• Bank Muamalat Car Loan

    Bank Muamalat Car Loan

    Bank Muamalat Malaysia Berhad, the second Islamic Bank in Malaysia commenced its operations on 1st October 1999. With over 55 branches and offices nationwide, the bank offers a wide spectrum of banking and financial services to its customers in compliance with the Shariah principles. The bank’s mission is to deliver the best value to its stakeholders, with a vision of becoming the preferred Islamic financial services provider. The bank is currently owned by the conglomerate DRB-HICOM which holds 70% stakes and Khazanah Nasional owning the remaining 30%.


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

    01
    02
    03
    04
    Bank Muamalat Car Loan Minimum Age

    At least 18 years old

    Bank Muamalatk Car Loan Maximum Age

    Less than 55 years old

    Bank Muamalat Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Bank Muamalat Car Loan Minimum Income

    Earn more than the minimum
    income required


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

    01
    02
    Bank Muamalat Car Loan Maximum Loan to Value

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

    Bank Muamalat Car Loan Installment

    Installments of other loans lower
    your eligibility


    Increase your eligible Bank Muamalat Car Loan amount by these steps

    01
    02
    Bank Muamalat Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Bank Muamalat Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years


    Documentation needed to apply for Bank Muamalat Car Loan

    • 1. Photocopy of identity card (front & back) for applicant and guarantor(s).
    • 2. Photocopy of Valid Driving License.
    • 3. Other documents as may be deemed necessary and acceptable by the Bank i.e. Amanah Saham Bumiputra (ASB), Tabung Haji, GIA/FD or other proof of net worth..
    • 4. Documentation for Salaried Employee:
      • Latest 3 months pay slips/ salary vouchers
      • Latest EA Form
      • Borang BE (supported by tax payment receipt to LHDN)
      • Latest 6 months EPF statement
      • Latest 3 months bank statements/savings passbook
      • Letter of confirmation on the employment.
    • 5. Documentation for Self-Employee:
      • Photocopy of the Certificate of Business Registration and Borang D
      • Photocopy of sole proprietor or partners’ identity card (front & back)
      • Company profile ;
      • Certified true copy of the Memorandum and Articles of Association
      • Certified true copy of Form 24 & Form 49
      • Certified true copy of the extract of the Director’s Resolution
      • Photocopy of the Certificate of Incorporation (Form 9 or 13 (if any)
      • Minimum 6 months latest commission statements/two (2) years annual statement (commission based income earner
      • Latest Income Tax return/ endorsed copy of e-Filing Borang BE
      • Latest 6 months’ bank statements ; Latest Financial Accounts (if applicable)
      • Latest 3 years of the Audited Accounts/Certified Account (Sdn Bhd).

    Bank Muamalat Car Loan Interest RatesUpdated on 07 Dec 2016

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

    Bank Muamalat Hire Purchase-i

    Bank Muamalat makes it possible for you to drive home the car of your dreams. The finance offered is flexible and comprehensive. It includes Takaful coverage and easy online payment facility. Bank Muamalat Hire Purchase-I is based on Al-Ijarah Thumma Al Bai principle. The bank will buy the car you desire and will then lease it you for an agreed period and the rental rate. At the end of the term, the bank will then sell it to you at the agreed price.

    Eligibility Criteria

    To avail Bank Muamalat Hire Purchase-i, you must meet the following eligibility requirements:

    • Individual must be aged between 18 – 55 years.
    • If applicant is below 21 years and above 55 years, a guarantor is required.
    • Applicant must be a Malaysian citizen.
    • Proprietorship and partnership should be registered in Malaysia.
    • If the applicant is business or a corporate, the place of incorporation of the business must be in Malaysia.

    Features and benefits of Bank Muamalat Hire Purchase-i

    Following are the features and benefits of Bank Muamalat Hire Purchase-i:

    • Financing tenure offered is up to 9 years.
    • The margin of finance is up to 90%.
    • The profit rate is based on the Bank’s prevailing rate.
    • Attractive and competitive rate is offered.
    • The finance can be availed at any of the 57 Branches of Muamalat.
    • Online payment facility is available.
    • The service is fast and friendly.
    • Financing is approved in a short time.

    Types of Vehicles Financed

    The following types of vehicles are financed:

    • Popular new vehicles
    • Reconditioned unregistered vehicles that are not more than 5 years from the manufacture date.
    • Popular used vehicles that are 1 to 8 years old.

    Documents Required

    The following documents are to be submitted by a fixed income earner:

    1. Transactional documents:
    2. The transactional documents that are to be submitted are:

      • Vehicle registration card copy for used, reconditioned and second hand vehicles.
      • AP copy, Custom 1 and 8 certificate of cancellation for reconditioned car.
      • Seller’s IC copy for second hand cars.
      • Vehicle Sales Order.
    3. Income documents:
    4. The following income documents are to be submitted:

      • Last 3 months’ bank statement
      • Latest 3 months’ salary slip
      • Latest EPF Statement
      • Latest EA Form
      • Employment confirmation letter
      • Latest Income Tax Return copy or copy of e-filing Borang BE.
    5. Identification documents:
    6. The identification documents required are:

      • Applicant’s valid driving license copy
      • Identity card copy of applicant and guarantor
    7. Others:
    8. Other documents like Amanah Saham Bumiputra, GIA/FD, Tabung Haji are to be submitted, if required.

