Al Rajhi Bank Malaysia’s digital banking arm, Rize, has introduced a Personal Financing-i campaign accessible through an in-app application without requiring collateral, a guarantor, or branch visits.

Rize is offering personal financing options with a fixed profit rate starting at 3.79% per annum throughout the financing tenure. he digital bank claims that this rate is among the lowest available in the market for the entire duration of the loan.

The financing campaign, specifically designed for Rize Savings Account-i holders over the age of 18, provides loans up to RM250,000, repayment periods ranging from one to seven years, and swift loan decision-making processes.

Applicants can consolidate their personal and credit card debts under this scheme, subject to bank approval, through a streamlined application process accessible via the Rize mobile app.

To participate, new users are required to download the Rize app, complete the sign-up process for a Rize Savings Account-i, and activate their account by making a minimum deposit of RM20 from any bank account under the user’s name at another registered bank in Malaysia.

Rize was launched in February 2023 with its deposits being protected by the Perbadanan Insurans Deposit Malaysia (PIDM) for up to RM250,000 per depositor.

Featured image credit: Edited from Freepik