• Car Loan BYTES FROM OUR KITCHEN

    Bank Muamalat Car Loan

    Bank Muamalat Car Loan is a comprehensive and flexible financing package for the vehicle purchase by Bank Muamalat. The financing package provides individuals with a high financing margin that comes with a range of flexible repayment tenures. The package offers funds based on the AITAB (Al Ijarah Thumma Al Bai) and BBA (Bai’ Bithaman Ajil) contracts of Shariah concept.


    Bank Muamalat Car Loan Interest Rates

    The profit rates associated with Bank Muamalat Hire Purchase-i and Vehicle Financing-i GradPack are based on bank’s current prevailing rates. The profit rate received also depends on the approved loan amount and tenure chosen.

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

    Types of Car Loans

    • Muamalat Hire Purchase-i: Based on AITAB contract of Shariah Law, the Muamalat Hire Purchase-i provides financing for the following vehicles:
      • New popular vehicles.
      • Used popular vehicles aged 1 to 8 years.
      • Unregistered and reconditioned vehicles that are not more than 5 years old.
    • Muamalat Vehicle Financing-i GradPack: The Muamalat Vehicle Financing-i GradPack provides funds to a specific group of applicants for the purchase of following vehicles:
      • National cars.
      • Non-national cars that include Honda City, Suzuki Swift, Toyota Vios, Ford Fiesta, Nissan Latio, and Nissan Grand Livina.

    Eligibility Criteria

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

    • For Hire Purchase-i: Let’s take a look at the eligibility criteria of Hire Purchase-i:
      • For Individuals:
        • Individuals should be at least 18 years old at the time of application and should not be older than 55 years by the time the term matures.
        • The individual must be a Malaysian citizen.
        • Sole proprietorships and partnerships must be registered in Malaysia.
      • For Business/Corporate: The place of incorporation of the business must be in Malaysia.
    • For Vehicle Financing-i GradPack: The eligibility criteria for Vehicle Financing-i GradPack are given below:
      • The applicants must be at least 20 years old and not older than 30 years at the time of application.
      • The applicant must have a basic salary of RM18,000 p.a. or above.
      • The applicant must have a minimum educational qualification of diploma level from any institution recognised by MQA (Malaysia Qualification Agency), Department of Higher Education, or Ministry of Higher Education Malaysia.
      • The applicant must be a confirmed employee (except for management trainees of private sector and government staff).
      • The application must be made within the 3 years of the date of applicant’s graduation.

    Documents Required

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

    For Fixed Salary Earners

    The following documents need to be presented by fixed salary earners at the time of application:

    • Identification Documents:
      • A copy of the front and the back page of the applicant’s ID.
      • A copy of guarantor’s ID (wherever applicable).
      • A copy of driving license of the applicant.
    • Income Documents:
      • Salary slips for the last 3 months, and
      • Latest EA Form, or
      • Latest EPF statement, or
      • Employment confirmation letter from the employer, or
      • Salary crediting account bank statements for the last 3 months, or
      • Latest Income Tax Returns or endorsed copy of e-Filing Borang BE.
    • Transactional Documents:
      • Vehicle Sales Order (VSO).
      • A copy of the seller’s IC (if the vehicle is a second hand one).
      • A copy of the registration card of the vehicle (for used and second hand cars).
      • A copy of Custom 1, 8, AP (JK69), and certification of cancellation (origin country) if the vehicle is a reconditioned one.
    • Other Documents (wherever applicable): The applicants need to present additional documents like Tabung Haji, GIA/FD, and ASB Certificates in cases where there is an additional income to the basic income.
    For Non-fixed Salary Earners

    The list of documents that non-fixed salary earners need to present at the time of application is given below:

    • Identification Documents:
      • For Individuals:
        • A copy of the applicant’s ID (front and back page).
        • A copy of the ID of the guarantor.
        • A copy of the applicant’s driving license.
      • For Partnerships or Proprietorships:
        • A copy of Borang D.
        • A copy of the Certificate of Business Registration.
        • A copy of sole proprietor or partners’ ID (front and back page).
      • For Private Limited Companies:
        • Certified true copy of Form 24.
        • Certified true copy of Form 49.
        • Company’s profile.
        • Certified true copy of Articles of Association and Memorandum.
        • Certified true copy of the extract of the company’s Director’s Resolution.
        • Copy of Certificate of Incorporation (Form 9 and 13, if applicable).
    • Income Documents:
      • Bank statements for the 6 latest months.
      • Employment confirmation letter from the employer.
      • Latest Income Tax Return or the endorsed copy of e-Filing Borang BE.
      • Latest financial accounts (wherever applicable).
      • Audited accounts or Certified accounts (Sdn Bhd) for the 3 latest years.
      • Annual statement or for the 2 latest years or commission statements for the last 6 months (for commission based salary earners).
    • Transactional Documents:
      • Vehicle Sales Order (VSO).
      • A copy of seller’s IC if the vehicle is a second hand one.
      • A copy of vehicle registration card for the used and second hand vehicles.
      • A copy of certificate of cancellation (origin country), AP (JK69), and Custom 1, 8 for reconditioned vehicles.
    • Additional Documents: If the applicants have an additional income along with the basic income, he / she needs to present additional documents like GIA/FD, Tabung Haji, and ASB Certificates.
    For Muamalat Vehicle Financing-i GradPack

    The applicants for Muamalat Vehicle Financing-i GradPack need to present the following documents:

    • A copy of NRIC (both sides).
    • A copy of driving license.
    • A copy of diploma, degree, or the transcript.
    • Vehicle Sales Order.
    • Salary slips for the last 3 months or the employment confirmation letter if newly employed (valid for the government employees and management trainees of the private sector).
    • The application form filled with the required details.

    Fees & Charges

    The fees and charges associated with Bank Muamalat Car Loan are listed below:

    Late payment charges (During the facility period) 1% p.a. of the amount of the overdue instalment.
    Late payment charges (After the completion of the facility period) IIMM% of the total outstanding principal.
    Advance Payment (Only for the Vehicle Financing-i GradPack) Equivalent to 1-2 months’ instalment amount.
    Muamalat Floor Stocking-i RM212.00.
    Road tax renewal RM10.60 per renewal.
    Interbank settlement on Hire Purchase (HP) other banks RM53.00.
    Stamp Duty As per the Stamp Duty Act 1949.

    Note: IIMM = Islamic Interbank Money Market.


    How To Apply

    • Offline Application: The individuals can apply for the Bank Muamalat Car Loan at the nearest Bank Muamalat branch. One can also reach out to the bank via the hotline numbers and customer service numbers of the bank and request for the loan.
    • Online Application: The applicants can also apply for the Bank Muamalat Car Loan on the Bank Muamalat website. The application form for the loan is available online and needs to be filled with the required details and submitted with the supporting documents.

    Features & Benefits

    The following is the list of features and benefits associated with Bank Muamalat Car Loan:

    • The financing package provides applicants with up to 90% of the price of the vehicle.
    • The financing tenures available with this facility can go up to 9 years.
    • The package has a low processing and approval time.
    • The individuals can obtain funds through this facility at a range of competitive profit rates.
    • The repayments for the facility can be made online as well as at the counter at any Bank Muamalat branch.
    • The individuals can apply for a minimum of RM20,000 with the Vehicle Financing-i GradPack.

    FAQ's

    Q. Do I have to bring a guarantor with me for the Bank Muamalat Car Loan application process?

    A. The requirement of a guarantor can vary from application to application. The applicants who are younger than 21 years or older than 55 years need to be accompanied with a guarantor at the time of application. The guarantor may also be required depending upon the credit score of the applicant.

    Q. What is the minimum tenure available with Vehicle Financing-i GradPack?

    A. The minimum repayment tenure available with Vehicle Financing-i GradPack is 4 years.

    Q. Should I opt for the takaful coverage with my loan?

    A. It is highly recommended to opt for the motor takaful coverage with your vehicle financing package.

    Q. Is there an option through which I can opt to settle the whole amount of the financing before the maturity of the term? Is there a benefit of opting for the same?

    A. Yes. You can choose to fully settle the financing amount before the term’s maturity. You can earn a rebate (Ibra’) in such cases.

    Q. How is the rebate calculated for the early settlement with the Bank Muamalat Car Loan?

    A. The following is the formula through which the rebate is calculated:

    Rebate (Ibra’) = TC x [{n x (n+1)} / {N x (N+1)}]

    Where TC = Term charges or profit charges of the total income in the agreement; n = Number of months remaining from the original tenure; N = Original tenure in months in the agreement.

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