If you really think about it, it's easier getting a loan for a car than a loan for bus fare!

    Bank Rakyat Car Loan

    Bank Rakyat is among the most prominent Islamic cooperative banks in Malaysia that offer various loans and innovative financial solutions. The car loan offered by Bank Rakyat car comes with affordable repayments and a range of tenures to choose from.

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

    Bank Rakyat Car Loan Minimum Age

    At least 18 years old

    Bank Rakyatk Car Loan Maximum Age

    Less than 70 years old

    Bank Rakyat Car Loan Eligible Employment Type

    Salaried or self-employed with regular income

    Bank Rakyat Car Loan Minimum Income

    Earn more than the minimum income required

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

    Bank Rakyat Car Loan Maximum Loan to Value

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

    Bank Rakyat Car Loan Installment

    Installments of other loans lower your eligibility

    Increase your eligible Bank Rakyat Car Loan amount by these steps

    Bank Rakyat Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Bank Rakyat Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years

    Documentation needed to apply for Bank Rakyat Car Loan

    • 1. A copy of driving license
    • 2. A photocopy of MyKad
    • 3. Last 3 months’ salary slips
    • 4. The employment confirmation letter from the employe
    • 5. Bank statement

    Bank Rakyat Car Loan Interest RatesUpdated on 25 Sep 2018

    Bank Rakyat Car Loan Details
    Interest Rate 3.05% - 3.20%
    Margin of Finance Up to 90%
    Tenure 9 years
    Guarantor Requirement Required

    Types of Car Loans

    Bank Rakyat offers 1 type of auto financing:

    • Auto Hire Purchase Financing-i (also known as An Naqlu 1): This offers flexible tenures to individuals who want to purchase a new car - local or imported. It follows the Shariah concept of Al Ijarah Thumma Al Ba'i (AITAB).

    Features & Benefits

    • The loan offers a high margin of financing for up to 90% of the ‘on the road’ (OTR) sales price of the vehicle. However, Auto Financing-i has the maximum margin of 100% for the same.
    • The maximum available tenure is up to 9 years.
    • The Auto Financing is applicable for purchase of any car- new or used, national or international.

    Interest/Profit Rates

    Here are the profit rates for Bank Rakyat Auto Financing:

    Name of Financing Vehicle Type Profit Rate
    Auto Hire Purchase Financing-i (An Naqlu 1) Proton and Perodua Bukan nasional 3.05% - 3.20% p.a. 2.80% - 2.90% p.a.

    Eligibility Criteria

    • The minimum age limit for a customer to apply for the facility is 18 years and the customer should not exceed his/her retirement age by the maturity of the period.
    • Both public and private sector employees are eligible and they should have served for a minimum of 6 months.
    • Minimum monthly income of the applicant should be RM1,500.

    Documents Required

    The following is the list of mandatory documents needed while applying for Bank Rakyat Car Loan:

    • A copy of driving license
    • A photocopy of MyKad
    • Last 3 months’ salary slips
    • The employment confirmation letter from the employer
    • Bank statement

    How To Apply

    There are two ways to apply for a car loan through Bank Rakyat:

    • Offline Application: The applicants can apply for the loan at the nearest Bank Rakyat center. One can also put in his/her request for the same through telephone or by reaching out to the bank through the hotline or customer service numbers.
    • Online Application: Another way to approach the Bank Rakyat Car Loan process is by visiting the bank’s official website and applying for the same online.

    Fees & Charges

    The following are the fees and charges for Bank Rakyat Car Loan:

    Name of Fee Charges
    Late payment charges (During the term) 1% of the overdue instalment amount.
    Stamp Duty 0.5% of total financing as per Stamp Duty Act 1949.
    Wakalah or Agency Fee RM30.
    Issuance of a letter to JPJ for the change of vehicle engine no., interchange of vehicle registration no., duplicate registration card etc. RM15.90.
    Issuance of letter to authority for transfer of vehicle to East Malaysia or vice versa RM15.90.


    Q. What happens if I pay the whole outstanding balance before the financing tenure matures? Will I get any benefits?

    A. Yes. You will have to give a notice one month prior to the settlement. The bank shall grant you a rebate (Ibra') accordingly.

    Q. How is the early settlement amount calculated?

    A. The formula to calculate the early settlement amount is

    Early Settlement Amount = Selling Price – Principal Paid – Undisbursed Principal – Ibra’ + [(COF) – EPR) x Principal Disbursed] + Other Actual Costs

    Note: The difference between Cost of Fund (“COF”) and Effective Profit Rate (“EPR”) can be claimed when the former is higher than the latter.

    Q. Do I need Takaful coverage?

    A. It is advisable to have the motor takaful coverage with your Bank Rakyat Car Loan. You can subscribe for motor coverage from the Bank’s panel of Takaful companies.

    Q. When will I need a guarantor if I am applying for Bank Rakyat Auto Financing?

    A. You will require a guarantor while applying for Bank Rakyat Auto Financing only if you do not meet the terms and conditions of the financing.

    Q. How can I contact Bank Rakyat should I have any concerns or complaints?

    A. You can call the Bank Rakyat customer care number present in the website.

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