Enjoy competitive rates, flexibility and high financing limits with Al Rajhi Bank’s Islamic personal loans.
Based in Saudi Arabia, Al Rajhi Bank’s first overseas operations began in Malaysia in October 2006 and has expanded to over 17 branches nationwide. As a full-fledged Islamic bank, all financial products and services offered are Shariah-compliant. If you’re looking for a flexible personal loan that comes with competitive low rates and fast approval, you can consider an Al Rajhi Bank personal loan.
Take a look at the bank’s range of offers below and see if there’s a personal loan option that’s right for you.
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.
Types of personal loans from Al Rajhi Bank
Depending on your needs, one of these personal loans could be right for you.
- Unsecured personal loan. With no requirement for security, this Islamic personal loan is suited for financing your holiday or home refurbishment needs. You can borrow up to five or eight times your monthly income or RM150,000, whichever is lower. Loan tenure is available from two to eight years.
- <Secured personal loan. Have an Al Rajhi term deposit or gold assets? You can secure it against this loan and get higher financing limit of up to RM500,000. The maximum loan tenure depends on collateral type: seven years for term deposit and five years for gold.
- Balance transfer. Consolidate your credit card or personal financing debts up to a maximum of RM150,000 for easy management and free up your cash flow. Loan terms of up to a maximum of eight years are available.
- Automobile financing. With this loan, you’re able to borrow up to 90% of the car value to finance a new vehicle purchase. The Al Rajhi Bank car loan offers fixed Islamic financing, flat profit rate and up to nine-year terms.
- Superbike financing. Al Rajhi Bank also offers a product specifically designed for the purchase of a superbike. Enjoy your new ride with the peace of mind that steady repayments give you. Finance up to 80% of the bike’s value over a flexible term, up to a maximum of seven years.
Features of Al Rajhi Bank’s personal loans
Here are some of the features that come with Al Rajhi Bank’s personal loans:
- High loan amounts. You can borrow up to RM150,000 (unsecured) and RM500,000 (secured) with Al Rajhi Bank’s personal loans.
- Competitive profit rates. Al Rajhi Bank offers competitive interest rates with its loans, helping you to keep your repayments low.
- Fast approval and cash disbursement. Applications are generally processed and approved within 24 to 48 hours.
Other products offered by Al Rajhi Bank
Al Rajhi Bank offers a broad range of other Shariah-compliant financial products and services, such as:
- Deposits. Access your funds conveniently with Al Rajhi’s Islamic bank accounts designed for different needs – savings, current and term deposit.
- Property loans. Purchase residential or commercial property with either fixed or capped profit rates through Al Rajhi Bank’s range of property financing packages. Home loans are also available for expats with the Malaysia My Second Home (MM2H) Programme.
- Business banking and wealth management. There is a selection of corporate banking and wealth management products, including gold investment, unit trusts, business finance, Takaful coverage and safe deposit boxes. These solutions can help you expand your business operations, investment portfolio or even protect your family.
- Trade financing. Al Rajhi Banks’s trade finance includes trade commodity financing, the issuance of letters of credit, bank and shipping guarantees.
How to apply for a personal loan from Al Rajhi Bank
If you’re interested in applying for an Al Rajhi Bank personal loan, you can either apply online or at the nearest branch. Make sure you meet the minimum eligibility criteria before you apply:
- You must be at least 25 to 60 years old upon loan maturity.
- You must be a Malaysian citizen.
- Minimum income of RM60,000 p.a.
- Fixed income earner
You’ll need the following details to complete the application:
- Copy of NRIC (front and back)
- Latest EPF statement
- Last three months’ salary slips
- Reference letter from your current employer (if available)
- Last three months’ bank account statements
- Copy of NRIC (front and back)
- Form 9, 24, 49
- Business registration certificate
- Last six months’ bank account statements
- Memorandum and Articles of Association
- Latest B form
- Audited/unaudited/management draft accounts for the past three years
While Al Rajhi Bank’s personal loans require a higher minimum age eligibility, you can borrow up to RM150,000 with flexible terms and repayment options. Before making a commitment, it’s important to compare other loan options and verify your financial position to ensure it’s the right loan for you.