    The following documents are to be submitted by non-fixed income earner:

    1. Income documents:
    2. The income documents to be submitted are:

      • Confirmation letter after being employed.
      • Memorandum and Articles of Association certified true copy
      • Form 24 certified true copy
      • Form 49 certified true copy
      • Extract of Director’s Resolution certified true copy
      • Certificate of Incorporation copy.
    3. Identification documents:
    4. Individual has to submit the following identification documents:

      • Valid driving license copy
      • Identity card copy of applicant and guarantor

      Proprietorship and partnership will have to submit the following documents:

      • Sole proprietor or partner’s identity card copy.
      • Certificate of Business Registration and Borang ID copy.

      Private Limited companies:

      • Memorandum and Articles of Association certified true copy
      • Form 49 certified true copy
      • Form 24 certified true copy
      • Company profile
      • Extract of Director’s Resolution certified true copy
      • Certificate of Incorporation copy
    5. Transactional documents:
    6. The following Transactional documents are to be submitted:

      • Vehicle registration card copy for second hand and used reconditioned cars.
      • Seller’s IC copy
      • Copy of AP, 8 Certificate of cancellation and Custom 1 for reconditioned cars.
    7. Others:
    8. If required, other documents such as Amanah Saham Bumiputra, GIA/FD, Tabung Haji are to be submitted.

    Why is Bank Muamalat Car Loan the right choice?

    Bank Muamalat offers convenient and comprehensive vehicle financing schemes that assures peace of mind to its customers. The loans are offered at attractive and competitive interest rates, flexible tenure options and a margin of upto 90% of the vehicle value.


    The loan schemes of Bank Muamalat are formulated based on the Islamic hire purchase principles and is inclusive of the Takaful coverage. The loan options from Bank Muamalat cater to a wide range of customers, starting with fresh graduates working their first jobs to seekers of their own dream set of wheels. They also have a comprehensive hire and purchase facility with flexible payment options where the bank will buy the vehicle and lease it to the customer for an agreed period and rental rate.

    What are the Car Loan Packages that are available for the customers of Bank Muamalat?

    Bank Muamalat offers two different car loan packages to choose from, wherein the customers can pick the most suitable option depending upon their requirements and eligibility-

    1. Muamalat Hire Purchase-i: This loan category is based on the idea of hire purchase contract or hir Al-Ijarah Thumma Al-Bai, incorporating the Shariah philosophy of lease and sale. Herein the bank buys the requested vehicle from the dealer and leases it to the consumer.

      The consumer will pay the bank the rent of the vehicle for a specific period of time, both the rent amount and timelines will be mutually agreed upon at the time of signing the contract. Customers have the option to apply for the loan at any of the 57 branches and offices across the country and opt for easy payment options. Under this financing scheme, the bank will offer the customer upto 90% of the car value.

    2. Muamalat Vehicle Financing-i GradPack: This is a special package for the fresh graduates who wish to drive to their first jobs. The minimum financing amount under this scheme is RM 20,000 and maximum is a full 100% of the price of the car. The repayment options are flexible too, with the customers allowed a leisurely 9 years (max tenure) to complete their repayment. The loan is valid for both National cars and Non-national cars with the condition that the application for availing this loan should be submitted within 3 years from the date of graduation.

    Does the bank give the facility of pre-closure of the car loan?

    Bank Muamalat gives its customers the option to pre-close their car loans at any convenient time by paying the pending amount as a lump sum for an early settlement. Customers will not be penalized by the bank for paying the amount early; in fact, they will be rewarded for it in the form of a rebate based on the remaining amount pending at the time of settlement.

    What is the rate of Interest for the Car Loan?

    Bank Muamalat offers car loans at very attractive and competitive interest rates.

    • Under the Hire Purchase-i scheme, the rate of interest varies from 2.9% per annum for a new foreign car to 4.6% for a used car (foreign or local).
    • For the Grad Pack, the interest rates vary from 2.95% for a new foreign car to 3.35% for a new local car.

    Who is eligible for Bank Muamalat Car Loan?

    The eligibility terms varies between the two loan products.

    1. Muamalat Hire Purchase-i: The loan is offered to both individuals and Businesses/Corporates. Individuals who are Malaysian citizens and aged 18 to 55 can apply for this loan. Persons below the age of 21 or above 55 years should produce an acceptable guarantor to avail the loan or the bank should get convinced about the financial capability of such applicants. The eligibility description for businesses/corporates is that the place of incorporation of the business should be in Malaysia.
    2. Muamalat Vehicle Financing-i GradPack: The age limit for this loan which targets the fresh graduates is a minimum of 20 years and a maximum of 30 at the time of submitting the application. The applicant should have a minimum basic salary of RM 1,500 per month and the application should be submitted within 3 years from the date of graduation. The applicant should have the minimum qualification of diploma as recognized by MQA/Department of Higher Education.

