I am in the same boat. So I called Bank Rakyat and inquire about the possibilities of private sector employee applying PL w them.
Here's the conclusion:

1. The PL rate that they offer to gov servant & private sector is the same - ie 3.3% fixed p.a. for 1-3yrs tenure

2. If working in private sector, need to check whether your company is listed in Bank Rakyat as panel company or not.

3. IF YES (your company is panel company) - go ahead and apply for the PL. Time to get PL approval ~7 working days.

4. IF NO (your company not a panel company) - you can ask your HR or you yourself can apply to Bank Rakyat to list your company as panel company. In order to apply, you need a. company profile b. company financial annual report & then submit both documents to any Bank Rakyat branch. If you can kow tim with that branch, they can do this on your behalf instead of you doing this yourself. Time to get your company to be panel ~2months.

5. Docs required to apply PL: a. 3months payslip; b. 3 IC copy; c. latest bank statement; d. latest EA form.

6. No comments on repayment method as I don't bother to ask since my company is not in the panel list anymore...