do not need to provide any collateral to obtain the loan.
Optional insurance coverage: Public Bank offers optional insurance coverage for their Personal Loan, which can help protect you and your loved ones in the event of unforeseen circumstances.
What are the eligibility requirements for Public Bank Personal Loan?
Here are the eligibility requirements for Public Bank Personal Loan:
- Malaysian citizen or permanent resident.
- Minimum age of 21 years old and maximum age of 60 years old at the end of the loan tenure.
- Minimum income of RM24,000 per annum.
- Have a good credit score.
How to apply for Public Bank Personal Loan?
To apply for Public Bank Personal Loan, you can visit any Public Bank branch or apply online through their website.
Here are the steps to apply for Public Bank Personal Loan:
- Determine the loan amount and repayment period you require.
- Prepare the required documents, which include your identification card, income statement, and bank statements.
- Complete the loan application form, which is available at any Public Bank branch or online.
- Submit the application form and supporting documents to Public Bank.
- Wait for loan approval, which typically takes a few working days.
In conclusion, Public Bank Personal Loan is a great option for those who are looking for flexible financing with competitive interest rates. If you are interested in applying for Public Bank Personal Loan, make sure to check your eligibility and prepare the required documents before submitting your application.
Public Bank Personal Loan: Determine the loan amount and repayment period you require.
Determining the loan amount and repayment period that you require for a Public Bank Personal Loan will depend on your financial needs and ability to repay the loan.
To determine the loan amount, you should consider the purpose of the loan and the total cost of your expenses. For example, if you are taking out a loan to purchase a car, you should consider the cost of the car, plus any additional expenses such as insurance or taxes. You should also consider your current financial situation and ability to repay the loan.
As for the repayment period, Public Bank offers flexible repayment options of up to 10 years. You should choose a repayment period that is comfortable for you, taking into account your current income and expenses. A longer repayment period will result in lower monthly repayments, but higher overall interest charges. On the other hand, a shorter repayment period will result in higher monthly repayments, but lower overall interest charges.
It is important to carefully consider both the loan amount and repayment period to ensure that you are able to repay the loan in a timely and affordable manner. You can use Public Bank’s loan calculator on their website to help you determine the loan amount and repayment period that is best for you.
Public Bank Personal Loan: Prepare the required documents, which include your identification card, income statement, and bank statements.
To apply for a Public Bank Personal Loan, you will need to prepare the following documents:
Identification card: You will need to provide a copy of your identification card, either a MyKad for Malaysian citizens or a passport for non-Malaysian citizens.
Income statement: You will need to provide proof of your income, such as your latest salary slip or Form EA. If you are self-employed, you will need to provide your latest income tax return or business registration documents.
Bank statements: You will need to provide your latest bank statements for the past 3 to 6 months, depending on the requirements of the Public Bank. This will help to show your financial stability and ability to repay the loan.
Other supporting documents: Depending on your employment status and the purpose of the loan, you may also need to provide additional supporting documents such as your business registration documents, vehicle registration card, or property title deed.
It is important to ensure that all of your documents are up-to-date and accurate, as any discrepancies may affect your loan approval. You can check with Public Bank or visit their website for a full list of required documents and any additional requirements.
Public Bank Personal Loan: Complete the loan application form, which is available at any Public Bank branch or online.
To apply for a Public Bank Personal Loan, you will need to complete a loan application form. This form is available at any Public Bank branch or online. Here are the steps to complete the loan application form:
Visit any Public Bank branch or go to their website to download the loan application form.
Fill in all the required information on the loan application form. This includes your personal details, employment information, loan amount, repayment period, and other relevant information.
Ensure that all information provided is accurate and up-to-date. Any discrepancies or errors may affect your loan approval.
Read through the terms and conditions carefully, and make sure you understand them before signing the loan application form.
If you are applying online, you can submit the completed loan application form and supporting documents electronically. If you are applying in person at a Public Bank branch, you will need to submit the completed loan application form and supporting documents to a bank officer.
Once you have completed the loan application form and submitted all the required documents, you will need to wait for Public Bank to process your loan application. This typically takes a few working days, and you will be notified of the loan approval status via phone or email.
Public Bank Personal Loan: Submit the application form and supporting documents to Public Bank.
To apply for a Public Bank Personal Loan, you will need to submit the completed application form and supporting documents to Public Bank. You can do this either in person at a Public Bank branch or online.
Here are the steps to submit the application form and supporting documents:
In-person:
Visit a Public Bank branch near you.
Bring along the completed loan application form and all the required supporting documents, such as your identification card, income statement, bank statement, and other relevant documents.
Hand over the application form and supporting documents to a bank officer for processing.
The bank officer will verify your documents and provide you with an acknowledgment slip or reference number for your loan application.
Online:
Go to the Public Bank website and navigate to the Personal Financing-i page.
Click on the “Apply Now” button to start the online loan application process.
Fill in all the required information on the loan application form and upload all the required supporting documents.
Public Bank Personal Loan: Review the application form and documents to ensure accuracy and completeness.
