• Bank Islam Car Loan

    Bank Islam Car Loan

    Bank Islam offers vehicle loans to its customers. The Bank Islam Car Loan is a fixed rate loan that is Sharia compliant.

    You’re probably eligible for an Bank Islam Car Loan if you are

    Bank Islam Car Loan Minimum Age

    At least 18 years old

    Bank Islam Car Loan Maximum Age

    Less than 70 years old

    Bank Islam Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Bank Islam Car Loan Minimum Income

    Earn more than the minimum
    income required

    Your Bank Islam Car Loan amount eligibility is based on these factors

    Bank Islam Car Loan Maximum Loan to Value

    Loan capped @
    Up to 90% of the ex-showroom price

    Bank Islam Car Loan Installment

    Installments of other loans lower
    your eligibility

    Increase your eligible Bank Islam Car Loan amount by these steps

    Bank Islam  Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Bank Islam Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years

    Documentation needed to apply for an Bank Islam Car Loan

    • 1. Identification card and driving license.
    • 2. Latest 3 months salary slip, Form J and EA form.
    • 3. Bank statement of savings passbook.
    • 4. Other supporting documents for proof of income
    • 5. Car price quotation

    Bank Islam Car Loan Interest RatesUpdated on 21 Oct 2016

    Bank Islam Car Loan Details
    Margin of Finance Up to 90%
    Tenure 9 years
    Guarantor Requirement Required

    What Are The Eligibility Conditions For Bank Islam Car Loan?

    • To be eligible for the Bank Islam Car Loan, the applicant must be over 18 years of age and must be employed.
    • The applicant must be a citizen of Malaysia and should be able to provide a valid identity card to prove the same.
    • The applicant must be under 60 years of age when the last installment is scheduled to be paid under the chosen tenure. Applicant must be able to provide salary statements for at least 3 months.

    Points To Note

    • Applicant’s Age – Over 18 and under 60.
    • Tenure – up to 9 years
    • Fixed or variable Rate – Fixed rate
    • Margin – 90% of OTR
    • Sharia compliant
    • Provided for – national vehicles, non-national vehicles, unregistered reconditioned vehicles.

    Why Choose The Bank Islam Car Loan?

    Attractive Rates

    – The financing rates are competitive and attractive. They vary depending on the applicant’s credit score. The rates range between 2.7% to 3.25%.

    Quick Approval Process

    – Once the required documentation is submitted, decisions to approve or reject the application can be expected quickly.

    Minimal documentation

    – The documentation required is minimal too. A valid identity card, driving license, 3 months’ salary slip and bank statements and latest EPF statements are generally required. Additional documents will have to be provided if the applicant wants a higher loan amount.

    Early Settlement Allowed

    – Early settlement is possible under this scheme. The bank will offer a rebate on the amount to be paid, equal to the deferred profit, at the time of settlement.

    Higher Margin

    – The margin of finance is 90% and above. In some cases, 100% financing is also provided. The minimum loan amount approved for a national vehicle is RM 50,000 and the minimum loan amount for a non-national vehicle is RM 70,000.

    Compliant with Sharia laws

    – Being an Islamic bank, loans offered are compliant with Sharia laws. Customers buy the vehicle on behalf of the bank from the dealer and repay the bank in installments, pledging the vehicle as security.

    How to calculate Bank Islam Car Loan installment in 2016?

    Bank Islamic car loan is an easy and convenient way to drive away your dream car in Malaysia. If you do not have funds to purchase the car right away, a car loan at a reasonable rate of interest will be your best bet to own the vehicle you desire. At Bbazaar.my’s car loan installment calculator, you can find about the car loan monthly installment by providing details of car loan amount, rate of interest and tenure of repayment. You can also know the repayment schedule in advance, helping you make an informed choice about the car loan you wish to avail.

    Interest Rates

    The interest rates vary depending on the applicant’s credit scores.

    For Credit scoring 1 to 3

    Up to 100% margin of finance is applicable under the tier 1 financing option.

    For national vehicles ? 2.78%

    For non-national vehicles ?2.70%

    For credit scoring 4 to 6

    Up to 90% margin of finance, the rate for national vehicles is 2.88%

    Above 90% margin of finance, the rate for national vehicles is 2.98%

    Up to 90% margin of finance, the rate for non-national vehicles is 2.78%

    Above 90% margin of finance, the rate for non-national vehicles is 2.88%

    For credit scoring 7 to 8

    Up to 90% margin of finance, the rate for national vehicles is 3.15%

    Above 90% margin of finance, the rate for national vehicles is 3.25%

    Up to 90% margin of finance, the rate for non-national vehicles is 3.15%

    Above 90% margin of finance, the rate for non-national vehicles is 3.25%

    Other Products offered by Bank Islam:

    Apart from offering Car Loan,Bank Islam offers other products and services which include:

    Bank Islam Car Loan FAQs

    What are the car loan schemes offered by Bank of Islam Malaysia?

    The Bank of Islam offers the following car loan schemes:

    • Vehicle Financing-i

    • GradHitz Vehicle Financing-i

    How does GradHitz Vehicle Financing-i operate?

    GradHitz Vehicle Financing-i offers 100% finance on car value at attractive rates of interest. The scheme is based on Murabahah.

    Does Bank of Islam offer flexibility in terms car loan repayment?

    Yes, the bank offers flexibility in terms of car loan repayment. You can repay your loan within a tenure of 9 years.

    Am I eligible to apply for the GradHitz Vehicle Financing-i scheme offered by Bank of Islam, if I am not 18 years old?

    No, you are not eligible in that case. The minimum age of an applicant should be 20 years to apply for this scheme.

    What is the maximum age required for GradHitz Vehicle Financing-i?

    The maximum age required for GradHitz Vehicle Financing-i is 30 years.

    Who can apply for a GradHitz Vehicle Financing-i car loan?

    Salaried and self-employed individuals are eligible for applying for Bank of Islam GradHitz Vehicle Financing-i car loan. Government and Semi Government sector employees, Selected Public Listed Companies, Government Link Companies (GLC) and fixed income earner can also apply for the same.

    Can I avail 100% financing with Bank of Islam when I purchase a car?

    Yes, you can avail 100% financing on your car, if you opt for the GradHitz Vehicle financing-i scheme.

    What is the margin of financing, if I opt for a Vehicle Financing-i?

    The margin of financing would be 90%.

    What is the loan repayment tenure under Vehicle Financing-i?

    It is 9 years.

    Can I make early loan repayment and settle my debt?

    Yes, you can pay off your car loan before the scheduled date and settle your debt.

    What are the eligibility conditions for Vehicle Financing-i?

    The eligibility conditions required for Vehicle Financing-i include:

    • Minimum age 18 years.

    • Maximum age 60 years.

    • You need to be Malaysian residents.

    • Fixed income earner can avail this loan.

    What are the documents do I need to submit to avail a Bank of Islam car loan?

    The following key documents you need to submit - Photocopy of Identity Card, Photocopy of valid driving license, and Photocopy of latest 3 month’s salary slips and latest EPF statement to avail this loan.

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