• Car Loan BYTES FROM OUR KITCHEN

    Bank Islam Car Loan

    Bank Islam Car Loan is a vehicle financing package by Bank Islam. The facility provides individuals with a high margin of financing amount at competitive profit rates for vehicle purchases. The financing scheme works under Shariah Law of the contract of Murabahah.


    Bank Islam Car Loan Interest RatesUpdated on 17 Nov 2018

    Interest/Profit Rates

    The profit rate associated with Bank Islam Car Loan are mentioned in the table below:

    Type of Vehicle Profit Rate
    National vehicle 3.00% to 3.60% p.a.
    Non-national vehicle 2.90% to 3.35% p.a.
    Bank Islam Car Loan Details
    Margin of Finance Up to 90%
    Tenure 9 years
    Guarantor Requirement Required

    Types of Car Loans

    • Vehicle Financing-i: Based on Murabahah contract, Bank Islam Vehicle Financing-i is the standard application for hire purchase. This type of financing offers individuals with up to 90% of the on-the-road (OTR) price of the vehicle.
    • Vehicle Financing-i GradHitz: The Bank Islam Vehicle Financing-i GradHitz is a special package by Bank Islam that provides a specific group of individuals with funds up to 100% of the on-the-road price of the vehicle.

    Eligibility Criteria

    The following are the eligibility criteria of Bank Islam Car Loan:

    • For Vehicle Financing-i:
      • The individuals should be at least 18 years old at the time of application and should not be older than 60 years at the maturity of the financing period.
      • The applicant must be a Malaysian citizen.
      • The applicant must be a fixed-salary earner.
    • For Vehicle Financing-i GradHitz:
      • The applicant must be at least 20 years old and should not be older than 30 years at the time of application.
      • The applicant should be a fixed salary earner.
      • The applicant must be a graduate with a minimum qualification of Diploma from accredited universities or other higher learning institutions.
      • The applicant must be an employee of any of the following:
        • Government or semi-government sector
        • Government Linked Companies (GLCs)
        • Selected Public Listed Companies (PLCs)
        • Any other Private Limited Companies categorised under package companies listed by Bank Islam

    Documents Required 

    The following is the list of documents the applicants need to present at the time of application:

    • A copy of the NRIC, both front and back.
    • A copy of the applicant’s driving license.
    • Copy of the salary slips dating back at least 3 months.
    • Latest EA form or the latest EPF statement, or
    • Bank statement of the salary crediting account for the most recent 3 months.
    • Other supporting documents confirming additional income (if applicable).
    • The applicants for the Vehicle Financing-i GradHitz must present a copy of transcript or scroll.

    Fees & Charges

    The following table contains the fees and charges associated with Bank Islam Car Loan:

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    Monthly repayment instalment M = {A + (A x R x T)} / t Where M = Monthly instalment; A = Total financing amount; R = Profit rate per annum; T = Financing tenure in years; t = Financing tenure in months.
    Late payment charges (before the term’s maturity) The late payment charges before the term’s maturity is 1% of the overdue instalment amount.
    Late payment charges (after the term’s maturity) The late payment charges are calculated using the IIMM (Islamic Interbank Money Market) rate.
    Stamp Duty Without guarantor: RM20 as per the Stamp Duty Act 1949.
    With guarantor: RM30 as per the Stamp Duty Act 1949.
    Road tax renewal RM10.60.

    How To Apply

    • Offline Application: One can initiate the Bank Islam Car Loan application process at the nearest Bank Islam branch. The loan application process can also be initiated telephonically via bank’s customer service numbers.
    • Online Application: Another way to get the loan approval is by applying for the Bank Islam Car Loan online at the Bank Islam’s official website.

    Features & Benefits

    The features and benefits associated with the Bank Islam Car Loan are as follows:

    • The standard application with financing scheme provides the individuals with an amount of upto 90% of the OTR price of the vehicle. Whereas the Vehicle Financing-i GradHitz package provides applicants with up to 100% of the OTR price.
    • The financing scheme covers all kinds of national, non-national, and reconditioned or unregistered vehicles.
    • The financing facility comes with a range of flexible repayment tenures that has a maximum limit of 9 years.
    • The funds obtained with this financing facility come at competitive profit rates.
    • The facility comes with a low processing time and fast approval.
    • The selling price under this loan scheme is fixed and known.
    • There is no hidden charges or extra charges of any kind with this facility.

    FAQ's

    Q. Does the Bank Islam Vehicle Financing-i or the Vehicle Financing-i GradHitz process require a guarantor or a collateral?

    A. The requirement of a guarantor varies from case to case.

    Q. Is it necessary to take the takaful coverage with the Bank Islam Car Loan?

    A. The individuals are required to take up the motor takaful coverage with the Bank Islam Car Loan for the whole financing period.

    Q. I am a Malaysian citizen. I am 34 years old and a graduate. Can I apply for the Vehicle Financing-i GradHitz?

    A. No. Only the graduated applicants aging from 20 to 30 years are applicable for the Vehicle Financing-i GradHitz. However, you can apply for the Vehicle Financing-i package.

    Q. Can I choose for an early settlement of my financing amount with this financing package?

    A. Yes. You can choose for an early settlement with this financing facility.

    Q. Is there any profit associated with the early settlement of the financing amount?

    A. Yes. You are entitled to a rebate (Ibra’) if you choose to settle the financing amount before the maturity of the term. The rebate can be calculated as:

    Ibra’ or deferred profit = Total contracted profit – Accrued profit

    Where total contracted profit = Bank’s selling price – Financing amount or the bank’s purchase price.

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