With over 40 years of experience in agriculture banking, Agrobank offers a comprehensive range of financial services that may help you get the financing you need.
Established in 1969, Agrobank is a government-owned, full-fledged Islamic bank operating under the purview of the Minister of Finance Incorporated (MFI). As a DFI (Development Financial Institution), Agrobank provides comprehensive financing solutions of up to RM200,000 to help government employees and GLC staff pursue agro-related endeavours.
Besides personal financing, Agrobank also offers a range of Shariah-compliant products and services in the areas of corporate, commercial and micro financing.
finder does not currently have access to this personal loan provider. Please review the product details, application criteria and terms and conditions on the provider website if you are considering applying for this product.
Comparison of Agrobank personal loans
- AgroCash-i. If you’re a government or a government-linked company (GLC) employee and need a loan to make a purchase or to finance an agro-based activity, the AgroCash-i may be ideal for you. This fixed rate loan allows you to borrow up to RM200,000 with a loan term between 2 and 10 years. Take note that a one-time stamp duty fee will be payable upon loan approval.
- Ar Rahnu. If you own gold jewellery, you may consider applying for this Islamic pawnbroking scheme. Ar Rahnu uses the Shariah compliance of Al-Qardh and Ar-Rahn, which allows gold jewellery items to be used as collateral for cash loans. The loan will be based on the bank’s loan margin, which will depend on the type of jewellery and the current market value of gold.
- Agro Cash Line-i. This is an overdraft facility based on tawarruq transactions to finance agricultural-based businesses. If you’d like a personal line of credit that’s attached to your corporate account, and where you only pay interest on what you use, you may want to consider this account.
Features and benefits of an Agrobank personal loan
- Shariah compliance. As a full-fledged Islamic bank, all Agrobank’s products and services are Shariah compliant.
- Compulsory protection. It is mandatory to sign up for a Takaful Protection Scheme, which will cover your outstanding financing in the event of unforeseen circumstances.
- Flexible loan terms. A personal loan from Agrobank has a term from 2 to 10 years, and you can choose how long you want the term to be.
- Loan amount. You will be able to borrow up to RM200,000 or more with an Agrobank personal loan. The minimum loan amount is RM10,000.
- Fast loan approval. Agrobank takes up to five business days to approve loan applications.
What other products does Agrobank offer?
- Bank accounts. Agrobank has a wide range of bank accounts including transaction accounts, savings accounts and term deposits.
- Debit cards. To help simplify purchasing and accounting, Agrobank provides Shariah-compliant debit cards to customers.
- Other products. Some of the other products offered by Agrobank include business financing, insurance, foreign exchange and safe deposit facilities.
How to apply for an Agrobank personal loan
If you want to apply for any personal loan offered by Agrobank, visit your nearest Agrobank branch or speak to a bank representative at 1 300 88 2476 (local).
To be eligible for an Agrobank personal loan, you have to meet the following criteria:
- Be at least 18 (government employees) or 21 (GLC staff) to 60 years of age
- Must be a permanent Malaysian resident or citizen
- Minimum gross income of RM1,000 (government employees) or RM2,000 (GLC staff) per month
- Must have at least three months of completed employment
- Have a good credit rating
To apply, make sure you have the following on hand:
- Income, expenses, assets and liabilities
- Your government-issued ID (eg MyKad or passport)
- Your current employer’s name and contact information
- Letter of confirmation by your current employer
- Salary slips for the last three months
- Bank statement showing crediting of salary
- Income tax statement (J/EA/EC form) with the most current tax payment receipt attached
After you’ve submitted your application, you will receive a confirmation email. If your application is approved, you will receive a Letter of Offer before the funds are made available to you.
Agrobank’s personal loans offer viable alternatives for borrowers in need of funds. Make sure to compare your options before deciding which loan is the right one for you.