When it comes to emergency in need of cash, we all know that loan is the only and most viable solution to provide the required cash influx. Personal loan is a great tool or method to manage our income and outcome in a more efficient way, if we use it effectively and accordingly.
Bank Islam personal loan is known to be inspired by smart and effective banking techniques. It also has the possibly highest margin at 100%. Regardless of your need or reason to get a personal loan, the Bank Islam personal loan can be advantageous as it has competitive profit rates. In addition, it provides easy payment options and the loan tenure can go up to about 60 months. This tenure is known to be quite high as compared to some other loans. A guarantor is also not required in applying for the personal loan, a big convenience for all.
What else do you need to know about the Bank Islam personal loan? Of course, the most concern point of any personal loan is the interest rate. As everyone knows, different loans and different banks offer different interest rate. For the Bank Islam personal loan, the interest rate can be as low as 7.85%. This feature adds to the benefits of this loan.
If you are interested in getting a personal loan from the Bank Islam, here are a few basic factors that determine your eligibility for the loan. Bear in mind that these factors might be the same with other banks but do take note that there are always slight differences that might require your attention. To be legally able to apply for the Bank Islam personal loan, you must of course be at least 18 years of age and less than 70 years of age. The next criteria is that you need to have a steady income, regardless of you being employed or self-employed and earning more than the required minimum income.
Before you make a decision to apply for a personal loan with Bank Islam or any other banks, you must know that any other installments will lower your eligibility for a new loan. For Bank Islam, the allowed limit personal loan is RM150,000 provided that you meet the minimum required monthly income of RM1500.
Depending on your own preference and eligibility, you shall select a personal loan that meet your requirement and need. Thus, getting more information on personal loans can be very useful.