Submit the loan application form and supporting documents online.
Public Bank will review your application and notify you of the loan approval status via phone or email.
It is important to ensure that all the required documents are submitted in a timely manner and are accurate and up-to-date. Any discrepancies or errors may affect your loan approval. Once your loan application is approved, Public Bank will disburse the loan amount to your designated bank account or issue a cheque, depending on your preference.
Wait for loan approval, which typically takes a few working days.
After you have submitted your loan application form and supporting documents to Public Bank, you will need to wait for the loan approval process. This typically takes a few working days, depending on the volume of loan applications received by the bank.
During the loan approval process, Public Bank will verify your personal and financial information, and assess your creditworthiness and ability to repay the loan. The bank may also contact you for additional information or documentation, if required.
Once your loan application is approved, Public Bank will notify you via phone or email. The bank will also provide you with the loan amount, repayment period, and interest rate, as well as any other terms and conditions of the loan.
If your loan application is not approved, Public Bank will notify you of the reasons for the rejection. You may be able to reapply for a loan after addressing the issues identified by the bank.
It is important to note that loan approval is subject to the bank’s discretion and approval criteria. Meeting the minimum requirements and submitting all the required documents does not guarantee loan approval. Therefore, it is important to carefully consider your financial situation and ability to repay the loan before applying for a Public Bank Personal Loan.
Public Bank Personal Loan: BAE Personal Financing-i
BAE Personal Financing-i is a Shariah-compliant personal financing product offered by Public Islamic Bank, a subsidiary of Public Bank. This personal financing product is based on the concept of Tawarruq, which involves the buying and selling of commodities to generate profit.
The BAE Personal Financing-i is designed to provide customers with a quick and easy solution to their financial needs, whether it is for personal expenses, home renovations, education, or other purposes. With competitive profit rates and flexible repayment periods, this financing product offers customers the opportunity to borrow money at an affordable cost.
Features and Benefits of BAE Personal Financing-i:
Financing amount: Customers can apply for financing amounts starting from RM 5,000 up to RM 150,000, subject to eligibility and credit assessment.
Financing tenure: The financing period is between 2 and 10 years, depending on the financing amount and the customer’s preference.
Profit rates: The profit rate for BAE Personal Financing-i is fixed throughout the financing tenure and is competitive with other personal financing products in the market.
No guarantor or collateral required: Customers do not need to provide a guarantor or collateral to apply for this financing product.
Easy payment: Customers can choose to make monthly payments through salary deduction or auto-debit from their bank account.
Fast approval: The financing application can be approved within 24 hours, subject to credit assessment and documentation requirements.
Eligibility requirements for BAE Personal Financing-i:
Malaysian citizen or permanent resident
Age between 21 and 60 years old
Minimum monthly income of RM2,000
Good credit standing and ability to repay the financing
Documents required: Identification card, latest salary slip or Form EA, and bank statements for the past 3 to 6 months.
To apply for BAE Personal Financing-i, customers can visit any Public Islamic Bank branch or apply online through their website. It is important to carefully review the terms and conditions and ensure that the financing amount and tenure are affordable and suitable for your financial situation before applying.
Base Rate/Standardised Base Rate/Base Financing Rate
Base Rate (BR), Standardised Base Rate (SBR), and Base Financing Rate (BFR) are different benchmark interest rates used by banks to determine the interest rates for their lending products.
The base Rate (BR) is a benchmark rate set by each bank, based on the bank’s cost of funds and other factors such as the overnight policy rate (OPR) set by Bank Negara Malaysia, the central bank of Malaysia. The BR is reviewed periodically by the bank and is used as a reference rate for determining the interest rate for its lending products.
The standardized Base Rate (SBR) is a benchmark rate introduced by Bank Negara Malaysia in 2015 as part of its efforts to enhance transparency and competitiveness in the banking industry. The SBR is calculated based on a standard formula that takes into account the bank’s cost of funds, statutory reserve requirement, and other factors. All banks in Malaysia are required to publish their SBR on their website and use it as a reference rate for determining the interest rate for their lending products.
The base Financing Rate (BFR) is a benchmark rate that was widely used by banks in Malaysia prior to the introduction of the BR and SBR. The BFR is determined by each bank based on its cost of funds and other factors and is used as a reference rate for determining the interest rate for its lending products.
While the BR, SBR, and BFR are all used as benchmark rates for determining the interest rates for lending products, the method of calculation and the factors taken into account may differ. Customers should review the terms and conditions of the lending products carefully, including the interest rate and any fees and charges, before applying for a loan or financing product. It is also advisable to compare the interest rates and fees offered by different banks before making a decision.
BPublic Bank Personal Loan: AE AG Personal Financing-i
BAE AG Personal Financing-i is a Shariah-compliant personal financing product offered by Public Islamic Bank, a subsidiary of Public Bank. This financing product is based on the concept of Tawarruq, which involves the buying and selling of commodities to generate profit.