    What are the documents required for availing the Bank Muamalat Car Loan?

    While applying for the car loan, the bank will ask its customers to submit a few documents including the application, ID copies, education qualification copy, and other supporting financial documents like latest 3-months’ salary slip, last 3-months’ bank statement, EA form or EPF statement. Other documents to be submitted include Vehicle sales order, copy of registration and copy of Driving License.

    What are the different ways to repay the car loan?

    Customers have multiple options for repaying the car loan which includes-
    1. Online Transfer- The loan repayment can be done online by transferring the money to the loan account.
    2. Phone Banking- The customer can call and inform the bank to deduct the loan amount from your account.
    3. MEPS Transfer- Through MEPS Interbank Fund Transfer (IBFT)
    4. Cash Payment
    5. Payment by Check
    6. Direct Deduction from the account- The customer can instruct the bank to deduct the loan amount on a fixed date every month from her/his account.
    7. ATM- The loan repayment can be made at any of the 5000 MEPS ATMs in the country.

    Bank Muamalat is in the forefront of providing the best banking experience to its customers through practicing the values of care, integrity, innovation, service and respect. They are one of the most valuable brands among the banks in Malaysia and enjoy tremendous customer confidence.

    How to calculate Bank Muamalat Car Loan installment in 2016?

    If you are salaried and looking to buy your first set of wheels in Malaysia, a car loan may be the easiest way to indulge your fancy and purchase them. Bbazaar.my provides you with an easy way to know your monthly instalment even before you apply. To find out, go to Babazaar.my’s website and input details like loan amount, rate of interest and tenure on the car loan instalment calculator tool there, to know the monthly instalment in an instant. It will also display a repayment schedule that can let you know the paid and unpaid parts of the loan at any point of time.

    Other Products offered by Bank Muamalat:

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

    Bank Muamalat Car Loan FAQ’s

    Does Bank Muamalat provide a car loan calculator?

    Yes, the bank does provide a car loan EMI calculator by using which you can calculate your car loan interest rates, know your monthly installments and total loan repayment tenure.

    What are the car loan schemes offered by Bank Muamalat?

    Bank Muamalat offers the below mentioned car loan schemes:

    • Muamalat Hire Purchase-i

    • Muamalat Vehicle Financing-i GradPack

    Is Muamalat Hire Purchase-i an Islamic Car loan?

    Yes, Muamalat Hire Purchase-i is an Islamic car loan based on the concept of Al-Ijarah Thumma Al-Bai.

    Can I pay my Bank Muamalat car loan online?

    Yes, you can pay your car loan online.

    What are the eligibility conditions for Bank Muamalat Hire Purchase-i?

    • Your minimum age needs to be 18 years.

    • Maximum age needs to be 55 years.

    • Malaysian citizen

    • Partnership and proprietorship registered in Malaysia can also apply for this.

    Can I avail finance for purchasing a used car under Muamalat Hire Purchase-i?

    Yes, you can avail finance for purchasing a used car under this scheme.

    What is the maximum finance offered by Bank Muamalat?

    The bank offers finance up to 90%.

    What is the loan repayment tenure for Muamalat Vehicle Financing-i GradPack?

    The loan repayment tenure for Muamalat Vehicle Financing-i GradPack is 4 to 9 years.

    What is the minimum salary required for availing Muamalat Vehicle Financing-i GradPack?

    The minimum monthly salary required is RM1, 500.

    What is the minimum age requirement for Muamalat Vehicle Financing-i GradPack?

    The minimum age of an applicant should be 20 years.

    How do I pay my Muamalat Vehicle Financing-i GradPack car loan?

    You can pay this loan via monthly equated installments.

    Can I purchase a national/local car by opting for Muamalat Vehicle Financing-i GradPack?

    Yes, you can. The scheme is applicable for both national as well as non-national cars.

    Do I need to make any advanced payment when I take a Muamalat Vehicle Financing-i GradPack?

    Yes, advanced payment is compulsory.

    News About Bank Muamalat Car Loan

    • Bank Muamalat Expands Line of Islamic Banking Products; Introduces Shariah Compliant Debit Card

      Bank Muamalat has extended their line of Islamic banking products and has added one more to the mix with their latest Shariah compliant debit card. The debit card is called Aisya and is equipped with the wave technology that allows it to make contactless payments. The debit card is available to their customer base which is over 500,000 strong.

      Named after the Prophet Muhammad’s wife, this debit card is also equipped with the waqf feature which appropriates a portion of interchange fee collected by the banks from merchants towards waqf. When customers use their card at any merchant outlet, the bank can contribute 20% of the interchange fee to waqf without imposing any deduction onto the customer.

      25th July 2016

  • Contact Us on Mail
    Facebook
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.