Do you know how to check Bank Islam Personal Loan balance? If you are interested in the service and you want to get an easy access to it, be sure to know the details.
Knowing how to check the balance is handy, but do you know what a personal loan is? Or do you even need one?
Understanding a Personal Loan
Personal loan is a financial loan in one-time basis where the interest and the principal should be repaid in regular intervals usually in small and fixed amount.
The payments are generally made within monthly intervals within a (predetermined) period of time.
Let’s say that you need RM40,000 and you take the loan. It is possible that you will have to repay the loan (and the interest) in 6 months.
The banks usually have already provided the amount of money that you have to pay every month for the next 6 months.
Why Do You Need It?
People take personal loan for (many) different reasons. For instance, they may need money for renovations or emergency medical costs.
Some people prefer taking a personal loan than using a credit card because of the fixed (monthly) repayment.
For them, these fixed repayment amount helps them to plan their expenses. But even banks and other financial institutions advise this loan as your last resort.
It means that you should find other types of loan meeting your needs. Take this personal loan only if you have tried everything but it doesn’t produce any successful outcome.
The Qualification
In order to qualify for the loan, there are some basic requirements that you need to meet:
- You must be a citizen of Malaysia or you are a Permanent Resident
- You must be at least 21 years of age and not exceed 60 years old
- You must have a source of fixed income with a monthly gross of minimum RM3,000
- You must have all the documentation, including legal proof of income, residence, and identification
- You must go under scrutiny checking where the bank may check on your credit rating
If you are wondering about how much you can borrow from the bank (related to the loan limit), you need to visit the nearest branch and talk to the representative.
Each bank has its own policies and rules, so make sure to check with Bank Islam. But in the overall, they allow between RM1,000 and RM400,000.
It depends on the borrower’s credit rating or history. And the banks would be the one setting the time period (for how long) and the fixed monthly amount (for how much).
Check Bank Islam Personal Loan Balance
The fastest way is to reach the bank. You can call the Customer Center at 03 26 900 900, visit the nearest branch or check with Bank Islam online banking.
You may also like: How to register Bank Islam online
They are trying to improve their service by providing online service, but it’s unclear whether they already provide such a service now.
The best thing that you can do is to contact them and ask for detailed information. Make sure to do it before borrowing the money or signing any contract.