The BAE AG Personal Financing-i is designed to provide customers with a quick and easy solution to their financial needs, whether it is for personal expenses, home renovations, education, or other purposes. With competitive profit rates and flexible repayment periods, this financing product offers customers the opportunity to borrow money at an affordable cost.
Features and Benefits of BAE AG Personal Financing-i:
- Financing amount: Customers can apply for financing amounts starting from RM 5,000 up to RM 150,000, subject to eligibility and credit assessment.
- Financing tenure: The financing period is between 2 to 10 years, depending on the financing amount and the customer’s preference.
- Profit rates: The profit rate for BAE AG Personal Financing-i is fixed throughout the financing tenure and is competitive with other personal financing products in the market.
- No guarantor or collateral required: Customers do not need to provide a guarantor or collateral to apply for this financing product.
- Easy payment: Customers can choose to make monthly payments through salary deduction or auto-debit from their bank account.
- Fast approval: The financing application can be approved within 24 hours, subject to credit assessment and documentation requirements.
Eligibility requirements for BAE AG Personal Financing-i:
- Malaysian citizen or permanent resident
- Age between 21 to 60 years old
- Minimum monthly income of RM 3,000
- Good credit standing and ability to repay the financing
- Documents required: Identification card, latest salary slip or Form EA, and bank statements for the past 3 to 6 months.
- To apply for BAE AG Personal Financing-i, customers can visit any Public Islamic Bank branch or apply online through their website. It is important to carefully review the terms and conditions and ensure that the financing amount and tenure are affordable and suitable for your financial situation before applying.
Summary
The article explains Public Bank’s Personal Financing-i product, which is a Shariah-compliant financing product based on the concept of Tawarruq. The product offers customers a flexible and affordable way to borrow money for various purposes, including personal expenses, home renovations, and education.
The financing amount ranges from RM 5,000 to RM 150,000 with a financing tenure of 2 to 10 years. The product also offers competitive profit rates, easy payment options, and fast approval, subject to eligibility and documentation requirements. To apply, customers can visit any Public Bank branch or apply online through their website.
Conclusion
In conclusion, Public Bank’s Personal Financing-i product is a suitable option for individuals looking for a Shariah-compliant personal financing solution. With flexible financing amounts and tenures, competitive profit rates, and fast approval, customers can benefit from a quick and easy way to finance their personal expenses.
However, it is important to carefully review the terms and conditions and ensure that the financing amount and tenure are affordable and suitable for your financial situation before applying. Customers are also advised to compare the product with other financing options in the market to make an informed decision.
Public bank personal loan calculator
Public Bank offers a Personal Financing Calculator on its website to help customers estimate the monthly repayments for their personal loans.
Here are the steps to use the calculator:
Go to the Public Bank website (www.publicbank.com.my) and click on the “Personal” tab on the menu bar.
Under “Loans and Financing,” click on “Personal Financing-i.”
Scroll down to the bottom of the page and click on “Personal Financing Calculator.”
Enter the financing amount you wish to apply for and select the financing tenure (in months) from the dropdown list.
Enter the profit rate offered by the bank (which can be found on the website or obtained from the bank).
Click on “Calculate.”
The calculator will display the estimated monthly repayment amount for the financing amount and tenure entered. Customers can adjust the financing amount and tenure to see how it affects the monthly repayment amount.
It is important to note that the results shown by the calculator are for estimation purposes only and may not reflect the actual amount or repayment terms offered by the bank. Customers are advised to consult with the bank for the latest and most accurate information on their personal financing products.
Public bank personal loan application online
Public Bank offers customers the option to apply for Personal Financing-i online through their website. Here are the steps to apply online:
Go to the Public Bank website (www.publicbank.com.my) and click on the “Personal” tab on the menu bar.
Under “Loans and Financing,” click on “Personal Financing-i.”
Click on the “Apply Now” button at the bottom of the page.
Read and accept the terms and conditions of the product by clicking on the checkbox.
Fill in the online application form with your personal details, employment details, and financing details. Make sure to review and verify the information before submitting the form.
Upload the required documents, including your identification card, latest salary slip or Form EA, and bank statements for the past 3 to 6 months.
Click on the “Submit” button to complete the application.
After submitting the online application, a bank representative will contact you within 1 to 2 working days to confirm the application and request additional information or documents if needed. It is important to note that the approval of the application is subject to the bank’s credit assessment and documentation requirements.
Customers who prefer to apply in person can visit any Public Bank branch and bring along the required documents to complete the application process.
Public bank personal loan contact number
Customers who have inquiries or need assistance with Public Bank’s Personal Financing-i product can contact the bank’s customer service hotline at 1-800-22-5555.
The hotline is available 24/7 for general inquiries, and customers can speak to a customer service representative for assistance with their personal loan applications, status updates, repayment schedules, and other related matters.
Alternatively, customers can visit any Public Bank branch during operating hours and speak to the bank’s personnel for further assistance. The bank’s website also provides a contact form for customers to submit their inquiries or feedback, which the bank will respond to as soon as possible.
ALSO READ: How Can Personal Loans Improve Your Credit Score?
