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.
|Interest Rate||3.05% - 3.20%|
|Margin of Finance||Up to 90%|
Bank Rakyat Auto Financing profit rates for Proton & Perodua cars:
|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.|
Bank Rakyat offers 1 type of auto financing:
The following is the list of mandatory documents needed while applying for Bank Rakyat Car Loan:
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.|
There are two ways to apply for a car loan through Bank Rakyat:
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.